SK Engineering & Construction Co., a South Korean construction company, said on Sept. 25, 2019 it will set up a joint venture with U.S.-based Bloom Energy for the production of solid oxide fuel cell (SOFC).
The 49:51 joint company, to be set up in November, will provide Korean-made fuel cells to local carmakers and others.
SK E&C and Bloom Energy will inject 20 billion won (US$17 million) in the joint venture and invest an additional 100 billion won in a manufacturing facility, a company spokesman said over the phone.
"The company is reviewing several candidate sites for the building of a plant, with an aim to start the production of SOFCs in the first half of 2020," the spokesman said.
The locally produced SOFCs will be initially delivered to domestic clients and then exported to neighboring countries, he said.
SOFC is an electrochemical conversion device that produces electricity directly from fuel resources, such as hydrogen and methane. (Yonhap)