Hydrogen Fuel Cell Manufacturer Plug power (NASDAQ: PLUG) and French carmaker Renault (OTC: RNSDF) announced today their intention to create a joint venture to integrate hydrogen fuel cells into the European light commercial vehicle market.
The 50-50 venture is expected to be in France by the end of 2021, with the initial deployment of vehicle fleets by the end of the year.
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In a joint statement, the companies said their fleet operators would provide ‘key solutions for fuel cell vehicles with hydrogen fuel, fuel infrastructures and services’. The companies aim to capture at least 30% of the European market for fuel cell-powered light commercial vehicles.
The company will establish a center for research and development in France, as well as a factory to integrate Plug Power’s hydrogen fuel cells into Renault’s vehicle platforms. The partners also said they would create a hydrogen vehicle ecosystem solution company to support customers by complementing infrastructure and services.
Last week, Plug Power announced a separate agreement giving the SK Group of South Korea a 10% stake in the company, in exchange for a $ 1.5 billion investment.