-
Memorandum of Understanding (MOU) signed to launch a 50-50 joint venture (JV) in France by the end of the first half of 2021, with a share of more than 30% of the market for fuel cell-powered light commercial vehicles (LCV) in Europe.
-
Joint venture in France will establish modern innovation and manufacturing capabilities for hydrogen fuel system systems and their integration into vehicles.
-
The partnership offers a unique value: solutions for fuel cell vehicles with hydrogen fuel, fuel infrastructures and services.
-
This strategic project supports the disinfection of mobility in Europe with the adoption of clean energy solutions, and the creation of innovative value-generating activities in France, including an industrial footprint in a promising market, business knowledge and intellectual property in this new field. of technology
BOULOGNE-BILLANCOURT, France, January 12, 2021 (GLOBE NEWSWIRE) – Groupe Renault, the best car player, and Plug Power Inc. (NASDAQ: PLUG), world leader in fuel cell systems and hydrogen-related services, has the signature of a Memorandum of Understanding (MOU) to launch a 50-50 joint venture in France by the end of the first half of 2021. This strategic JV will position Groupe Renault and Plug Power to become key players in Europe in the coming years in the research and development (R&D), transformation, production and sale of fuel cell-powered vehicles and hydrogen key solutions. This joint venture platform will transport the fast-growing market of fuel cell-light commercial vehicles, taxis and commercial vehicles.
Bring complementary and competitive strengths together, will continue to build this joint venture Renault Grouppioneering experience in new energies and a strong position in electric light commercial vehicles and on Plug Power’s 20 years of experience in fuel cell technologies and hydrogen solutions. Plug Power is a world leader in hydrogen ecosystem solutions and has deployed more than 40,000 fuel system systems, designed and built 110 fuel stations that deliver more than 40 tons of hydrogen daily and is a technology leader in electrolysis green hydrogen solutions.
The company intends to offer unique, comprehensive, differentiated products and solutions for the LCV market, designed around three key pillars:
-
R&D: Groupe Renault and Plug Power intend to establish an innovation center for the development of fuel cell technology and hydrogen fuel cell LCV vehicles, based on existing and future Groupe Renault platforms. The initial focus will be on the heavy van segment that uses the Traffic and Master vehicle platforms. This center will be unique in combining the research and development of fuel cells and vehicles with integrated engineering teams.
-
Manufacture: the joint venture will combine the manufacturing capabilities of Groupe Renault with the knowledge of the production of Plug Power fuel cell and hydrogen systems, which will establish a vertically integrated fuel cell stack and system manufacturing center in France for integration into LCV vehicle platforms. In addition, this manufacturing center will provide hydrogen heating systems, which are an important part of the hydrogen ecosystem.
-
Sales: this partnership creates a solution for the solution of hydrogen vehicles vehicles that provide vehicles, fuel stations for hydrogen, hydrogen fuel and services to customers. This comprehensive solution approach will accelerate acceptance by commercial fleet.
The JV will start commercializing LCVs in fuel cells in Europe with the deployment of pilot fleet from 2021.
Luca de Meo, CEO of Renault, declares: ‘This joint venture is fully in line with our strategy to offer market-ready H2 solutions for LCVs. With Plug Power, we build a unique value chain from fuel cell to end-end and offer solutions to customers, including vehicles, filling stations and hydrocarbon delivery. With this project, our ambition is to position France as a bridgehead of industrial, technical and commercial development in this key technology, and to strengthen our leadership in Europe, as our goal is to become the European leader in LCV for fuel cell ”.
“Plug Power is proud to be at the forefront of innovation in the hydrogen fuel cell industry, which is why we are delighted to work with Groupe Renault to become a leader in the fuel cell car market in Europe. We look forward to working with our new partners to combine our technology with their decades of experience in the European car market. ” added Andy Marsh, CEO of Plug Power.
Groupe Renault and Plug Power provide the stand-alone joint venture with the necessary resources to achieve its goals. The finalization of this joint venture depends on the conditions that normally apply to these types of operations, including the submission to employees’ representatives in accordance with the applicable regulations and the possible approval of the relevant competition authorities and by the end of the first half of 2021
Santander Corporate & Investment Banking acts as sole financial advisor.
About Groupe Renault
Groupe Renault has been manufacturing cars since 1898. Today, it is an international multi-brand group, selling nearly 3.8 million vehicles in 134 countries in 2019, with 40 manufacturing plants, 12,700 points of sale and more than 180,000 people employed.
To meet the biggest technological challenges of the future while continuing its lucrative growth strategy, Groupe Renault is focusing on international expansion. To this end, it draws on the synergies of its five brands (Renault, Dacia, Renault Samsung Motors, Alpine and LADA), electric vehicles and its unique alliance with Nissan and Mitsubishi Motors. With a 100% team that Renault has owned since 2016 until the Formula 1 World Championship, the brand is involved in motorsport, a true vector for innovation and awareness.
About Plug Power
Plug Power is building hydrogen economy as the leading provider of comprehensive hydrogen fuel cell solution. The company’s innovative technology drives electric cars with hydrogen fuel cells amid a continuing paradigm shift in the power, energy and transportation industries to address climate change and energy security while achieving sustainability goals. Plug Power has created the first commercially viable market for hydrogen fuel cell technology. As a result, the company, more than anyone else in the world, has deployed more than 40,000 electronic mobility fuel systems and has become the largest buyer of liquid hydrogen, building and operating a hydrogen highway in North America. Plug Power delivers a significant value proposition to end customers, which includes significant environmental benefits, efficiency gains, fast fuel and lower operating costs. Plug Power’s vertically integrated GenKey solution combines all the critical elements to deliver power, fuel and service to customers such as Amazon, The Southern Company, Carrefour and Walmart. The company now leverages its expertise, modular product architecture and fundamental customers to rapidly expand into other key markets, including non-exempt motor vehicles, robotics and data centers. Learn more at www.plugpower.com.
Plug Power Safe Harbor Statement
This notice contains ‘forward-looking statements’ within the meaning of the Private Security Litigation Reform Act 1995 which sets out significant risks and uncertainties regarding Plug Power Inc. (‘PLUG’) includes, but is not limited to, statements about PLUG’s expectations regarding the planned joint venture with Renault, including when and if the joint venture will take place, the scope and conditions of the joint venture, the potential LCV market share related to the planned joint venture, and the expected expansion into European markets. You are cautioned that such statements should not be read as a guarantee of future performance or results, and that they will not necessarily be accurate indications of the times at which, or at, such performance or results would be achieved. Such statements are subject to risks and uncertainties that could result in actual performance or results differing materially from those expressed in these statements. For a further description of the risks and uncertainties that may result from actual results differing from those expressed in these forward-looking statements, as well as risks related to the business of PLUG in general, see PLUG’s public submission to the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s annual report on Form 10-K for the year ended 31 December 2019 and quarterly reports on Form 10-Q for the quarters ended 31 March 2020, 30 June 2020 and 30 September 2020 Readers are cautioned not to rely unnecessarily on these forward-looking statements. The forward-looking statements are made on the date hereof, and PLUG undertakes no obligation to update such statements due to new information.
Media contacts
Renault Group
Delphine DUMONCEAU
+33 (0) 6 09 36 40 53
[email protected]
Plug power
North America: Ian Martorana – [email protected]
Europe: Emilie de Chezelles – [email protected]