Hydrogen fuel cell manufacturer Plug Power (NASDAQ: PLUG) and French automaker Renault (OTC: RNSDF) today announced the intention to create a joint venture to integrate hydrogen fuel cells into the European light commercial vehicle market.
The 50-50 project is scheduled to operate in France until the end of 2021, with initial vehicle fleet deployments also at the end of the year.
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In a joint statement, the companies said they will provide fleet operators with “hydrogen fuel cell turnkey vehicle solutions, infrastructures and refueling services”. The companies intend to conquer at least 30% of the European market for light commercial vehicles powered by fuel cells.
The venture will establish a center in France for research and development, as well as a factory to integrate Plug Power’s hydrogen fuel cells into Renault vehicle platforms. The partners also said they would create a “hydrogen vehicle ecosystem solutions company” to support customers through infrastructure and fueling services.
Last week, Plug Power announced a separate agreement that gives South Korea’s SK Group a 10% stake in the company in exchange for a $ 1.5 billion investment.