DGAP-News

ElringKlinger and Plastic Omnium partner in fuel cell technology to accelerate the development of hydrogen mobility - Seite 2

Plastic Omnium will invest €100 million in the new company to support the acceleration of innovation, strongly develop the commercial pipeline and increase production capacities. The world leader in energy storage and emission reduction solutions will also contribute to the development of the JV through its global customer portfolio, its worldwide presence and its technological expertise in hydrogen storage and systems.

The CEOs of the two companies, Laurent Favre and Dr. Stefan Wolf, stated: "Plastic Omnium and ElringKlinger have been strongly investing over the years to develop their respective expertise in hydrogen technology. Both stock-listed with a family as anchor shareholder and sharing the same values, we are jointly building a leader in the development, design, production and marketing of fuel cell stacks and components for passenger cars, commercial vehicles, buses, trucks and other mobility applications. We aim to unlock the mass market potential for hydrogen and contribute to CO₂-neutral mobility."

This industrial and technological partnership will allow EKPO Fuel Cell Technologies to develop further and faster with high ambitions. The 2030 market, backed by increasing government support, is currently estimated at annual production of between at least 2 and 3 million on-road vehicles. In particular, France and Germany recently announced investments of €7 billion and €9 billion respectively in hydrogen development. The creation of EKPO Fuel Cell Technologies is a demonstration of French and German cooperation and will be an important milestone in the development of hydrogen technologies to accelerate the ecological transition and establishment of a dedicated industrial sector that is competitive at a global level.

By 2030, EKPO Fuel Cell Technologies aims to reach a market share of 10 to 15% in the fuel cell technology business, representing revenues between €700 million and €1 billion. This target includes a global industrial footprint and is based on today's ability of a serial production of fuel stacks according to automotive standards.

The two partners today also signed an agreement on the acquisition by Plastic Omnium of ElringKlinger Fuelcell Systems Austria GmbH (EKAT), an Austrian subsidiary of ElringKlinger specialized in integrated hydrogen systems, for an enterprise value of €15 million. This acquisition strengthens Plastic Omnium's expertise in energy management and control in hydrogen systems ("balance of plant").