Groupe Renault & Plug Power Join Forces to Become Leader in Hydrogen LCV
- Memorandum Of Understanding (MOU) signed to launch a 50-50 joint-venture (JV) based in France by the end of the first half of 2021, targeting over 30% share of the fuel cell-powered light commercial vehicle (LCV) market in Europe.
- Joint-venture will establish in France state-of-the-art innovation and manufacturing capabilities for hydrogen fuel cell systems and their integration in vehicles.
- The partnership provides a unique value proposition: turn-key fuel cell vehicle solutions with hydrogen fuel, refueling infrastructures and services.
- This strategic project supports the decarbonization of mobility in Europe with the adoption of clean energy solutions, and the creation of innovating value-generating activities in France, including an industrial footprint in a promising market, business know-how and intellectual property in this new field of technology
BOULOGNE-BILLANCOURT, France, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Groupe Renault, top automotive player, and Plug Power Inc. (NASDAQ: PLUG), global leader in fuel cell systems and hydrogen related services, announced the signature of a Memorandum Of Understanding (MOU) to launch a 50-50 joint-venture based 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 research and development (R&D), transformation, manufacturing and sale of fuel cell-powered vehicles and hydrogen turn-key solutions in the coming years. This joint-venture platform will serve the fast-growing market of fuel cell light commercial vehicles, taxis, and commercial people transportation.
Bringing complementary and competitive strengths together, this joint venture will build on Groupe Renault’s pioneering experience in new energies and strong position in electric light commercial vehicles and on Plug Power’s 20 years of experience in fuel cell technologies and hydrogen solutions. A global leader in hydrogen ecosystem solutions, Plug Power has deployed over 40,000 fuel cell systems, designed and built 110 refueling stations that dispense more than 40 tons of hydrogen daily, and is a technology leader in green hydrogen solutions via electrolysis.