DGAP-News

Launch of EKPO Fuel Cell Technologies

DGAP-News: ElringKlinger AG / Key word(s): Alliance Launch of EKPO Fuel Cell Technologies 01.03.2021 / 13:58 The issuer is solely responsible for the content of this announcement. Dettingen/Paris, March 1, 2021

Launch of EKPO Fuel Cell Technologies

• New company, jointly owned by ElringKlinger and Plastic Omnium, ready to supply fuel cell stacks and components for broad range of applications
• Initial annual production capacity of up to 10,000 stacks already available
• In parallel, Plastic Omnium takes ownership of ElringKlinger's subsidiary for integrated hydrogen systems to complement its global hydrogen strategy

EKPO Fuel Cell Technologies, the joint venture of ElringKlinger (60%) and Plastic Omnium (40%), is now ready to start operations, having implemented all contractual arrangements and been granted the necessary antitrust approvals. The newly created company offers best-in-class and cost-competitive fuel cell stacks and components for a broad range of applications. Initially, the company will focus on commercial vehicles and buses and then on passenger cars. Special vehicles, trains, and ships are also fields of the growth potential.

Commenting on EKPO's launch, the two CEOs of the parent groups, Dr. Stefan Wolf and Laurent Favre, said, "We are pleased that business is now underway. We see tremendous market potential ahead of us and are determined to achieve our revenue target of EUR 700 million to EUR 1 billion in 2030. Our commercial pipeline is very strong and production capacity is in place. In addition, we can build on compelling technology, centered around high power density, in our efforts to translate our joint vision into reality. By successfully establishing fuel cell drives, we make our contribution on the road to emission-free mobility."

The company site in Dettingen/Erms, Germany, is already able to produce up to 10,000 fuel cell stacks per year according to automotive industrial standards as well as key components of a stack, such as bipolar plates or media modules. In the coming years, EKPO will drive investments for accelerating innovation, extending the commercial pipeline, and increasing production capacity, with the aim to achieve a market share of 10 to 15% in 2030.