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Hydrogen fuel cell manufacturer Connect the power (NASDAQ: PLUG) and French car manufacturer Renault (OTC: RNSDF) today announced its intention to form a joint venture to integrate hydrogen fuel cells into the European light commercial vehicle market.
The 50-50 company is expected to be operational in France by the end of 2021, with initial deployments of vehicle fleets also by the end of the year.
Image source: Getty Images.
In a joint statement, the companies said they would provide fleet operators with “turnkey solutions for fuel cell vehicles with hydrogen fuel, refueling infrastructure and services.” The companies aim to capture at least 30% of the European market for fuel cell light commercial vehicles.
The company will create a research and development center in France, as well as a factory to integrate Plug Power hydrogen fuel cells into Renault automotive platforms. The partners also said they would create a “hydrogen vehicle ecosystem solutions company” to support customers with refueling infrastructure and services.
Last week, Plug Power announced a separate deal that gives South Korean group SK a 10% stake in the company in return for a $ 1.5 billion investment.
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