Hydrogen fuel cell manufacturer Plug Power (PLUG +5.37%) and French automaker Renault (RNSDF 1.40%) today announced their intention to create a joint venture to integrate hydrogen fuel cells into the European market for light commercial vehicles.
The 50-50 venture is slated to be operating in France by the end of 2021, with initial deployments of vehicle fleets also by the end of the year.
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In a joint statement, the companies said they will provide fleet operators "turn-key fuel cell vehicle solutions with hydrogen fuel, refueling infrastructures and services." The companies aim to capture at least 30% of the European market for fuel-cell-powered light commercial vehicles.
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's vehicle platforms. The partners also said they will create a "hydrogen vehicle eco-system solution company" to support customers through fueling infrastructure and 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.
