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Plug Power and Renault Partner for Hydrogen Fuel-Cell Vehicles

By Howard Smith - Jan 12, 2021 at 11:37AM

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The two companies plan to make hydrogen-powered light commercial vehicles in Europe.

Hydrogen fuel cell manufacturer Plug Power ( PLUG -4.25% ) and French automaker Renault ( RNSDF -0.03% ) 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. 

Fuel-refiller door with a hydrogen symbol.

Image source: Getty Images.

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. 

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Stocks Mentioned

Plug Power Inc. Stock Quote
Plug Power Inc.
PLUG
$39.85 (-4.25%) $-1.77
Renault SA Stock Quote
Renault SA
RNSDF
$32.04 (-0.03%) $0.01

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