The Memorandum of Understanding (MOU) signed an agreement to start a 50-50 joint venture (JV) in France by the end of the first half of 2021. The goal is to occupy more than 30% of the fuel cell-powered light commercial vehicle (LCV) market. Europe.
The joint venture company will establish 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: turnkey fuel cell vehicle solutions using hydrogen fuel, refueling infrastructure and services.
This strategic project supports European transportation decarbonization technology through the adoption of clean energy solutions and innovative value creation activities in France (including occupying an industrial footprint in this promising market, business knowledge and intellectual property rights in this field)
Boulogne-Billancourt, France, January. December 1
bring Complementarity and competitive advantage, This joint venture will be established in Renault GroupIn electric light commercial vehicles and Plug power 20 years of experience in fuel cell technology and hydrogen solutions. As a global leader in hydrogen ecosystem solutions, Plug Power has deployed more than 40,000 fuel cell systems, designed and built 110 gas stations, can distribute more than 40 tons of hydrogen per day, and is a green hydrogen solution produced by electrolysis Technology leader.
The company intends to provide Aiming at the unique, comprehensive, and distinctive products and solutions of the LCV market, design around 3 main pillars:
R&D Department: Renault Group and Plug Power plan to establish an innovation center to develop fuel cell technology and hydrogen fuel cell LCV vehicles based on existing and future Renault platforms. The initial focus will be on the field of heavy trucks using the Traffic and Master vehicle platforms. The center will be unique in combining R&D work on fuel cells and vehicles with an integrated engineering team.
manufacturing: The joint venture company combines Renault Group’s automotive manufacturing capabilities with Plug Power’s fuel cell and hydrogen system manufacturing knowledge to establish a vertically integrated fuel cell stack and system manufacturing center in France for integration into the LCV vehicle platform. In addition, the manufacturing center will also provide a hydrogen hydrogenation system, which is a key part of the hydrogen ecosystem.
Turnover: This partnership will create a hydrogen vehicle ecosystem solutions company to provide customers with vehicles, hydrogen gas stations, hydrogen fuel and services. This comprehensive solution approach will accelerate the adoption of commercial fleets.
The joint venture will begin commercialization of fuel cell LCVs in Europe in 2021 and deploy pilot fleets.
Renault CEO Luca de Meo announced: “This joint venture project is fully in line with our strategy of providing market-ready hydrogen solutions for light commercial vehicles. With Plug Power, we will build a unique end-to-end fuel cell value chain, and provide services including vehicles, gas stations and decarbonized hydrogen delivery Customers within the company provide turnkey solutions. Through this project, our goal is to position France as a bridgehead for the industrial, technological and commercial development of this key technology, and to consolidate our leading position in Europe, because our goal is Become a European leader in fuel cell LCV.
“Plug Power is proud of its innovative leadership in the hydrogen fuel cell industry, which is why we are very happy to cooperate with Renault Group to become the leader of fuel cell heavy trucks in the European market. We look forward to working with our new partners to bring our technology Combined with their decades of experience leading the European automotive market,” Added Andy Marsh, CEO of Plug Power.
Renault Group and Plug Power will provide the independent joint venture with the resources needed to achieve its goals. The final determination of the joint venture will be carried out under the conditions normally applicable to such operations, including an introduction to the employee representative office in accordance with applicable regulations and the potential license of the relevant competition authority, and should be completed at the end of the first batch of investigations . Second half of 2021
The Santander Corporate and Investment Banking Department acted as the exclusive financial advisor.
About Renault Group
The Renault Automobile Group has been producing cars since 1898. Today, it is an international multi-brand group. By 2019, it will sell nearly 3.8 million vehicles in 134 countries/regions, have 40 production bases, 12,700 sales points, and employ more than 180,000 people.
In order to meet the main technical challenges in the future, while continuing to pursue a profitable growth strategy, the Renault Group will focus on international expansion. To this end, it takes advantage of the synergy of five brands (Renault, Dacia, Renault Samsung Motors, Alpine and LADA), electric vehicles, and unique alliances with Nissan and Mitsubishi. Since 2016, Renault has a team that owns 100% of the Renault team and is committed to participating in the Formula One World Championship. The brand is involved in motorsports, which is a true carrier of innovation and popularity.
About plug power
Plug Power, as a leading provider of integrated hydrogen fuel cell turnkey solutions, is building a hydrogen economy. While the power, energy, and transportation industries continue to undergo paradigm shifts, the company’s innovative technology powers hydrogen motors to solve climate change and energy security issues, while achieving sustainable development goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the company has deployed more than 40,000 fuel cell systems for electric vehicles, more than any other country in the world, and has become the largest buyer of liquid hydrogen, building and operating a hydrogen highway in North America. Plug Power provides an important value proposition for the end customer, including meaningful environmental benefits, efficiency improvements, fast refueling and lower operating costs. Plug Power’s vertically integrated GenKey solution connects all key elements together to power, fuel and provide services to customers such as Amazon, Southern Company, Carrefour and Wal-Mart. The company is now using its proprietary technology, modular product architecture, and basic customers to rapidly expand into other major markets, including zero-emission road vehicles, robotics, and data centers.understand more www.plugpower.com.
Plug Power Safe Harbor Statement
This newsletter contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and relates to Plug Power Inc. (“PLUG”) related significant risks and uncertainties, including but not limited to statements about PLUG’s expectations in the plan for the joint venture with Renault, including the establishment time and conditions of the joint venture, the scope and scope of the joint venture Terms, potential LCV market share associated with the planned joint venture, and anticipated expansion into the European market. Please note that such statements should not be regarded as guarantees of future performance or results, nor are they necessarily accurate indications of when the performance or results will be reached or reached. Such statements involve risks and uncertainties, which may cause actual performance or results to be materially different from those expressed in these statements. For further descriptions of the risks and uncertainties expressed in these forward-looking statements that may lead to actual results and the overall risks associated with PLUG business, please refer to PLUG’s public filing with the US Securities and Exchange Commission, including PLUG as of December 2019 The “Risk Factors” section of the annual report on Form 10-K for the year ended 31st and the quarterly reports on Form 10-Q for the quarter ended March 31, 2020, June 30, 2020 and September 30, 2020 caution readers Do not rely too much on these forward-looking statements. Forward-looking statements are effective from the date of publication of this article, and PLUG assumes no obligation to update such statements due to new information.
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