Manufacturer joins hydrogen fuel cell project
Renault has taken a big step into the hydrogen fuel market in partnership with a leader in hydrogen fuel cell systems.Groupe Renault and Plug Power are set to work together to produce a hydrogen-powered light commercial vehicle
An agreement signed between the two companies will see them launch the joint venture by the middle of 2021. The partnership is aiming for 30 per cent share of the fuel cell-powered light commercial vehicle (LCV) market in Europe
Based in France, the partnership will deliver state-of-the-art innovation and manufacturing capabilities for hydrogen fuel cell systems and their integration in vehicles
The partnership provides a unique proposition offering complete fuel cell vehicle solutions with hydrogen fuel, refueling infrastructures and services to customers
This strategic project supports the uptake of more sustainable mobility in Europe with the adoption of clean energy solutions, positioning the Groupe as a key player in hydrogen fuel cell innovation
Groupe Renault and Plug Power Inc. – a global leader in fuel cell systems and hydrogen-related services – have signed a Memorandum Of Understanding (MOU) to launch a joint venture with the aim of becoming the leader in hydrogen fuel cell technology for light commercial vehicles (LCVs).
Based in France, the partnership will launch in the middle of 2021, positioning the two companies at the forefront of research and development, transformation, manufacturing and sale of fuel cell-powered vehicles and hydrogen turn-key solutions. The joint venture will serve the growing market for fuel cell LCVs, taxis and commercial passenger vehicles.
Bringing the strengths of both organisations together, the partnership will combine Groupe Renault’s pioneering experience in new and sustainable energies as well as its strong position in electric light commercial vehicles with Plug Power’s20 years of experience in fuel cell technologies and hydrogen solutions.
A global leader in hydrogen ecosystem solutions, Plug Power has deployed more than 40,000 fuel cell systems, designed and built 110 refueling stations that dispense more than 40 tonnes of hydrogen daily, and is a technology leader in green hydrogen solutions via electrolysis.
The partnership intends to offer unique, comprehensive products and solutions to the LCV market. Groupe Renault and Plug Power will begin sales of fuel cell LCVs in Europe starting in 2021 with pilot fleet deployments.
Groupe Renault and Plug Power will provide thestandalone joint venture with the required resources to achieve its objectives.
The finalisation of this partnership is pending on the conditions normally applicable to this kind of operation, among which the presentation to employee representative bodies in accordance with applicable regulations and the potential clearance from the relevant competition authorities and should be completed by the end of the first half of 2021.