Renault and Plug Power to develop fuel-cell commercial vehicles

The joint venture will combine Renault's vehicle manufacturing capabilities with the fuel cell and hydrogen system manufacturing knowledge of Plug Pow
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File photo of a fuel cell car used for representational purpose only (REUTERS)
File photo of a fuel cell car used for representational purpose only

French carmaker Renault and US hydrogen specialist Plug Power have joined forces to develop hydrogen-powered light commercial vehicles (LCV), they said on Tuesday.

The companies have signed a memorandum of understanding to launch a France-based 50-50 joint venture by the end of June, targeting a more than 30% share of the fuel cell-powered LCV market in Europe, a joint statement said.

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The news sent shares in Plug Power up by about 16% to a multi-year high of $62.65. The stock traded at little more than $3 at the end of 2019. Renault shares rose just over 2%.

The joint venture will combine Renault's vehicle manufacturing capabilities with the fuel cell and hydrogen system manufacturing knowledge of Plug Power, establishing a fuel cell stack and system manufacturing centre in France for integration into LCV platforms.

Also Read : Toyota moves closer to zero-emission heavy-duty fuel cell truck production

The centre will also provide hydrogen refuelling systems.

Plug Power, which has a market value of more than $25 billion, says it has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen.

Renault, with a market value of over $13 billion, sold close to 3.8 million vehicles in 134 countries in 2019. It has 40 manufacturing sites, and employs more than 180,000 people.

Santander acted as Plug Power's sole financial adviser.

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First Published Date: 13 Jan 2021, 10:12 AM IST
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