Signing of a Memorandum of Understanding to launch a 50-50 Joint Venture (JV) based in France by the end of the first half of 2021, targeting more than 30% of the light commercial fuel cell vehicle (LCV) market in Europe.
The joint venture in France will establish the latest innovation and manufacturing capabilities for hydrogen fuel cell systems and integrate them into vehicles.
The partnership delivers a unique value proposition: turnkey fuel cell vehicle solutions with hydrogen fuel, refueling infrastructures and services.
This strategic project supports decarbonizing mobility in Europe by adopting clean energy solutions, and establishing innovative value creation activities in France, including industrial footprint in a promising market, commercial knowledge and intellectual property in this new technology area.
Bolognion Bellancourt, France, Jan. 12, 2021 (Globe Newswire) – Groupe Renault, Best Car Company, and Plug Power Inc. (NASDAQ: PLUG), The global leader in fuel cell systems and hydrogen related services announced the signing of A. Memorandum of Understanding (Memorandum of Understanding) to launch a joint venture 50-50 based in France by the end of the first half of 2021. This strategic joint venture will position Groupe Renault and Plug Power to become major players in Europe in research and development (R&D), converting, manufacturing and selling fuel cell vehicles and turnkey hydrogen solutions in the coming years. This joint venture platform will serve the fast-growing market of light commercial fuel cell vehicles, taxis, and the transportation of commercial people.
had brought Both Complementary and Competitive StrengthsThis joint venture will build on it The Renault GroupThe company’s pioneering experience in new energies and strong position in electric light commercial vehicles etc. Power delivery 20 years of experience in fuel cell technologies 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 refueling stations that dispense more than 40 tons of hydrogen per day, and is a technology leader in green hydrogen solutions via electrolysis.
The company intends to provide Unique, comprehensive and distinctive products and solutions for the LCV market, designed around 3 main pillars:
Research and development: Groupe Renault and Plug Power intend to create an innovation center to develop fuel cell technology and LCV hydrogen fuel cell vehicles based on existing and future Groupe Renault platforms. The initial focus will be on the heavy duty truck sector using Traffic and Master vehicle platforms. This center will be unique in combining research and development efforts for fuel cell and vehicles with integrated engineering teams.
manufacturing: The joint venture will combine Groupe Renault’s vehicle manufacturing capabilities, fuel cell and hydrogen system manufacturing knowledge for Plug Power, and establish an integrated fuel cell and system manufacturing center in France for integration into LCV vehicle platforms. In addition, this manufacturing center will provide hydrogen refueling systems, which are an essential part of the hydrogen ecosystem.
sales: This partnership will create a Hydrogen Vehicle Ecosystem Solutions Company that provides vehicles, hydrogen and hydrogen fuel refueling stations and services to customers. This comprehensive solutions approach will accelerate the adoption of commercial fleets.
The joint venture will begin commercializing LCV fuel cells in Europe starting in 2021 with the deployment of a pilot fleet.
Luca de Meo, CEO of Renault, announced: “This joint venture is fully in line with our strategy to deliver market-ready H2 solutions for LCVs. With Plug Power, we will build a unique fuel cell value chain and offer end-to-end solutions for customers including vehicles, refueling stations and decarbonized hydrogen delivery. Through this project, we aspire to position France as a bridge leader for industrial, technical and commercial development in this key technology, and to consolidate our leadership in Europe as our goal is to become the leading European manufacturer of LCV fuel cells. “
“Plug Power prides itself on being an innovation leader in the hydrogen fuel cell industry, which is why we are excited to partner with Groupe Renault to be the market leader for heavy fuel trucks in Europe. We look forward to working with our new partners to combine our technology with their decades of experience in driving European car market, Andy Marsh, CEO of Plug Power added.
Groupe Renault and Plug Power will provide the independent joint venture with the resources to achieve its goals. The completion of this joint venture is pending the conditions that usually apply to this type of operation, including the offer to the bodies representing employees in accordance with the regulations in force and the possible clearance of the relevant competition authorities and must be completed by the end of the first half of 2021.
Santander Corporate & Investment Banking acts as the sole financial advisor.
About Renault Group
Groupe Renault has manufactured cars since 1898. Today it is an international multi-brand group, selling nearly 3.8 million cars in 134 countries in 2019, with 40 manufacturing sites, 12,700 points of sale and employing more than 180,000 people.
To meet the major technological challenges of the future, while continuing to pursue a profitable growth strategy, the Renault Group is focusing on international expansion. To this end, it relies on the synergy of its five brands (Renault, Dacia, Renault Samsung Motors, Alpine and Lada), electric vehicles, and its unique alliance with Nissan and Mitsubishi Motors. With a 100% Renault-owned team committed to the Formula 1 World Championship since 2016, the brand is involved in motorsport, a true vehicle of innovation and awareness.
About power delivery
Plug Power is building the hydrogen economy as a leading provider of integrated hydrogen fuel cell solutions. The company’s innovative technology is powering electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the energy, energy and transportation industries to address climate change and energy security, while achieving sustainability goals. Plug Power has created the first commercially viable market for hydrogen fuel cell technology. As a result, the company deployed more than 40,000 fuel cell systems for electronic mobility, more than anyone else in the world, and became the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a value proposition for end-customers, including meaningful environmental benefits, efficiency gains, fast fueling and lower operating costs. Plug Power’s vertically integrated GenKey solution connects all the critical elements of energy, fuel, and customer service such as Amazon, The Southern Company, Carrefour, and Walmart. The company is now leveraging its expertise, modular product architecture and founding customers to rapidly expand into other major markets including zero-emissions road vehicles, robots and data centers. Learn more through www.plugpower.com.
Energy Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Securities Litigation Reform Act 1995 that carries significant risks and uncertainties about Plug Power, Inc. (“PLUG”), including but not limited to data about PLUG’s forecast in relation to the planned joint venture with Renault, including when and if the joint venture occurs, the scope and terms of the joint venture, and the potential LCV market share related to the planned joint venture Expected expansion in European markets. You are cautioned that these statements should not be read as a guarantee of future performance or results, nor will they necessarily be accurate indicators of the times during which such performance or results have been or are being achieved. Such data are subject to risks and uncertainties that could cause actual performance or results to differ materially from those contained in these statements. For additional descriptions of the risks and uncertainties that may cause actual results to differ from those expressed in these forward-looking statements, as well as risks related to PLUG’s business in general, see the Securities and Exchange Commission’s public PLUG files, including the “Risk Factors” section in PLUG Annual Report on Form 10-K for the year ending December 31, 2019 and Quarterly Reports on Form 10-Q for quarters ending March 31, 2020, June 30, 2020, and September 30, 2020 readers warning against excessive reliance on such forward-looking statements. Forward-looking statements are issued with effect from the date of this contract, and PLUG does not undertake any obligation to update these statements as a result of the new information.
The Renault Group
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