Renault, Plug Power JV to make hydrogen-powered vehicles in Europe

January 13 (Renewables Now) - French automotive group Renault and US-based Plug Power Inc (NASDAQ:PLUG) will partner in the development and sale of hydrogen fuel cell-powered light commercial vehicles (LCVs) in Europe, targeting pilot fleet deployments in 2021.

The companies have signed a Memorandum of Understanding (MOU) to set up a 50/50 joint venture (JV) by the end of June, fuel cell systems maker Plug Power said on Tuesday. The JV will aim to seize an over 30% share of the European fuel cell-powered LCV market in Europe.

The France-based entity will set up an innovation centre to conduct research and development (R&D) and will have a manufacturing centre in France, which will also provide hydrogen refueling systems.

Research will be conducted based on Groupe Renault’s existing and future platforms and will initially target the heavy van segment.

“With Plug Power, we will build a unique end-to-end fuel cell value chain and offer turnkey solutions for customers including vehicles, refueling stations and decarbonized hydrogen delivery,” said Luca de Meo, CEO of Renault.