Renault, Plug Power to create a JV for hydrogen mobility in Europe

To be launched in mid-2021, the JV will target over 30% share of light commercial vehicles market with cars, refueling infrastructure, hydrogen fuel, and more.

Groupe Renault, top automotive player, and Plug Power Inc., global leader in fuel cell systems and hydrogen related services, signed a Memorandum Of Understanding (MOU) to launch a 50-50 joint-venture based in France by the end of the first half of 2021, targeting over 30% share of the fuel cell-powered light commercial vehicle (LCV) market in Europe.

The partnership will build an end-to-end fuel cell value chain offering hydrogen vehicles, hydrogen fueling stations, hydrogen fuel, and services to customers, according to a company’s press release.

“This strategic JV will position Groupe Renault and Plug Power to become key players in Europe in the research and development (R&D), transformation, manufacturing and sale of fuel cell-powered vehicles and hydrogen turn-key solutions in the coming years,” says the release.

“With this project, our ambition is to position France as a bridgehead of industrial, technical and commercial development in this key technology, and to strengthen our leadership in Europe as our objective is to become the European leader in fuel cell LCV,” declared CEO of Renault, Luca de Meo.

“Plug Power prides itself on being at the leading edge of innovation in the hydrogen fuel cell industry, which is why we are thrilled to partner with Groupe Renault to become a leader of market fuel cell heavy vans in Europe,” added CEO of Plug Power, Andy Marsh.

The JV will start commercializing fuel cell LCV’s in Europe starting in 2021 with pilot fleet deployments.