Plug Power and Renault receive EU approval for joint acquisition of HyVia

Plug Power (NASDAQ:PLUG) and Renault SAS (OTCPK:RNSDF) have received approval from the European Commission for the joint acquisition of HyVia to manufacture fuel cell light commercial vehicles as well as the supply of hydrogen refueling stations.
The two companies previously signed a Memorandum of Understanding launching a 50-50 joint venture based in France that would target 30% of the fuel cell-powered light commercial vehicle, or LCV, market in Europe.
As part of the JV, Renault (OTCPK:RNSDF) and Plug Power (PLUG) would establish an Innovation Center for the development of fuel cell technology and hydrogen fuel cell LCV based on existing and future Renault platforms.
The JV will then combine the vehicle manufacturing of Renault (OTCPK:RNSDF) with fuel cell and hydrogen cell technologies of Plug Power (PLUG) to establish a vertically integrated manufacturing center in France, as well as refueling stations across Europe.
Shares of Plug Power (PLUG) are down more than 1% in Monday’s premarket trading.

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