Just_Super
- 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.