Plug Power has gained complete control of the HyPulsion joint venture - opening the pathway for the company to target Europe’s $20bn electric lift truck market.
A leader in providing clean, reliable energy solutions, Plug Power has completed the previously announced acquisition of HyPulsion, the European joint venture created by Plug Power and Axane, S.A., a subsidiary of Air Liquide S.A. in 2012.
Effective immediately, Plug Power will assume all responsibilities for the development, engineering, sales and marketing efforts in Europe for its GenFuel hydrogen and GenDrive fuel cell product lines and corresponding GenCare services.
Plug Power will offer its CE-certified GenDrive products to European lift truck customers in the $20bn European electric lift truck market. For the short-term, Plug Power will continue to develop, engineer, and manufacture all products in the United States with a sales and service force in Europe.
Air Liquide will remain a strategic hydrogen production partner to Plug Power, acting as a hydrogen supplier to Plug Power’s material handling customers. Additionally, Air Liquide will continue to represent a seat on Plug Power’s board of directors, a position held since 2012.
“Plug Power is ready to move in Europe,” said Andy Marsh, CEO of Plug Power. “Our success with customers like BMW and Volkswagen has helped open doors in Europe, a $20bn market where customers have a strong mandate for cleaner, more productive distribution centers and where Plug Power has an impressive head start on our competitors.”