Plug Power Inc has announced that in line with its aggressive international growth strategy it has signed a non-binding memorandum of understanding (MOU) with Hyundai Hysco Co. Ltd. (Hysco).
The two companies will create a joint venture partnership to develop and sell hydrogen fuel cells in countries throughout Asia using Hysco’s advanced stack and plate technology.
Specifically, the proposed five-year joint venture will develop, manufacture and sell fuel cell solutions, products and stacks for applications in Asian markets. Under the terms of the MOU, the companies must finalise the details of the joint venture by July 31, 2014.
“This highly anticipated joint venture with Hysco will enable Plug Power to broaden its reach into the Asian market, putting us well on our way toward global market expansion,” said Andy Marsh, CEO of Plug Power. “The positive impact on our bottom line from fuel cell sales in the region in 2015 and beyond will play a significant role in our achievement of profitability.”
Plug Power is the premier hydrogen fuel cell systems integrator in North America. The company maintains an intellectual property portfolio including more than 150 US patents related to fuel cell stack design, fuel cell system design, fuel processing, fuel dispensing, energy storage and controls.
Hysco’s strong R&D Center was founded with the goal of developing cutting-edge products, materials, molding techniques, coating and fluid floating technology, which includes work on fuel cell systems and fuel cell stacks with an emphasis on low cost stack plate technologies. Hysco has a significant presence in the Asian marketplace.
Plug Power manufactures and sells fuel cell units and hydrogen fueling solutions, and is a global leader in the material handling market. The company currently has a significant presence in North America, as well as in Europe, via its HyPulsion joint venture with Air Liquide. Plug Power has over 4,500 GenDrive fuel cell units deployed in the field with customers including Walmart, BMW, Coca-Cola, Lowes, Kroger, Mercedes-Benz, P&G, and Sysco. Plug Power continues to sign new contracts, broaden its customer list of Fortune 500 companies, and expand into new markets both nationally and globally.