Plug Power takes ownership of hydrogen fuel joint venture in EuropeJuly 29, 2015
Plug Power to focus more heavily on the European market
Plug Power, a leading developer of hydrogen fuel cells, has plans to focus more heavily on the European market. The company has entered into an agreement with Axane SA, a subsidiary of Air Liquide, and will be acquiring an 80% stake in HyPulsion, the joint venture that both Plug Power and Axane has established in 2012. The acquisition, costing some $11.47 million, will make Plug Power the full owner of HyPulsion.
HyPulsion to continue providing hydrogen fuel cells to the European materials handling market
HyPulsion was created to help jump-start the hydrogen fuel cell market in Europe. The joint venture has achieved several milestones in product development that has established its as a prominent organization in Europe, especially in the materials handling space. Plug Power’s hydrogen fuel cells have become very popular as an energy solution for electric lift trucks and other such vehicles. Fuel cells have proven that they are able to perform better than lead-acid batteries when powering these vehicles, as they can be fueled in a matter of minutes and can produce significant amounts of electrical power.
Air Liquide will provide HyPulsion with the hydrogen fuel it needs
Air Liquide will play a significant role in Plug Power’s interests in Europe. The company will be providing HyPulsion with the hydrogen fuel it needs to function in the materials handling space. Air Liquide will also remain part of the company’s board of directors, which will allow the company to have some control over the direction that HyPulsion will be taking in the future.
Plug Power has a good track record when it comes to the fuel cell industry
Plug Power has more than 7,000 hydrogen fuel cell products deployed in North America. The majority of these fuel cells are in the materials handling sector, where they are being used to power electric lift trucks. These hydrogen fuel cells have accumulated more than 100 million hours of operation, and Plug Power has proven that it has the ability to produce fuel cell systems that are capable of handle the needs of the materials handling market.