Plug Power Acquires Hydrogen, Fuel Cell JV
Plug Power Inc., Latham, N.Y., acquired HyPulsion, a European joint venture created by Plug Power and Axane, S.A., a subsidiary of Air Liquide S.A. 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. Meanwhile, Air Liquide will remain a strategic hydrogen production partner to Plug Power, actingas a hydrogen supplier to Plug Power's material handling customers. Air Liquide will also 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,” says Andy Marsh, chief executive officer of Plug Power. “Our success with customers like BMW and Volkswagen has helped open doors in Europe, a $20 billion 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.”