Plug Power Inc. signed a non-binding memorandum of understanding (MOU) with Hyundai Hysco Co. Ltd. (Hysco) to create a joint venture partnership to develop and to 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 finalize the details of the joint venture by 31 July 2014.
Hysco’s R&D Center was founded with the goal of developing advanced 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 more than 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.