French automaker Renault has signed a memorandum of understanding with American firm Plug Power, a hydrogen fuel cells development company.
Under the agreement, the companies will form a 50-50 joint venture (JV) to establish an innovation center for a hydrogen fuel cell-powered platform for light commercial vehicles (LCVs), based on current and future Renault designs. An LCV manufacturing facility in France is also planned by the end of 2021.
The JV plans to capture 30pc of the total hydrogen LCV market in Europe, initially focusing on heavy vans. The venture is subject to the usual formalities and approval from competition authorities in both countries and is expected to be finalized within H1 2021.