Plug Power (PLUG) Enters Pact for Fuel Cell EV Development in China
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Plug Power Inc. (NASDAQ: PLUG), a leader in providing energy solutions that change the way the world moves, has signed a cooperative memorandum of understanding (MOU) with Zhangjiagang Furui Special Equipment Co., LTD (Furui), along with a leading Chinese industrial vehicle manufacturer, also identified as one of the “big three” Chinese automakers, to develop new fuel cell applications and fueling solutions to be utilized in the large and expanding industrial electric vehicle market in China.
Under the terms of the agreement, the three companies will collaborate to build electric vehicles equipped with Plug Power designed hybrid fuel cell engine systems and hydrogen fueling station solutions. Plug Power and its partners will form a fuel cell vehicle development project team and utilize their substantial financial and research and development resources for a large scale demonstration project.
Near-term deliverables for the program include two industrial delivery truck prototypes, both using Plug Power’s ProGen fuel cell engines, by March, 2017, with a short term projection for more than 500 vehicles and a fueling station network to be deployed in the Shanxi province over the following year. Based on the acceptance of the first 500 units, the program goal is to deploy 13,500 commercial fuel cell vehicles over three years with a widespread fueling station network.
“China has made hydrogen and fuel cell vehicles a key component of the country’s Energy Revolution Program, which includes over $100 billion in investment and runs through 2030,” said Andy Marsh, Plug Power’s CEO. “As a result, China is projected be the largest mobile fuel cell market in the world within the next two to three years. Developing a widespread hydrogen fueling system across China is critical for successful continuation of the country’s adoption of green-vehicle technology.”
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