Plug Power Signs Cooperative Agreement for Fuel Cell Electric Vehicle Development in China
17 November 2016 - 1:00PM
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.”
About Plug Power’s China Partners
Furui, a leader in China’s development of the
compressed and liquefied natural gas industry has developed,
deployed, and operates LNG refueling stations throughout
China. Furui began to pioneer LNG applications for fleet
vehicles such as buses, medium duty trucks and delivery vans in
2004. Today, a well-developed and extensive refueling
infrastructure is in place with over 2000 LNG fueling stations
deployed in the China market. Furui will capitalize on this proven
success and industry knowledge to support the development and
deployment of commercial and consumer hydrogen fueling
infrastructure.
The Chinese vehicle manufacturer is a leader in
developing commercial and industrial vehicles. Their extensive
experience spans different size and application types, and includes
both traditional gas and diesel powered vehicles, along with
numerous battery electric vehicle platforms. Their leadership in
the electrical vehicle space includes passenger cars and fleet
vehicles such as buses, delivery trucks, and construction
vehicles.
Plug Power’s position as the global leader in
the deployment of hydrogen fuel cell systems and fueling stations
for mobility applications brings a strong foundation of application
and field experience to the partnership. This three-way
agreement, bringing together the complementary capabilities of the
three companies, will help accelerate the development and
deployment of commercial fuel cell vehicles and consumer hydrogen
fueling infrastructure in the China Market.
About Plug Power
Inc. The
architects of modern hydrogen and fuel cell technology, Plug Power
has revolutionized the industry with its simple GenKey solution,
elements of which are designed to increase productivity, lower
operating costs and reduce carbon footprints in a reliable,
cost-effective way. Plug Power’s GenKey solution couples together
all the necessary elements to power, fuel and serve a customer.
Plug Power is the partner that customers trust to take their
businesses into the future. For more information about Plug Power,
visit www.plugpower.com.
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Media and Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: 518.738.0269
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