Plug Power signed a non-binding memorandum of understanding with Hyundai Hysco to create a joint venture to develop, manufacture and sell fuel cell products and stacks for applications in Asian markets. Per the MOU, the companies must finalize the details of the joint venture by July 31, 2014.
Plug Power possesses more than 150 US patents related to fuel cell stack design, fuel cell system design, fuel processing, fuel dispensing, energy storage and controls. Hysco’s R&D Center was founded with the goal of developing 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.