New York-based Plug Power Forms European Joint Venture with Axane
Posted in Fuel Cells on November 10th, 2011 by News Desk –
Photo credit: Plug Power
Through the partnership, Plug Power’s GenDrive products will target the European market, which consists of 325,000 annual forklift truck sales and an existing installed base of 2,000,000 forklift trucks, according to the company.
The GenDrive units will be manufactured at Plug Power’s Latham, N.Y. headquarters and distributed through the sales channel provided by Axane, with the potential for adding a European-based manufacturing capacity later, the company said.
Under joint venture, Plug Power will contribute certain technology licenses for the initial European project territory and Axane will provide installments of cash over a period of five years.
Plug Power will initially own a 45% stake in the joint venture and Axane will own 55%. Plug Power will have the opportunity to acquire a majority stake in 2016.
