Plug Power Inc (PLUG) Forms Joint Venture With Hyundai HYSCO

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Plug Power Inc (PLUG) Forms Joint Venture With Hyundai HYSCO
Plug Power Corp PLUG

Plug Power Inc (NASDAQ:PLUG) announced today that it is creating a joint venture with South Korean steel supplier Hyundai HYSCO (KRX:010520), which supplies steel to Hyundai Motor Co (KRX:005380). Plug Power said they would be working on developing and then selling hydrogen fuel cells in Asia. The company said they are still finalizing all of the details on the agreement but plan to have it complete no later than July 31.

Plug Power reveals MOU

The agreement between Plug Power Inc (NASDAQ:PLUG) and Hyundai HYSCO (KRX:010520) will take the form of a non-binding memorandum of understanding. The two companies will use Hysco’s “advanced stack and plate technology” to create the fuel cells. Currently they are discussing a five-year venture.

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