Creation of EKPO Fuel Cell Technologies, a leading joint venture for development and mass production of fuel cell stacks for CO2-neutral mobility
- ElringKlinger will contribute its fuel cell business and know-how and Plastic Omnium will bring additional development capacity to accelerate growth
- ElringKlinger will hold 60%, Plastic Omnium 40% of the new company
- Plastic Omnium acquires ElringKlinger’s Austrian subsidiary, specialized in integrated hydrogen systems, to complement its global hydrogen strategy
Hydrogen will play a major role in tomorrow’s sustainable mobility. Convinced of the promising future of this zero emission technology, Plastic Omnium and ElringKlinger, two automotive supplier leaders in their respective business areas, today agreed to take hydrogen based fuel cell technology to the next level. To fulfil this objective, they will create EKPO Fuel Cell Technologies, a joint venture dedicated to fuel cell stack development, production and commercialization. EKPO Fuel Cell Technologies will offer its product portfolio to a broad range of customers including hydrogen systems integrators.
EKPO Fuel Cell Technologies will be owned 60% by ElringKlinger and 40% by Plastic Omnium. ElringKlinger will bring all of its assets related to fuel cells stacks, developed over more than 20 years. Assets include more than 150 employees, more than 150 patents, R&D and know how , its fuel cell components business, and several high power density fuel cell stack platforms already marketed and manufactured at a facility located in Dettingen/Erms (Baden-Württemberg), where the joint venture will also be headquartered. The annual production capacity of initially up to 10,0 00 units in the joint venture will be progressively extended according to the order book.
Plastic Omnium will invest €100 million in the new company to support the acceleration of innovation, strongly develop the commercial pipeline and increase production capacities. The world leader in energy storage and emission reduction solutions will also contribute to the development of the JV through its global customer portfolio, its worldwide presence and its technological expertise in hydrogen storage and systems.
The CEOs of the two companies, Laurent Favre and Dr. Stefan Wolf, stated: “Plastic Omnium and ElringKlinger have been strongly investing over the years to develop their respective expertise in hydrogen technology. Both stock listed with a family as anchor shareholder and sharing the same values, we are jointly building a leader in the development, design, production and marketing of fuel cell stacks and components for passenger cars, commercial vehicles, buses, trucks and other mobility applications. We aim to unlock the mass market potential for hydrogen and contribute to CO2- neutral mobility.”