Dallas, Texas 04/23/2014 (FINANCIALSTRENDS) – Plug Power Inc (NASDAQ:PLUG) well known for the range of fuel cells its makes, has made good its commitment to enter the wide-spread Asian market. The partner to Plug Power’s latest venture is Hysco. The company is aiming to bring about much ‘advanced stack as well as plate technology’ will now have high impetus in terms of financial backing and technology expertise, over the course of the next five years.
JV to help Plug Power fast track growth
Plug Power Inc (NASDAQ:PLUG) has been one of the main companies which will bring in higher value action as well as the number of services in the fuel cell sector, thanks to its pioneering endeavours. As one of the major players in the clean and renewable energy section, the non-binding agreement with the South Korea based player Hyundai Hysco co Ltd. will see the joint venture to develop as well as sell hydrogen fuel cells in Asia as well as other global ventures.
Plug Power Inc (NASDAQ:PLUG) new venture with Hyundai Hysco, will replace the use of lead acid batteries. The fuel cells producer has indicated in the previous month that it will seek partners to begin work in parts of Asia. The JV with Hyundai will now be completed by the end of July 2014.
Plug Power Inc (NASDAQ:PLUG) Chief Executive Andy Marsh in a statement revealed that, “This highly anticipated joint venture with Hysco will enable Plug Power to broaden its reach into the Asian market, putting us well on our way toward global market expansion. The positive impact on our bottom line from fuel cell sales in the region in 2015 and beyond will play a significant role in our achievement of profitability.”
Plug Power Inc (NASDAQ:PLUG) is one of the leading fuel solutions provider in Europe and North America.