Edison Motors and Plug Power Inc. Sign Agreement for Mass-Production of Hydrogen-Powered City Buses
Edison Motors has partnered with Plug Power (NASDAQ: PLUG) to develop a hydrogen fuel cell-powered electric city bus. The project aims to produce a prototype by the second half of 2022 and mass-produce the "SMART 110F" buses for distribution in South Korea in early 2023. Both companies plan to explore future mobility applications including trucks and drones. Plug Power emphasizes expansion into the Asian hydrogen market, while Edison Motors has reported strong sales of electric buses in Seoul, positioning itself for growth in the hydrogen mobility sector.
- Partnership with Edison Motors expands Plug Power's reach in the Asian hydrogen market.
- Edison Motors sold the most electric buses in Seoul for two consecutive years, indicating strong market presence.
- Development of prototypes could lead to increased revenue opportunities in emerging markets.
- Relying on successful prototype development and market launch within a tight timeline poses execution risks.
- Potential competition in the fast-growing hydrogen fuel cell market may impact profitability.
- Agreement is to develop prototypes of Edison Motors’ fuel cell electric city bus, equipped with Plug Power’s 125kW ProGen fuel cell system in 2022
- Edison Motors expects to mass-produce the fuel cell electric buses, tentatively named “SMART 110F”, and to be distributed in South Korea
- Edison Motors and Plug Power will cooperate on the future mobility applications including trucks, drones, vessels, and PAVs (Personal Air Vehicles)
LATHAM, N.Y., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Edison Motors, a leading Korean electric car manufacturer, announced that the company signed an agreement with NY-based Plug Power (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, to develop and bring to market a hydrogen fuel cell-powered electric city bus. Plug Power’s 125kW ProGen fuel cell engine will provide power to Edison Motors’ electric bus platform. The companies expect to have a fuel cell electric bus prototype completed by the second half of 2022 and be prepared to launch a mass-market platform by the first half of 2023.
“The fuel cell electric city bus project is just the beginning of strategic cooperation between Edison Motors, and Plug Power,” said Chairman Young-kwon Kang of Edison Motors. “In the future, we hope to partner on other mobility applications including trucks, vessels, drones, and PAVs. We believe that our combined technology and know-how in electric buses will position us to sell fuel cell-powered electric buses not only in Korea but also in other overseas markets.”
Andy Marsh, CEO of Plug Power Inc., said, “Plug Power has a goal to expand our global footprint to stimulate the Asian hydrogen and fuel cell market. We acknowledge this is one of the fast-growing markets in the world and believe that this partnership with Edison Motors, will pave the way to achieving global net zero.”
Chairman Young-kwon Kang continued, “The two companies’ technological prowess and skills are expected to create stunning synergy. This will enable us to give more choices to consumers by providing different types of hydrogen mobility platforms befitting their needs.”
Edison Motors sold the largest number of electric buses in Seoul this year, for the second consecutive year, and the company is actively expanding its electric bus platform with the launch of a new inter-city long-range electric bus platform.
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals. The Company has deployed over 50,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen.
Plug Power Safe Harbor
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“PLUG”), including but not limited to statements about expansion into the hydrogen and fuel cell market in Asia and the ability to develop technology for an electric bus platform and bring a hydrogen fuel cell-powered electric city bus to market. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.
Edison Motors Contact
Ho-Young Lee
Communication Director
customerservice@edisonmotorsev.com
Plug Power Media Contact
Caitlin Coffee
Allison + Partners
plugPR@allisonpr.com
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