South Korean electric car company Edison Motors has signed an agreement with Plug Power (NASDAQ:PLUG) to produce hydrogen fuel-powered electric buses.
The engine that will be used in the Korean company’s buses will be the Plug Power 125kW Progen fuel cell and the two companies are hopeful that the first prototype will be complete in the latter half of next year.
Mass-market production and launch are slated for 2023.
Young-kwon Kang, Chairman of Edison Motors commented that the deal was just the beginning of the relationship and expansion of the two companies: “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.”
Edison Motors has been the largest provider of electric buses in Seoul for the past two years and more orders are expected to arrive for a fresh inter-city bus platform.
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The company has also set its sights on expanding in the Asian region, which is considered to be the fastest-growing market for electrical and hydrogen mass transportation.
Plug Power Green Hydrogen Agreement with Certarus
Plug Power also announced yesterday that it will supply 10 tons of green hydrogen per day to Certarus, the leading North American transport company for compressed natural gas.
The agreement is the first step in a plan to reach 1,000 tons of daily deliveries by 2028, outlined by Plug’s CEO Andy Marsh.
Certarus’ integrated transportation infrastructure and fleet for compressed gas deliveries will provide the network to reach end users of both companies.
Hydrogen will be offered both as a pure and methane-blended fuel to accelerate adoption by customers in mining, power generation and large industrial facilities.
You can read our latest Plug Power stock forecast from October and if you’d like to learn more about hydrogen fuel cells, this article can be a nice primer.