EKPO Fuel Cell Technologies, the joint venture of ElringKlinger (60%) and Plastic Omnium (40%), is now ready to start operations, having implemented all contractual arrangements and after being granted necessary anti-trust approvals.
The newly-created company provides fuel cell stacks and components for a range of applications.
Initially, the company will focus on commercial vehicles and buses and then passenger cars. Special vehicles, trains, and ships are also fields for growth.
"We are pleased business is now underway," said a joint statement from parent groups CEOs, Stefan Wolf and Laurent Favre.
"We see tremendous market potential ahead of us and are determined to achieve our revenue target of EUR700m (US$843m) to EUR1bn in 2030. Our commercial pipeline is very strong and production capacity is in place.
"In addition, we can build on compelling technology, centred around high power density, in our efforts to translate our joint vision into reality. By successfully establishing fuel cell drives, we make our contribution on the road to emission-free mobility."
The company site in Dettingen/Erms, Germany, is already able to produce up to 10,000 fuel cell stacks per year to automotive industrial standards, as well as key components of a stack, such as bipolar plates or media modules. In the coming years, EKPO will drive investments for accelerating innovation, extending the commercial pipeline, and increasing production capacity, with the aim to achieve a market share of 10% to 15% in 2030.
The joint venture is headed by a group of three general managers. Armin Diez, previously in charge of ElringKlinger's fuel cell business, is responsible for the technical and operational activities. Julien Etienne, from Plastic Omnium New Energies is in charge of sales, marketing and programme management.
Gernot Stellberger, head of Global Strategy, M&A and Innovations at ElringKlinger, is responsible for financial and strategic tasks.
As part of the agreement signed in October, 2020, Plastic Omnium is also acquiring ElringKlinger Fuelcell Systems Austria (EKAT), ElringKlinger's subsidiary specialised in integrated hydrogen systems.
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Original source: https://www.plasticomnium.com/wp-content/uploads/2021/03/plastic-omnium-launch-of-EKPO-Fuel-Cell-Technologies-en.pdf