German automotive parts company ElringKlinger is joining forces with France’s Plastic Omnium to form a joint subsidiary, Ekpo Fuel Cell Technologies, which will focus on hydrogen-powered vehicles.
The two parents are both listed companies, and Ekpo is aiming high. The Frankfurter Allgemeine Zeitung newspaper reports that the new firm plans to invest €100 million per year in hydrogen automotive technology and hopes to cover 10 to 15 percent of the world market by 2030. That would be the equivalent of €700 million to €1 billion in turnover.
“We want to become a world market leader,” said Plastic Omnium CEO Laurent Favre at a joint online press conference with his ElringKlinger counterpart Stefan Wolf. “The market is growing, and in the medium term, we believe we can reach an even higher market share.”
ElringKlinger specializes in fuel cells; Plastic Omnium in tank and battery containers.