Plug Power and Renault receive EU approval to jointly acquire HyVia

Plug Power and Renault have received approval from the European Commission to jointly acquire HyVia, aiming to produce fuel cell light commercial vehicles and provide hydrogen refueling stations. The two companies have previously signed a memorandum of understanding to create a 50/50 joint venture in France, with the goal of capturing a 30% share of the European fuel cell light commercial vehicle market. At the same time, a vertically integrated manufacturing center will be established in France and hydrogen refueling stations will be built across Europe.