Plug Power Announces MOU with Honda

May 13, 2002 by Jeff Shepard

Plug Power Inc. (Latham, NY) announced that it has entered into a memorandum of understanding (MOU) with Honda R&D Co. Ltd., a subsidiary of Honda Motor Co. Ltd. (Japan). The MOU documents the companies' mutual desire to collaborate on a research project to explore concepts for a home-based hydrogen vehicle refueling system, and Honda's intention to purchase two stationary fuel cell power generation systems from Plug Power. The companies anticipate completing the supply arrangements for the two stationary fuel cell power generation systems later this year.

"The agreements will enable Honda and Plug Power to begin collaboration on an exciting project, the home refueling system for a fuel cell vehicle, which can accelerate the introduction of fuel cell vehicles by selling hydrogen infrastructure with each car," said Plug Power CEO Roger Saillant. "Honda is a clear leader in the development of automotive fuel cell systems and one of the most respected and environmentally conscious technology and product development companies worldwide. We are very excited to be working with them."