Plug power establishes joint venture with air liquide

Plug Power ( PLUG ) today announced that it will establish a joint venture with Air Liquide's subsidiary, Axane, to meet growing demand for PLUG's GenDrive fuel cell products across the European material handling market.

As part of the JV, PLUG will contribute a license to certain intellectual property rights for the initial European project territory; Axane will provide installments of cash over a period of five years. Plug Power's initial shareholding in the joint venture will be 45%, while Axane's will be 55%. Plug Power will have the opportunity to increase its majority stake in 2016.

Shares are up 2.30% to $2.22.