ElringKlinger and Plastic Omnium created the joint venture.

ElringKlinger, a German car spare parts manufacturer, and Plastic Omnium, a French automotive supplier, created the joint venture. Financial terms were not disclosed. "We see tremendous market potential ahead of us and are determined to achieve our revenue target of €700m to €1bn in 2030. Our commercial pipeline is very strong and production capacity is in place. In addition, we can build on compelling technology, centered 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," Stefan Wolf and Laurent Favre, ElringKlinger and Plastic Omnium CEOs.