(Adds details about JV, share move)
April 21 Fuel cell maker Plug Power Inc
said on Monday it had agreed to form a joint venture with South
Korea's Hyundai Hysco Co Ltd, a steel supplier to
Hyundai Motor, to develop and sell hydrogen fuel
cells in Asia.
Plug Power said last month it was searching for partners to
"Asian countries that we are likely to target with this JV
will give us a combined addressable market size to exceed $10
billion," Plug Power Chief Executive Andy Marsh said on a
The maker of fuel cell systems that are used to replace lead
acid batteries said the primary focus of the joint venture would
be material handling equipment such as forklifts.
The companies are expected to finalize the details of the
joint venture by July 31, Plug Power said.
Plug Power's shares were down 3 percent at $7.09 in early
trading on the Nasdaq.
(Reporting by Narottam Medhora and Sneha Banerjee in Bangalore;
Editing by Maju Samuel)