Plug Power, Hyundai steel supplier teaming up to make fuel cells

(Reuters) -- Fuel cell maker Plug Power Inc. said today 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 enter Asia.

"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 conference call.

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.