French carmaker Groupe Renault and American hydrogen fuel cell systems developer Plug Power Inc. announced on Tuesday they signed a memorandum of understanding (MOU) to create a 50-50 joint venture (JV) that will focus on fuel cell-powered light commercial vehicles (LCV) and hydrogen turn-key solutions.

The JV, which will be based in France, is set to be launched in the first half of 2021.

"This joint-venture project is fully aligned with our strategy to offer market-ready H2 solutions for LCVs. With Plug Power, we will build a unique end-to-end fuel cell value chain and offer turnkey solutions for customers including vehicles, refueling stations and decarbonized hydrogen delivery," Renault CEO Luca de Meo stated.