ElringKlinger builds on high power density of its fuel cell technology to target aviation market
Dettingen/Erms (Germany), October 14, 2020 +++ ElringKlinger AG and Airbus have entered into an agreement for a long-term partnership within the area of fuel cell technology. Following the delivery of stacks and a customized test rig this summer, the agreement will see ElringKlinger and Airbus work together to initially develop and validate aviation-compatible fuel cell stacks in the coming years.
ElringKlinger will provide access to technology relevant to hydrogen-powered fuel cells, while in turn receiving compensation in the low to mid double-digit million euro range. A major part of the aforementioned compensation is payable as of closing scheduled for the end of 2020. Additionally, ElringKlinger will supply the newly established joint company with the components needed for development activities. Relevant financial details will be included in ElringKlinger's 2020 financial statements.
ElringKlinger will hold a non-controlling interest in the joint company, while the majority stake will be held by Airbus.
Both parties have agreed not to disclose further details of the Partnership Agreement. The closing of the transaction and the creation of the joint company is subject to customary regulatory clearances in various jurisdictions.
For further information please contact:
Dr. Jens Winter
Phone +49 7123 724-88335
Fax +49 7123 724-85 8335