Intelligent Energy and Suzuki Motor Corporation Establish Joint Venture Company to Develop and Manufacture Fuel Cell Systems
07 Feb 2012
Loughborough, UK, 7th February, 2012 – Intelligent Energy, the global clean power systems company, and the Suzuki Motor Corporation, have today announced the creation of a joint venture company called SMILE FC System Corporation, to develop and manufacture air-cooled fuel cell systems for a range of industry sectors. The joint venture also includes a non-exclusive license agreement that gives Suzuki access to Intelligent Energy’s class-leading fuel cell technology for its next generation of environmentally friendly fuel cell vehicles.
Under the terms of the contract, both companies will take a 50 percent stake in the joint venture. SMILE FC System Corporation will be led by Mr. Osamu Honda, Executive Vice President and representative director for Suzuki Motor Corporation, who will become President of the JV. SMILE FC System Corporation will be headquartered in Hamamatsu City, Shizuoka, with operations initially based in Yokohama.
“Suzuki Motor Corporation has been developing fuel cell vehicles with Intelligent Energy since 2006, and this successful relationship has led to the formation of SMILE FC System Corporation,” explained Mr. Honda. “I believe that we can accelerate the commercialisation of fuel cell vehicles through this joint venture with Intelligent Energy.”
The agreement represents good value for both parties, enabling Suzuki cost-effective access to Intelligent Energy’s advanced fuel cell technology through partnering and licensing, thereby avoiding the higher costs associated with in-house development. Intelligent Energy will benefit from Suzuki’s production expertise and the emerging Japanese supply chain to jointly develop the next generation of automotive standard air-cooled fuel cell systems.
Osamu Honda, Executive Vice President of the Suzuki Motor Corporation (left), and Dr. Henri Winand, Chief Executive of Intelligent Energy (right), shortly after signing the agreement to create SMILE FC System Corporation.
Source: Intelligent Energy