This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GM, Honda To Collaborate On Next-Generation Fuel Cell Technologies

NEW YORK, July 2, 2013 /PRNewswire/ -- General Motors (NYSE: GM) and Honda (NYSE: HMC) announced today a long-term, definitive master agreement to co-develop next-generation fuel cell system and hydrogen storage technologies, aiming for the 2020 time frame. The collaboration expects to succeed by sharing expertise, economies of scale and common sourcing strategies.

GM and Honda plan to work together with stakeholders to further advance refueling infrastructure, which is critical for the long-term viability and consumer acceptance of fuel cell vehicles.

GM and Honda are acknowledged leaders in fuel cell technology. According to the Clean Energy Patent Growth Index, GM and Honda rank No. 1 and No. 2, respectively, in total fuel cell patents filed between 2002 and 2012, with more than 1,200 between them.

"This collaboration builds upon Honda and GM's strengths as leaders in hydrogen fuel cell technology," said Dan Akerson, GM chairman and CEO. "We are convinced this is the best way to develop this important technology, which has the potential to help reduce the dependence on petroleum and establish sustainable mobility."

Takanobu Ito, president & CEO of Honda Motor Co. Ltd. said: "Among all zero CO 2 emission technologies, fuel cell electric vehicles have a definitive advantage with range and refueling time that is as good as conventional gasoline cars. Honda and GM are eager to accelerate the market penetration of this ultimate clean mobility technology, and I am excited to form this collaboration to fuse our leading fuel cell technologies and create an advanced system that will be both more capable and more affordable."

GM's Project Driveway program, launched in 2007, has accumulated nearly 3 million miles of real-world driving in a fleet of 119 hydrogen-powered vehicles, more than any other automaker.

Honda began leasing of the Honda FCX in 2002 and has deployed 85 units in the U.S. and Japan, including its successor, the FCX Clarity, which was named the 2009 World Green Car. Honda has delivered these vehicles to the hands of customers in the U.S. and collected valuable data concerning real-world use of fuel cell electric vehicles.

As already announced, Honda plans to launch the successor of FCX Clarity in Japan and the United States in 2015, and then in Europe. GM will announce its fuel cell production plans at a later date.

Fuel cell technology addresses many of the major challenges facing automobiles today – petroleum dependency, emissions, efficiency, range and refueling times. Fuel cell vehicles can operate on renewable hydrogen made from sources like wind and biomass. The only emission from fuel cell vehicles is water vapor. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,073.60 -6.54 -0.04%
S&P 500 2,118.33 +0.64 0.03%
NASDAQ 5,084.9490 -7.1360 -0.14%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs