Russian fuel cell developer Plug Power has announced it has completed a deal that will see $217 million worth of investment flood into the company.

The large cash injection, from platinum producer Norilsk Nickel and investment firm Interros, is being made through a joint venture company called Smart Hydrogen.

"We are extremely pleased to officially begin our relationship with Interros and Norilsk Nickel," said Dr Roger Saillant, chief executive and president of Plug Power.

"We now have approximately $285 million in cash and marketable securities, increased access to the Russian market and a wealth of technical expertise from our new partners. Together with our already strong market position and product line, the outlook for Plug Power has never been better."

Norilsk Nickel said that it had made the investment as it anticipated seeing significant benefits for itself through wider fuel cell use, as the success of fuel cell technology would result in the broader use of palladium and platinum.

Representatives from Plug Power, Norilsk Nickel and technology organisations recently met for a symposium in which they provided an overview of the capabilities in hydrogen and fuel cell technologies.

Ÿ Adfero Ltd