Fuel cell developer Plug Power is to receive a massive cash injection from Russian mining giant Norilsk Nickel and a Russian investment company.

Interros and Norilsk Nickel will invest $217 million in the fuel cell company.

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.

Its remote mining activities also require reliable and affordable energy production, for which fuel cells could be the answer.

"Norilsk Nickel has long supported fuel cell technology research, and our investment in Plug Power demonstrates this commitment," said Michael Prokhorov, director general of Norilsk Nickel and a principal investor in Interros.

"We believe in Plug Power's potential, and in the potential of the hydrogen economy and look forward to helping Plug Power continue its advancements in fuel cell technology."

Dr Roger Saillant, president and chief executive of Plug Power, predicted the funds would change the whole company.

"We view this as a transformational investment for Plug Power," he said.

"After this investment closes, Plug Power will have approximately $285 million in cash and marketable securities and be well positioned to accelerate and broaden our business strategy."

Norilsk Nickel is one of the world's largest suppliers of precious metals and is the largest producer of palladium for industrial use and the fourth largest producer of platinum.

Ÿ Adfero Ltd