Toshiba Corp. said Tuesday it has agreed to set up a joint venture in Tokyo with International Fuel Cells Corp. of the United States to develop, manufacture and market fuel cells.
Under the agreement, Toshiba’s Fuel Cell System Division will form the core of the new company, which is to start operations in April. It will be 51 percent owned by Toshiba and 49 percent by IFC.
Other details such as capital, president and the name of the company have yet to be decided, Toshiba said.
IFC is a joint venture between Toshiba and United Technologies Corp. of the United States. Toshiba and UTC have cooperated in fuel cell development since the establishment of IFC in 1985.
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