Toshiba Corp. plans to tie up with International Fuel Cells of the United States in the development of fuel cells, Toshiba officials said Friday.
Toshiba will set up a joint company with IFC, a cell fuel producer, in Tokyo on March 30 and transfer all its fuel cell operations there, the officials said.
The company will be capitalized at 1.5 billion yen and will be held 51 percent by Toshiba and 49 percent by IFC. It will initially have a staff of around 100.
Meanwhile, IFC and the European oil giant Royal Dutch/Shell group will collaborate to develop instruments that will extract hydrogen from fuels such as gasoline.