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Fuel cell stocks, such as Plug Power (PLUG) – Get the report and Ballard (BLDP) – Get the report, continued to rise on Wednesday after the announcement of a partnership between Plug Power and Renault for hydrogen vans in Europe.
Additionally, Truist launched a Plug Power cover on Tuesday with a buy note and a price target of $ 60. Investors invest funds in electric cars and related stocks.
Plug Power recently traded at $ 67.45, up 2.2%; Ballard Power at $ 35.47, up 3.2%; and FuelCell Energy (FCEL) – Get the report at $ 19.08, up 0.2%. Stocks slipped from their highs amid profit taking.
Regarding the Plug-Renault deal, the companies have agreed to create a 50-50 joint venture focused on vehicle systems based on hydrogen fuel cells. The company will include the creation of a fuel cell and a systems manufacturing center in France for integration into light commercial vehicle platforms.
The joint venture will begin marketing fuel cell light commercial vehicles in Europe from 2021 with pilot fleet deployments.
As for Truist, he said Plug Power can turn the ballyhoo on hydrogen vehicles into real orders and profitability over the next three years, Bloomberg reports.
Ballard Power continued to benefit from Tuesday’s announcement that the company had received a purchase order from Arcola Energy for its Ballard FC move-HD fuel cell modules to power a passenger train scheduled for demonstration. in November.
Scottish Enterprise, Transport Scotland and the Hydrogen Accelerator, based at the University of St. Andrews, have appointed Arcola and a consortium of industry leaders in the integration of hydrogen fuel cells, railway engineering and functional safety to deliver Scotland’s first hydrogen train.
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