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Plug Power Inc. (NASDAQ: PLUG) Shares of (NASDAQ: PLUG) peaked for several years after the hydrogen fuel cell maker announced a joint venture with the French automaker on Tuesday Renault ADR (Rose: RNLSY).
What happened: Plug Power and Renault have signed an agreement to launch a 50/50 joint venture for the R&D, manufacture and sale of fuel cell vehicles and turnkey hydrogen solutions, the companies said in a joint statement.
The joint venture will become operational by the end of the first half of 2021 and will be based outside France, according to Plug Power and Renault. It will serve the rapidly growing market for fuel cell light commercial vehicles, taxis and commercial passenger transport, the companies said.
The company, the companies said, will build on Renault’s experience in new energies and its strong position in electric light commercial vehicles and on Plug Power’s 20 years of experience in battery-powered technologies. fuel and hydrogen solutions.
Renault and Plug Power said the joint venture would begin marketing fuel cell light commercial vehicles in Europe from 2021 with pilot fleet deployments.
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Why is this important: Fuel cell technology is slowly gaining momentum as an alternative to battery cell technology to power green energy vehicles.
This is reflected in Plug Power’s share price, which has been in tears since mid-2020.
“Plug Power is proud to be at the forefront of innovation in the hydrogen fuel cell sector, which is why we are delighted to partner with Groupe Renault to become a market leader in heavy fuel cell vans by Europe, ”Andy Marsh, CEO of Plug Power said in a statement.
PLUG price action: Shares of Plug Power gained 22.33% in Tuesday’s session, closing at $ 66.02.
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