Plug Power Company Hydrogen fuel cell manufacturer announced on Tuesday a joint venture with a French car manufacturer Renault ADR (Pink: RNLSY).
what happened: The two companies said in a joint statement that Plug Power and Renault have signed an agreement to establish a 50 to 50 joint venture to develop, manufacture and sell fuel cell powered vehicles and hydrogen turnkey solutions.
According to Plug Power and Renault, the joint venture will be operational at the end of the first half of 2021 and will be headquartered outside France. The two companies said it will serve the fast-growing fuel cell light commercial vehicle, taxi and business transportation market.
The two companies stated that the joint venture will build on Renault̵
Renault and Plug Power said that the joint venture will begin commercializing fuel cell LCVs in Europe in 2021 and deploy pilot fleets.
Related link: After trading in South Korea, option traders bet 1.1 million dollars to buy plug power
Why it matters: Fuel cell technology is gradually gaining power as an alternative to battery technology that powers green energy vehicles.
Since mid-2020, Plug Power’s stock price has been falling.
Andy Marsh, CEO of Plug Power, said: “Plug Power is proud of its innovative leadership in the hydrogen fuel cell industry, which is why we are very happy to cooperate with Renault Group to become the leader of fuel cell heavy trucks in the European market.” The statement said.
Plug-in price action: Plug Power shares rose 22.33% in Tuesday’s trading to close at $66.02.
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