Shares of Plug Power Inc. (PLUG) are rising more than 17% Tuesday morning after the company signed Memorandum Of Understanding (MOU) with French auto maker Groupe Renault to launch a stand alone joint-venture for the research and development, manufacturing and sale of fuel cell-powered light commercial vehicles (LCVs).
The France-based joint-venture, that serves the fast-growing market of fuel cell light commercial vehicles, taxis, and commercial people transportation, is to be launched by the end of the first half of 2021, Plug Power said.
"This joint-venture project is fully aligned with our strategy to offer market ready H2 solutions for LCVs. With Plug Power, we will build a unique end-to-end fuel cell value chain and offer turnkey solutions for customers including vehicles, refueling stations and decarbonized hydrogen delivery," Luca de Meo, CEO of Renault commented.
PLUG, currently at $63.45, touched a new high of $64.88 this morning.
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