Plug Power Jumps 20% On A Joint Venture With Renault To Develop Hydrogen Vehicles

According to Renault, the 50/50 joint venture will be based in France and set to launch by the end of the first half of 2021.

R & d, manufacturing, and sales will be the three core pieces of the joint venture, and also the initial area of emphasis will be the hefty van market.

“We anticipate dealing with our brand-new companions to combine our technology with their years-long experience leading the European auto market,” Plug Power CEO Andy Marsh said.

Shares of Plug Power have surged 1,450% over the past year, partly on prospects of a much more robust green power program under a Joe Biden presidency.

Plug Power traded to degrees not seen considering that 2006 on the information, hitting a high of $65.45 in Tuesday professions.

Shares of Plug Power soared as long as 20% on Tuesday after Renault said the two companies would form a joint endeavour to create hydrogen-powered commercial cars as well as taxis.

Plug Power and Renault expect to start commercializing hydrogen-powered light industrial automobiles by 2021 with pilot fleet deployments.

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