Renault and Plug Power develop fuel cell commercial vehicles

    PARIS (Reuters) – French carmaker Renault and US hydrogen specialist Plug Power have joined forces to develop hydrogen-powered light commercial vehicles, they said Tuesday.

    The companies signed a memorandum of understanding to launch a 50-50 joint venture headquartered in France by the end of the first half of 2021, which aims to have more than 30% share of the fuel cell-powered light commercial vehicle market in Europe, their joint statement said.

    The news sent Plug Power’s shares up roughly 16% to a multi-year high of $ 62.65, after reaching just over $ 3 at the end of 2019.

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    Renault shares rose by just over 2%.

    Santander acted as Plug Power’s sole financial advisor.

    Reporting by GV De Clercq; additional reportage by Pamela Barbaglia; Editing by David Goodman

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