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.
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