web analytics
Plug Power

Renault and Plug Power to develop fuel-cell vehicles

French automaker Renault and U.S. hydrogen specialist Plug Power have joined forces for developing hydrogen-powered light commercial vehicles (LCV), they said on Tuesday.

The companies have signed a memorandum of understanding to introduce a France-based 50-50 joint venture by the end of June, targeting over 30% share of the fuel cell-powered LCV market in Europe.

The news sent shares in Plug Power up by about 16% to a multi-year high of $62.65. The stock traded at a little over $3 at the end of 2019. Renault shares rose by just more than 2%.

The joint venture will combine the automaker’s vehicle manufacturing capabilities with the fuel cell and hydrogen system manufacturing expertise of Plug Power, forming a fuel cell stack and system manufacturing center in France for integration into LCV platforms.

The center will also offer hydrogen refueling systems.

Plug Power, which has a market value of over $25 billion, says it has deployed more than 40,000 fuel cell systems for e-mobility, higher than anyone else in the world, and has become the largest buyer of liquid hydrogen.

Renault, with a market value of over $13 billion, sold close to 3.8 million vehicles in 134 countries in 2019. It has 40 manufacturing sites worldwide and employs over 180,000 people.

Santander acted as Plug Power’s only financial adviser.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.