Plug Power soared 20% on Tuesday after the company entered a joint venture with Renault to develop hydrogen powered commercial vehicles and taxis.- The venture will be based in France and is set to launch in the first half of 2021.
- Shares of Plug Power traded at levels not seen since 2006.
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Shares of Plug Power soared as much as 20% on Tuesday after Renault said the two companies would form a joint venture to develop hydrogen powered commercial vehicles and taxis.
Plug Power traded to levels not seen since 2006 on the news, hitting a high of $65.45 in Tuesday trades.
The 50/50 joint venture will be based in France and is set to launch by the end of the first half of 2021, according to Renault.
Plug Power and Renault expect to begin commercializing hydrogen powered light commercial vehicles by the end of 2021 with pilot fleet deployments.
Research and development, manufacturing, and sales will be the three core pieces of the joint venture, and the first area of focus will be the heavy van market.
"We look forward to working with our new partners to combine our technology with their decades long experience leading the European automotive market," Plug Power CEO Andy Marsh said.
Shares of Plug Power have surged 1,450% over the past year, in part on prospects of a more robust green energy agenda under a Joe Biden presidency.