PARIS: French carmaker Renault and U.S. hydrogen specialist Plug Power have joined forces to develop hydrogen-powered light commercial vehicles, they said on Tuesday.
The companies have signed a memorandum of understanding to launch a France-based 50-50 joint venture by the end of the first half of 2021, targeting more than 30per cent share of the fuel cell-powered light commercial vehicle market in Europe, their joint statement said.
The news sent shares in Plug Power up by about 16per cent to a multi-year high of US$62.65, having stood at a little more than US$3 at the end of 2019.
Renault shares rose by a little more than 2per cent.
Santander acted as Plug Power's sole financial adviser.
(Reporting by GV De Clercq; additional reporting by Pamela Barbaglia; Editing by David Goodman)