The French car manufacturer Renault and the American hydrogen specialist Plug Power have joined forces to develop hydrogen-powered vans.
Thats what the two companies announced on Tuesday. The companies are launching joint venture in France at the end of June, where both companies have a 50% stake in it. Plug Power and Renault strive for a 30% share of the fuel cell powered delivery car market in Europe.
The news pushed the share of Plug Power by about 16% to a record of $62.65. The share was traded at the end of 2019 for just over $3. Renault shares increased by just over 2%.
The joint venture will combine Renaults production capabilities with Plug Powers knowledge of fuel cell and hydrogen system production, creating a fully integrated production system in France with the production platforms of vans. Thursday his new strategy. The French car builder has to take additional steps to make the necessary emission reduction. Renault is expected to announce that several existing models will run on electric.