Shares of Plug Power (NASDAQ:PLUG) stock are taking off on Tuesday after the firm entered a joint venture with France-based Groupe Renault.
Groupe Renault is a car manufacturer that is a top player in Europe, and it will help Plug gain traction in that area of the world. What are the specifics of the JV between these two companies? Dive in with InvestorPlace and take a look at four things to know about the PLUG stock deal:
- The overall goal of the JV is that both firms will become key figures in Europe in terms of research, development and manufacturing of hydrogen fuel cell vehicles. Both companies are also aiming to develop other hydrogen solutions in the coming years.
- According the release, both companies are targeting more than a 30% share of the fuel cell-powered light commercial vehicle market in Europe.
- The products and solutions produced by this JV will focus on three points: R&D, manufacturing and sales
- This JV will be based in France, and be completed by the end of the first half of 2021.
Andy Marsh, CEO of Plug Power, said this regarding the PLUG stock news:
“Plug Power prides itself on being at the leading edge of innovation in the hydrogen fuel cell industry, which is why we are thrilled to partner with Groupe Renault to become a leader of market fuel cell heavy vans in Europe. We look forward to working with our new partners to combine our technology with their decades long experience leading the European automotive market.”
PLUG stock was up 16.7% as of Tuesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
