Fuel-cell stocks, such as plug power ()Plug) – Get Report And ballard ()BLDP) – Get Report, Continued higher on Wednesday after news of a partnership between Plug Power and Renault for hydrogen-powered vans in Europe.
In addition, Truist on Tuesday began coverage of Plug Power with a Buy rating and a $ 60 price target. Investors are investing in electric cars and related stocks.
Plug Power recently traded at $ 67.45, up 2.2%; Ballard Power at $ 35.47, up 3.2%; And Fuelcell Energy ()FCEL) – Get Report At $ 19.08, up 0.2%. Shares closed their highs amid gains.
For the Plug-Renault deal, the companies agreed to form 50-50 joint ventures focused on vehicle systems based on hydrogen fuel cells. The venture will include building a fuel-cell stack and system manufacturing center in France for integration into light commercial vehicle platforms.
The joint venture will launch a fuel cell light commercial vehicle business in Europe starting in 2021 with the deployment of a pilot fleet.
According to Truvist, Plug Power said that in the next three years Bloomberg could turn the Ballio into actual orders and profitability on hydrogen-powered vehicles.
Ballard Power continued to benefit from Tuesday’s news that the company received a purchase order from Arcola Energy for its Ballard FC Move-HD fuel-cell module to power a passenger train built for demonstration in November.
Arcola and a consortium of industry leaders in hydrogen fuel cell integration, rail engineering and functional safety to deliver Scotland’s first hydrogen-powered train, based on Scottish Enterprise, Transport Scotland and Hydrogen Accelerator, St Andrews University.