Fuel cell inventory, such as Plug Power (PLUG) – Get report and Ballard (BLDP) – Get report, remained high on Wednesday after news of a partnership between Plug Power and Renault for hydrogen-powered vans in Europe.
In addition, Truist on Tuesday began covering Plug Power with a purchase rating and a target price of $ 60. Investors are investing in electric cars and related stocks.
Plug Power was recently traded at $ 67.45, up 2.2%; Ballard Power at $ 35.47, an increase of 3.2%; and FuelCell Energy (FCEL) – Get report at $ 19.08, an increase of 0.2%. The stock fell from its highs amid profit taking.
As for the Plug-Renault business, the companies agreed to create a 50-50 joint venture focused on vehicle systems based on hydrogen fuel cells. The venture will include the creation of a fuel cell stack and a systems manufacturing center in France for integration into light commercial vehicle platforms.
The joint venture will start selling light commercial vehicles with fuel cells in Europe from 2021, with the implementation of a pilot fleet.
As for Truist, she said Plug Power could turn ballyhoo over hydrogen-powered vehicles into real orders and profitability over the next three years, reports Bloomberg.
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 modules to power a passenger train planned for demonstration in November.
Scottish Enterprise, Transport Scotland and Hydrogen Accelerator, based at the University of St. Andrews, have named Arcola and a consortium of industry leaders in hydrogen fuel cell integration, railway engineering and functional safety to deliver the first train powered by Scotland’s hydrogen.