Stocks of fuel cells, such as Plug Power (PLUG) – Get the report and Ballard (BLDP) – Get the report, continued higher Wednesday after news of a partnership between Plug Power and Renault for hydrogen vans in Europe.
In addition, Truist began coverage of Plug Power on Tuesday with a purchase rating and a target price of $ 60. Investors are throwing funds into 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 the report at $ 19.08, up 0.2%. Shares lowered their highs amid profit taking.
As for the Plug-Renault agreement, the companies agreed to create a 50-50 joint venture focused on vehicle systems based on hydrogen fuel cells. The company 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 marketing light commercial vehicles with fuel cells in Europe from 2021 with pilot fleet deployments.
As for Truist, he said Plug Power could turn the ballyhoo of hydrogen-powered vehicles into real orders and profitability over the next three years, Bloomberg reports.
Ballard Power continued to benefit from Tuesday’s news that the company received a purchase order from Arcola Energy for its Move-HD Ballard FC fuel cell modules to power a passenger train scheduled for the show in November.
Scottish Enterprise, Transport Scotland and Hydrogen Accelerator, based at the University of St. Andrews, appointed Arcola and a consortium of industry leaders in integrating hydrogen fuel cells, railway engineering and functional safety to deliver the first hydrogen-powered train to Scotland.