Shareholders of hydrogen fuel cell maker Plug Power (NASDAQ:PLUG) have had a good week. Shares are up 90% in just the last five days. That includes today, with shares up 15% as of 11 a.m. EST.
The huge move in the stock has come from actual news, and not just investor exuberance.
Today, Plug Power and French automaker Groupe Renault (OTC:RNSDF) announced the intention to create a 50-50 joint venture (JV) to integrate Plug Power’s fuel cell technology into commercial vans in Europe.
The JV aims to claim more than 30% market share in European fuel cell-powered light commercial vehicles. In a joint statement, the companies said they intend to have it in place by the end of the year along with a pilot fleet of light commercial vehicles.
It will be located in France and include a research and development center, manufacturing, and a sales segment that will include vehicles, fueling infrastructure, and customer service.
Renault CEO Luca de Meo said in the statement the partnership will provide “a unique end-to-end fuel cell value chain and offer turnkey solutions for customers including vehicles, refueling stations and decarbonized hydrogen delivery.”
The news follows an announcement from Plug Power last week that it struck a partnership with South Korean industrial company SK Group. Both deals are good news for Plug Power investors, though more progress will be needed for the company to grow into its current $25 billion valuation.