Fuel cell stocks, such as Plug Power (PLUG) – Request report and Ballard (BLDP) – Request report, stayed higher on Wednesday after news of a partnership between Plug Power and Renault for hydrogen vans in Europe.
In addition, Truist kicked off Plug Power coverage on Tuesday with a buy rating and a target price of $ 60. Investors are putting money 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) – Request report at $ 19.08, up 0.2%. Shares slid from their highs during profit taking.
As for the Plug-Renault deal, the companies agreed to create a 50-50 joint venture focusing on hydrogen fuel cell vehicle systems. The venture includes the creation of a fuel cell stack and a system machining center in France for integration into light commercial vehicle platforms.
The joint venture will begin commercializing fuel cell light commercial vehicles in Europe, starting with pilot deployment in 2021.
As for Truist, it said Plug Power could turn the ballyhoo over hydrogen-powered vehicles into real orders and profitability in 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 Ballard FC move-HD fuel cell modules to power a passenger train scheduled for demonstration in November.
Scottish Enterprise, Transport Scotland and the Hydrogen Accelerator, based at the University of St Andrews, named Arcola and a consortium of industry leaders in hydrogen fuel cell integration, rail engineering and functional safety, to deliver Scotland’s first hydrogen train.