Stocks of fuel cells such as Plug Power (SNUFF) – Get the report and Ballard (BLDP) – Get the report, continued above on Wednesday, after the news of a partnership between Plug Power and Renault for hydrogen trucks in Europe.
In addition, Truist on Tuesday initiated Plug Power coverage with a purchase rating and a target price of $ 60. Investors invest funds 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 the report at $ 19.08, up 0.2%. The shares missed their maximums on the background of the profit.
Regarding the Plug-Renault transaction, the companies agreed to create a 50-50 joint venture focused on hydrogen fuel cell vehicle systems. The project will include the creation of a stack of fuel cells and a system production center in France for integration into light commercial vehicle platforms.
The joint venture will start marketing light commercial fuel cell vehicles in Europe starting in 2021, with pilot fleet deployments.
As for Truist, he said that Plug Power can turn the ballyhoo of hydrogen-powered vehicles into real orders and profitability in 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 scheduled for the demonstration in November.
Scottish Enterprise, Transport Scotland and Hydrogen Accelerator, based at the University of St. Andrews has named Arcola and a consortium of industry leaders in integrating hydrogen fuel cells, railway engineering and functional safety to deliver Scotland’s first hydrogen-powered train.