Fuel cell supplies, such as Plug Power (PLUG) – Get report and Ballard (BLDP) – Get report, continued higher on Wednesday after news of a partnership between Plug Power and Renault for hydrogen-powered vans in Europe.
In addition, Truist began coverage of Plug Power on Tuesday with a buy rating and a price target of $ 60. Investors are plowing 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 report at $ 19.08, up 0.2%. The shares declined from their peak amid profit-taking.
As far as the Plug-Renault agreement is concerned, the companies have agreed to create a 50-50 joint venture aimed at vehicle systems based on hydrogen fuel cells. The venture will include the establishment of a fuel cell stack and system manufacturing center in France for integration into light commercial vehicle platforms.
The joint venture will start commercializing commercial vehicles with fuel cell in Europe, starting in 2021 with the deployment of pilot fleet.
As for Truist, he said Plug Power could turn the ballyhoo over hydrogen-powered vehicles into actual orders and profitability over the next three years, Bloomberg reports.
Ballard Power continued to benefit from the news Tuesday that the company had received an order from Arcola Energy for its Ballard FC Shift HD fuel cell modules to power a passenger train scheduled for November.
Scottish Enterprise, Transport Scotland and the Hydrogen Accelerator, based at the University of St. Andrews, names Arcola and a consortium of industry leaders in hydrogen fuel cell integration, railway engineering and functional safety to deliver Scotland’s first hydrogen – powered train.