Fuel cell containers, such as Plug Power (CORK) – Get report and Ballard (BLDP) – Get report, continued higher Wednesday after news of a partnership between Plug Power and Renault for hydrogen-powered vans in Europe.
In addition, on Tuesday, Truist began coverage of Plug Power with a purchase rating and a price target of $ 60. Investors are plowing funds into electric cars and related stocks.
Plug Power recently traded at $ 67.45, an increase of 2.2%; Ballard Power at $ 35.47, up 3.2%; and FuelCell Energy (FCEL) ̵
With regard to the Plug-Renault agreement, the companies agreed to set up a 50-50 joint venture focusing on vehicle systems based on hydrogen fuel cells. The venture will include the creation of a fuel cell stack and systems manufacturing center in France for integration into light commercial vehicle platforms.
The joint venture will start marketing fuel cell light commercial vehicles in Europe starting in 2021 with pilot fleet use.
As for Truist, it said Plug Power could turn ballyhoo over hydrogen-powered vehicles into real orders and profitability over the next three years, Bloomberg reports.
Ballard Power continued to take advantage of 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 Hydrogen Accelerator, based at the University of St. Andrews, named Arcola and a consortium of industry leaders in hydrogen fuel cell integration, railway technology and functional safety to deliver Scotland’s first hydrogen – powered trains.