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Renault and Plug Power to develop fuel-cell commerical vehicles

PARIS, Jan 12 (Reuters) - French carmaker Renault and U.S. hydrogen specialist Plug Power have joined forces to develop hydrogen-powered light commercial vehicles, they said on Tuesday.

The companies have signed a memorandum of understanding to launch a France-based 50-50 joint venture by the end of the first half of 2021, targeting more than 30% share of the fuel cell-powered light commercial vehicle market in Europe, their joint statement said.

The news sent shares in Plug Power by about 16% to a multi-year high of $62.65, having stood at a little more than $3 at the end of 2019.

Renault shares were up by a little more than 2%. (Reporting by GV De Clercq Editing by David Goodman)

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