Renault says it will set up a French company with Plug Power

French car manufacturer Renault RNO,
+ 1.90%
stated that it had signed a memorandum of understanding to launch a 50-50 joint venture with Plug Power PLUG,
+ 19.40%
in France by the end of the first half of 2021, targeting more than 30% of the market for light commercial fuel-powered commercial vehicles in Europe. The joint venture will combine Renault̵

7;s vehicle manufacturing capabilities with its knowledge of fuel cell production and Plug Power’s hydrogen system, the companies said. Shares of Plug Power jumped 14% in market trading, while Renault added 1.5% in Paris.