Renault and Plug Power to develop fuel-cell commerical vehicles

FILE PHOTO: The Renault logo on a Renault Espace car at a dealership in Les Sorinieres near Nantes, France, November 24, 2015. REUTERS/Stephane Mahe/File Photo

PARIS (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.