PARIS - 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 up 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 rose by a little more than 2%.

Santander acted as Plug Power's sole financial adviser.

  - Reuters