PLUG Stock Alert: Plug Power Receives Approval for HyVia Takeover

Plug-in power supply (NASDAQ:PLUG) shares are moving on Monday after the hydrogen and fuel cell company received approval to acquire HyVia.

This approval comes from the EU and enables Plug Power to complete the joint acquisition of HyVia Renault (OTCQB:RNLSYThis will give them 50:50 ownership of HyVia.

In this joint venture, Plug Power and Renault will focus primarily on the development of fuel cell technology and hydrogen. This technology will use Renault’s platform and be used in fuel cell-powered light commercial vehicles (LCVs).

The aim is to build a vertically integrated production center in France. In addition, the two companies want to create more hydrogen filling stations throughout Europe, reports I’m looking for Alpha.

How this news affects PLUG shares today

PLUG shares started Monday morning in the red, but have since regained lost ground. As of this afternoon, the company’s share price was down about 1%.

The move saw more than 32.9 million PLUG shares change hands, bringing the company closer to its average daily trading volume of about 36.5 million shares.

Investors who want to learn more about the latest stock market stories today are in luck!

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At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.

Article printed by InvestorPlace Media, https://investorplace.com/2024/07/plug-stock-alert-plug-power-gets-approval-for-hyvia-acquisition/.

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