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Plug Power Shares Trading Lower Despite Alpine F1 Partnership Announcement

Sam Boughedda trader
Updated 26 Mar 2021

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Shares of hydrogen firm Plug Power (NASDAQ” PLUG) are trading slightly lower premarket on Friday following the company’s announcement of a partnership with the Alpine F1 team.

Plug Power’s logos will be present on Alpine’s A521 cars and the team’s racewear.

The collaboration with Alpine will complement the joint venture between Renault Group and Plug Power to explore opportunities for hydrogen solutions in on-road vehicles.

The Renault announcement was made back in January, which will see them look to develop the hydrogen powertrain for light commercial vehicles in Europe.

“The breadth of opportunities for hydrogen fuel cell-powered hybrid electric vehicles is endless. Plug Power is encouraged to work on filling the need for sustainable solutions for activities in motorsport, on-road vehicles, and beyond.”

Premarket on Friday, Plug Power’s share price is trading 1% lower at $33.75.

Should You Invest in Plug Power Shares?

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.