When the Formula 1 (F1) season kicks off this weekend, Plug Power Inc’s (NASDAQ: PLUG) logos will visible on Alpine F1’s A521 cars and racewear.
What Happened: On Friday, Plug Power announced it has partnered with the Alpine F1 team, formerly Renault F1. The partnership is an extension of the memorandum of understanding (MOU) Plug Power and Groupe Renault announced in January when the two companies agreed to launch a 50-50 joint-venture in France by the end of second-quarter 2021. Together, Plug Power and Renault plan to target 30% of the European market by developing a hydrogen powertrain for light commercial vehicles.
Why It Matters: The agreement for Alpine F1 to advertise Plug Power during the Formula 1 season demonstrates the commitment Plug Power and Renault have to meet their partnership goals this quarter. With Renault’s brand represented at Formula 1, it provides another possible avenue for the two companies to work together.
“We are delighted to partner with Plug Power across multiple activities, in motorsport and road cars, to explore different mobility solutions. Renault Group is committed to developing sustainable technology that will create minimal impact on the environment while being open to all road users,” said Alpine CEO Laurent Rossi in the press release.
The Formula 1 season begins Friday in Bahrain with a number of practice races before the qualifying race Saturday. This month’s Grand Prix race is scheduled for Sunday. Fernando Alonso and Esteban Ocon will be driving for the Alpine team.
(Photo: Top: Plug Power; Bottom: Formula 1 Alphine F1)
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.