By Sam Boughedda
Investing.com — Drone technology firm HevenDrones said Tuesday that it has entered into a bilateral alliance with Plug Power Inc (NASDAQ:PLUG) to cooperate on commercializing hydrogen fuel cell-powered heavy-lift actionable drones.
Shares of Plug rose 2.6^ on Tuesday.
The companies intend to provide an integrated solution to power and refuel HevenDrones’ next-generation line to provide extended flight times and range.
Using HevenDrones' skills in developing and manufacturing heavy lift drones and Plug Power’s fuel cell stack technology and systems capabilities, the companies intend to build hydrogen-powered drones of varying sizes capable of lifting heavy weights and flying for extended periods.
“We believe that the combination of our leading fuel cell technology and related hydrogen infrastructure together with the impressive drone technologies being developed by HevenDrones creates exciting potential in this high growth industry. Plug Power is focused on expanding its market leadership position and this is a natural extension of its product line," commented Keith Schmid, who leads the Mobility and Stationary Power Solutions business unit for Plug Power.
The alliance is part of Plug Power’s plan to take its hydrogen ProGen fuel cell technology to different markets. The two companies will also create a model that includes hydrogen supply, infrastructure, fueling and refueling.