I’m hesitant to say this, but I suspect that investors of Plug Power (NASDAQ:PLUG) stock have a particular personality type. Indeed, I’d venture to say that PLUG stockholders are generally risk-tolerant, adventurous, forward-thinking, visionary and open-minded.

Sure, I’m indulging in some sweeping generalizations here. The last thing I need right now is to incur the wrath of Plug Power fans.

Just know that I’m on your side. If you need proof of this, check my recent article on Plug Power, which is quite bullish.

Now, there’s another reason to believe that the company’s efforts to globalize the clean hydrogen economy are coming to fruition. It’s a huge step forward for the de-carbonization movement – and a potential watershed moment for Plug Power.

A Closer Look at PLUG Stock

After several months of downturn, it appears that PLUG stock is finally getting some relief.

In January the share price went vertical, rallying from $32 to $70 in a few weeks. This was exciting at the time, but it’s difficult to sustain movements like that.

The peak of $75.49 was reached on Jan. 26, and then a sharp decline ensued. By May 10, PLUG stock had fallen to the $20 level.

However, it appears that the bulls are picking up the pieces and working constructively towards a recovery. Shares have already rebounded to $32.

That’s a good sign, no doubt about it. What I’d really like to see, though, is for Plug Power’s earnings per share to turn positive; currently, it’s -$1.68 on a trailing 12-month basis.

Getting that number into positive territory, along with PLUG stock going above $50 again, could signal the start of a long-term bull cycle.

The Collab King

There’s no denying it: Plug Power loves to form value-added partnerships.

For instance, the company recently announced a deal to work on hydrogen buses with British defense contractor BAE Systems (OTCMKTS:BAESY).

Also, Plug Power joined Baker Hughes (NYSE:BKR) and Chart Industries (NYSE:GTLS) in contributing to a “clean-hydrogen-only private infrastructure fund dedicated to delivering clean hydrogen infrastructure projects at scale.”

In case that’s not enough, Plug Power also announced its plan to establish a green hydrogen production plant in south-central Pennsylvania with Brookfield Renewable Partners (NYSE:BEP) and Brookfield Renewable (NYSE:BEPC).

And now, we can add another high-conviction collaboration to the list.

Reportedly, Plug Power is embarking on a joint venture with French automotive giant Renault (OTCMKTS:RNLSY) to implement a project known as HYVIA (“HY” for hydrogen, and the Latin word “VIA” for road).

Advancing Hydrogen Mobility

Through HYVIA, the two companies plan to offer turnkey hydrogen mobility solutions for light commercial vehicles with fuel cells, hydrogen charging stations, the supply of carbon-free hydrogen, as well as the maintenance and management of fleets.

It’s an ambitious joint venture that will operate across four sites in France.

The stated intention of HYVIA is to “contribute to the decarbonization of mobility in Europe positioning France as industrial, commercial and technology leader.”

With this exciting development, Plug Power CEO Andrew Marsh took the liberty of touting his company’s achievements.

In particular, Marsh noted that Plug Power has over 40,000 fuel cell systems deployed, as well as 110 charging stations deployed that are capable of distributing more than 40 metric tons of hydrogen per day.

Marsh added that with the HYVIA project, Plug Power and Renault are “bringing hydrogen mobility to France and Europe.”

The Bottom Line

This deal with Renault is, quite possibly, a turning point for Plug Power. Personally, I’m looking forward to seeing how HYVIA develops throughout Europe in 2021.

It may turn out to be the start of a broader push towards global hydrogen-powered electrification. Plug Power, the king of collaborations, could have the first-mover advantage.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.