Why Plug Power Shares Are Falling Today

Why Plug Power Shares Are Falling Today

Plug Power Inc PLUG shares are trading lower by 10.3% to $17.15 Wednesday afternoon after the company reportedly cut its 2022 hydrogen production outlook and abandoned plans for two plants.

What Happened?

Per a report by BNN Bloomberg, Plug Power has reportedly abandoned plans for plants in Pennsylvania and Canada. BNN Bloomberg says Plug Power has also experienced permitting delays for another site in New York state.

BNN Bloomberg also says the company will be able to make about 50 tons of green hydrogen per day by yearend, down from an earlier forecast of 70 tons, Chief Strategy Officer Sanjay Shrestha told analysts and investors gathered Wednesday for Plug’s annual symposium.

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