PLUG - Why Plug Power Stock Dropped Wednesday
Shares of hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) are under pressure today, and it may be because of a newly announced liquid hydrogen fuel cell collaboration. As of 11:50 a.m. EDT, Plug Power shares were down 6.2%.
In early June Plug Power and French automaker Renault (OTC: RNSDF) announced a new joint venture (JV) focused on creating hydrogen fuel cell-powered light commercial vehicles (LCV) and associated infrastructure in Europe. Yesterday, hydrogen fuel cell truck maker Hyzon and energy and industrial gas company Chart Industries (NYSE: GTLS) announced plans to develop long-haul heavy trucks powered by liquid hydrogen. The news means Plug may be running into competition just as it seeks to expand its hydrogen transportation business.
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Why Plug Power Stock Dropped Wednesday