PLUG - Why Shares of Plug Power Dropped Today
Shares of hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) had been on a tear in January after several strategic business announcements and subsequent capital raises. But since the company raised its guidance and announced another stock offering on Jan. 26, the stock has dropped more than 25%.
Continuing that trend Thursday, shares were down 7% as of 10:45 a.m. EST.
Yesterday, Plug Power announced its intention for another new partnership to supply green hydrogen solutions in Europe. Last month, the company announced plans for a 50-50 joint venture with French automaker Renault (OTC: RNSDF) to integrate hydrogen fuel cells into the European market for light commercial vehicles. The latest announcement said Plug Power and Acciona , a supplier of renewable energy infrastructure solutions, plan to launch a 50-50 joint venture to serve clients in Spain and Portugal.
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Why Shares of Plug Power Dropped Today