Plug Power Drops on Scaling Back Production Estimate
October 19 2022 - 12:04PM
TipRanks
Clean hydrogen solutions provider Plug Power’s (NASDAQ:PLUG) shares
are tanking today after the company scaled back its production
forecast for 2022, according to Bloomberg. Plug has dropped plans
for two plants and now sees 50 tons a day of green hydrogen
production by the end of 2022 versus the previous estimate of 70
tons a day. Its Chief Strategy officer Sanjay Shrestha though,
reiterated the end-of 2023 production target of 200 tons per day.
Additionally, the company has entered into a joint venture with
Olin Corp (NYSE:OLN) to commence set up for a 15 tons a day
hydrogen plant.
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Plug Power (NASDAQ:PLUG)
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