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Plug Power drops plans for two plants, cuts hydrogen
production outlook
onurdongel/iStock via Getty Images
Plug Power (NASDAQ:PLUG) -6.2% in
Wednesday's trading after cutting
its full-year forecast for hydrogen production, according
to Bloomberg, after abandoning plans for two plants and experiencing
permitting delays at a third facility.
Plug (PLUG)
will be able to make ~50 tons/day of green hydrogen by year-end 2022,
down from an earlier forecast of 70 tons/day, although it remains on
track to hit its forecast of 200 tons/day by the end of 2023, Chief
Strategy Officer Sanjay Shrestha reportedly said at the company's
annual symposium.
The company has abandoned plans for plants in Pennsylvania and Canada,
and is encountering permitting delays for another site in New York.
Plug (PLUG)
said last week that FY 2022 revenues could come in 5%-10%
below guidance of $900M-$925M.
Earlier Wednesday, Plug Power (PLUG)
announced a joint venture with Olin Corp. to build
a 15 tons/day green hydrogen plant in Louisiana.
Green Play Ammonia™, Yielder® NFuel Energy.
Spokane, Washington. 99212
www.exactrix.com
509 995 1879 cell, Pacific.
exactrix@exactrix.com
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