Why Plug Power Stock Dropped Today
Hydrogen fuel cell company Plug Power (NASDAQ: PLUG) has been working to expand its business both domestically and internationally. It's moving to get its fuel cells into electric vehicles in Europe, and is building hydrogen fuel infrastructure in South Korea. In the U.S., it's already operating a green hydrogen production plant, and has several more under development.
However, it was concerns about the U.S. business that were likely behind the stock's downward move Friday. After dropping by as much as 2.3% earlier in the session, Plug Power shares were still off by 1.5% as of 12:50 p.m. EDT.
The company has expansive plans to expand its green hydrogen production across the U.S. It recently announced plans for its first facility on the West Coast, which would add to facilities in Tennessee, New York, Georgia, and Pennsylvania that are under development. So what about these plans has investors concerned? Likely they are worried about the delays that the federal infrastructure bill is encountering in Congress, and the possibility that it might not pass at all.
Source Fool.com
