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Why Plug Power Stock Dropped Monday

·2 min read
Why Plug Power Stock Dropped Monday
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Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) closed down 2.8% on Monday. With the S&P 500 falling 1.7%, it probably felt like everything was down today, but Plug Power fell more than most. To wit, in a press release Monday, Plug announced that it is "expanding its green hydrogen ecosystem to the West Coast with the construction of a new state-of-the-art production facility in Fresno County, California," aiming to produce "30 metric tons" of hydrogen gas daily from "zero-carbon sources" through electrolysis and emit "only harmless oxygen" as a byproduct from the process.