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Why Plug Power Stock Sank Today

·2 min read
Why Plug Power Stock Sank Today
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After a stunning rally in the past week or so, shares of Plug Power (NASDAQ: PLUG) dropped Thursday as the company kicked off its much-awaited annual event, called the Plug Symposium, and provided important updates. Before revealing its long-term financial goals, Plug Power announced a deal the first thing Thursday morning: It will acquire Applied Cryo Technologies, a company that manufactures cryogenic trailers and storage equipment that Plug Power can use to store and deliver green hydrogen. Plug Power also announced a partnership to build an electrolyzer factory in Australia.