Company will miss 2022
production forecast, executive says
Plug remains on track with
aggressive build out in US, Europe
Electrolyzer stacks at
the research and development area of the Plug Power facility in
Concord, Massachusetts.
Photographer: Adam Glanzman/Bloomberg
Plug Power Inc. is cutting its hydrogen-production forecast after
abandoning plans for two plants and encountering permitting delays at
a third facility.
The company will be able to make about 50
tons of green hydrogen per day by yearend, down from an earlier
forecast of 70 tons, Chief Strategy Officer Sanjay Shrestha told
analysts and investors gathered Wednesday for Plug’s annual
symposium.
The Latham, New
York-based company is building production plants across the US and
Europe that will use renewable power to split hydrogen from water,
creating a carbon-free fuel. Shrestha said Plug remains on track to
hit its forecast of 200 tons per day by the end of 2023.
The company has abandoned
plans for plants in Pennsylvania and Canada, and has experienced
permitting delays for another site in New York state. However, Plug
has other projects in Georgia and Texas, and on Wednesday announced
a joint venture with
Olin Corp. to build a 15-ton-per-day green hydrogen plant in
Louisiana.
The shares slipped 6.1%
to $17.94 at 10:53 a.m. in New York.
