Why Plug Power Shares Are Down Today

Shares of Plug Power (NASDAQ: PLUG) have been melting in this summer's heat, tumbling by more than 14% so far in July. And the slide was continuing Monday morning. At one point, the shares were down by more than 5%, and they were off by more than 2% as of 12:24 p.m. EDT after a fuel cell competitor announced the deepening of an important partnership.

While Plug Power didn't have anything to report Monday morning, Hyzon Motors, a manufacturer of hydrogen fuel cell-powered vehicles, did. That company, which plans on merging with the SPAC Decarbonization Plus Acquisition, announced that it has inked a memorandum of understanding with TotalEnergies that "strengthens the existing commercial relationship between one of the world's largest energy companies and a leading supplier of hydrogen commercial vehicles," according to a press release.

Hyzon now plans to provide 80 hydrogen-fuel-cell-powered trucks to TotalEnergies' French customers by 2023.

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Source Fool.com