Why Plug Power Stock Dropped Today
Shares of hydrogen fuel-cell pioneer Plug Power (NASDAQ: PLUG) sold off in early Tuesday trading, falling 3.4% through 10:05 a.m. ET on news that a tiny rival may have a big advantage over the company.
As Reuters reported this morning, Canadian penny-stock company Loop Energy -- which, according to S&P Global Market Intelligence, has been in business nearly as long as Plug Power -- now has a fuel-cell technology that delivers "better fuel economy than a diesel engine" at prices better than what Plug Power can beat.
Here's how the math works: According to Reuters, Loop Energy has a new fuel-cell system that can drive a tractor-trailer truck 109 miles on $100 worth of hydrogen gas, produced by renewable power (known in the industry as "green hydrogen"), as long as that green hydrogen is priced at about $10 per kilogram. At current prices for diesel, a diesel-powered truck can drive a similar 111 miles.
Source Fool.com
