Why Plug Power Stock Sank Today

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. Shares of the hydrogen fuel-cell company were trading down 6.5% as of 11 a.m. EDT today.

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.

Just the previous day, Plug Power sealed a deal with Phillips 66 to explore opportunities to deploy its green hydrogen technology at the oil and gas giant's facilities. Plug Power also struck a partnership with Airbus on Oct. 13 to research and deploy green hydrogen infrastructure in the aviation industry.

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Source Fool.com