Plug Tumbles as CEO Says ‘Major Order’ Already Disclosed
Plug Power Inc. (PLUG) shares tumbled as Chief Executive Officer Andrew Marsh said comments about a “major order” were misinterpreted and that the deal had been detailed on March 13.
“I didn’t tell them anything new,” Marsh said in an interview at Plug headquarters in Latham, New York, referring to a discussion with Marketwatch that was reported yesterday. “This is the same order I referred to on March 13.”
Plug plans to continue focusing on supplying fuel cell systems for electric forklifts used in factories and warehouses. It has no immediate plans to produce fuel-cell systems for automobiles, Marsh said, brushing aside the report that he was expecting a big order from a carmaker.
Shares of Plug Power slipped 24 percent to $6.45 at the close in New York. They surged 49 percent yesterday, the biggest gain since January 2.
“It’s beneficial that Hyundai and Honda and other carmakers are raising awareness of fuel cells,” Marsh said. “Any help building out the hydrogen infrastructure that we need will benefit all of us.”
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