Here's Why FuelCell Shares Are Falling

FuelCell Energy Inc FCEL shares are trading lower by 5.19% to $2.94 Wednesday afternoon, possibly in sympathy with peer clean energy manufacturing company Plug Power, which reportedly cut its 2022 hydrogen production outlook and abandoned plans for two plants.

What Happened?

Per a report by BNN Bloomberg, Plug Power has reportedly abandoned plans for plants in Pennsylvania and Canada. BNN Bloomberg says Plug Power has also experienced permitting delays for another site in New York state.

BNN Bloomberg also says 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.

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According to data from Benzinga Pro, FuelCell has a 52-week high of $11.63 and a 52-week low of $2.77.