Here's Why Hydrogen Fuel Cell Company Plug Power Is Getting Hammered Today

Plug Power Inc PLUG shares are trading lower by 13.79% to $15.30 Friday morning. Shares of clean energy manufacturing companies at large are trading lower after Senator Joe Manchin said he would not support an economic package that contains new spending on climate change.

What Happened?

Per a CNN report, Manchin "told Senate Majority Leader Chuck Schumer and his staff "unequivocally" that he won't support the climate or tax provisions of a Democratic economic package, two sources familiar with the talks tell CNN."

The CNN report on the matter goes on to state Manchin's office pointed to rising inflation. "Political headlines are of no value to the millions of Americans struggling to afford groceries and gas as inflation soars to 9.1%," Manchin spokeswoman Sam Runyon said in a statement.

"Senator Manchin believes it's time for leaders to put political agendas aside, reevaluate and adjust to the economic realities the country faces to avoid taking steps that add fuel to the inflation fire," Runyon stated.

Why it Matters

Shares of several companies in the broader industrials sector are trading sharply lower in 2022 amid overall weakness as stocks continue to sell off amid rising inflation and Federal Reserve policy tightening.

The news of Machin turning down further climate or tax provisions is a setback for the clean energy and EV charging sectors at large, which have been seen as beneficiaries of Biden's economic and infrastructure agenda.

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According to data from Benzinga Pro, Plug Power has a 52-week high of $46.50 and a 52-week low of $12.70.

Photo courtesy of Plug Power.