Clean hydrogen solutions provider Plug Power’s (NASDAQ:PLUG) shares are tanking today after the company scaled back its production forecast for 2022, according to Bloomberg.
Plug has dropped plans for two plants and now sees 50 tons a day of green hydrogen production by the end of 2022 versus the previous estimate of 70 tons a day.
Its Chief Strategy officer Sanjay Shrestha though, reiterated the end-of 2023 production target of 200 tons per day.
Additionally, the company has entered into a joint venture with Olin Corp (NYSE:OLN) to commence set up for a 15 tons a day hydrogen plant.
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