Shares in embattled hydrogen firm Plug Power slump to four-year low after it reveals plans to sell up to $1bn of stock
Share price has now fallen more than 85% in past 12 months amid ongoing operating losses
Shares in US electrolyser and fuel-cell manufacturer Plug Power have fallen to a four-year low after it revealed plans to sell up to $1bn of its common stock in a bid to raise much-needed cash.
Stay ahead on hydrogen with our free newsletter
In a recent letter to shareholders, Plug stated that it would need to raise additional capital to follow through with its business plan, which includes building a new gigafactory in South Korea (with local conglomerate SK Group).
Plug’s share price fell around 15% following the announcement, but it had been fairly steadily falling since the summer.
At the time of going to press, the shares had sunk to $2.35 — an 87% drop since the $17.89 seen on 2 February last year, and the lowest level since September 2019. This is all a long way from its all-time high of $66.87 in January 2021.