(Bloomberg) Plug Power Inc. surged the most in three years after the hydrogen company said it’s getting close to finalizing a $1.6 billion loan from the US Energy Department, and it’s cutting spending to shore up the balance sheet. Most Read from BloombergApple Dials Back Car’s Self-Driving Features and Delays Launch to 2028China Weighs Stock Market Rescue Package Backed by $278 BillionTurkey Approves Sweden NATO Bid, Leaving Hungary as HoldoutAn Isolated Israel Doubles Down on War in Gaza —
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(Bloomberg) Plug Power Inc. dubbed the new US rules on how hydrogen projects can qualify for a lucrative tax credit “disappointing,” but also expects restrictions around a key measure of President Joe Biden’s signature climate law to get looser once they are finalized by the Treasury Department. Most Read from BloombergApple to Fight Watch Ban in Court After White House Declines to ActS&P 500 Trades Within a Whisker of All-Time High: Markets WrapHow Were So Many Economists So Wrong About the
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Plug Power Rocked by Accounting Errors After Its 1,400% Surge
Bloomberg 4 days ago Michael Bellusci and David R. Baker
(Bloomberg) Plug Power Inc.’s accounting errors sent shares of the fuel-cell maker plunging on Wednesday.
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The Latham, New York-based company, which soared more than 1,400% in the past year through Tuesday, tumbled about 8%. Despite the selloff, Plug Power is still up about 16% in 2021 compared with an advance of almost 6% for the S&P 500 Index. Its industry counterparts Ballard Power Systems Inc. and FuelCell Energy Inc. erased Wednesday’s losses and closed in the green.
Plug Power said it found accounting errors in results for 2018, 2019 and the first three quarters of 2020, but Chief Executive Officer Andy Marsh noted that the mistakes didn’t affect the underlying business. The disclosure was still a setback for the firm, which has struck a series of partnerships with companies such as Renault SA and South Korea�