Shares of hydrogen fuel cell company Plug Power (NASDAQ:PLUG) haven’t been having a good year so far in 2021. The stock is more than 60% below its January highs. That decline continued today, with shares off 2.8% as of 12:30 p.m. EDT.
The company put out some news today, but it didn’t get investors excited to buy shares. Several alternative energy names are moving lower today, and Plug Power is likely caught up with the general sector decline.
The company said today that it has hired former Tesla (NASDAQ:TSLA) executive David Mindnich as executive vice president of global manufacturing. Mindnich spent more than five years with Tesla, most recently as senior director of gigafactory operations, according to his LinkedIn profile.
In his new role, Mindnich will be responsible for “optimizing the performance of Plug Power’s global manufacturing facilities by tapping his experience with high-volume global manufacturing, process improvement and automation,” according to a company statement.
Plug Power has announced plans for several global projects, including building multiple green hydrogen production facilities in the U.S. and a joint venture with French automaker Renault to supply hydrogen-fuel-cell-powered light commercial vehicles and build out associated hydrogen fuel infrastructure in Europe.
Today’s announcement supports the company’s growth strategy, but investors may still want to see results, rather than just plans. At least that’s what today’s downward move could indicate.
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