FSUMF
FORTESCUE LTD
stock OTC

Plug Power $PLUG drops 43% as Q3 results disappoint, with a larger loss and lower revenues than expected, citing severe supply challenges in the hydrogen market. Loss widened to $283.5M, gross margins fell, and despite growth in power agreements and fuel delivery, market constraints hampered deployment and margins.
Plug (PLUG) noted the "unprecedented" number of hydrogen facilities in the market running below nameplate capacity, which has "caused significant hydrogen shortages impacting deployment schedules, fuel prices, shipping efficiencies, service on hydrogen infrastructures, and timing of varied reliability rollout programs."
The company said it will need to tap capital markets to fund its business, as it pursues a number of potential project financing solutions, including corporate debt, loan programs through the Department of Energy, and a memorandum of understanding with Fortescue Metals in which Fortescue (OTCQX:FSUMF) would take a 40% equity stake in Plug's (PLUG) Texas hydrogen plant and for Plug to take up to a 25% equity stake in a Fortescue hydrogen plant.

Plug Power $PLUG drops 43% as Q3 results disappoint, with a larger loss and lower revenues than expected, citing severe supply challenges in the hydrogen market. Loss widened to $283.5M, gross margins fell, and despite growth in power agreements and fuel delivery, market constraints hampered deployment and margins.
Plug (PLUG) noted the "unprecedented" number of hydrogen facilities in the market running below nameplate capacity, which has "caused significant hydrogen shortages impacting deployment schedules, fuel prices, shipping efficiencies, service on hydrogen infrastructures, and timing of varied reliability rollout programs."
The company said it will need to tap capital markets to fund its business, as it pursues a number of potential project financing solutions, including corporate debt, loan programs through the Department of Energy, and a memorandum of understanding with Fortescue Metals in which Fortescue (OTCQX:FSUMF) would take a 40% equity stake in Plug's (PLUG) Texas hydrogen plant and for Plug to take up to a 25% equity stake in a Fortescue hydrogen plant.