A day after Plug Power Inc (NASDAQ:PLUG) revealed its joint venture with Hyundai HYSCO (KRX:010520), shares are declining as investors seem less than impressed with it. The joint venture is focused on manufacturing and selling hydrogen fuel cells in Asia.
Plug Power fizzles
Shares of Plug Power Inc (NASDAQ:PLUG) were up before the announcement on Monday, but now, the stock has fallen by more than 9% just this week. So far this month, the stock has declined by 6%, according to MarketWatch. Nonetheless, it remains one of the U.S. market’s biggest gainers over the last 12 months. Plug Power’s stock rocketed up by more than 4,200% and still remains up 330% so far this year. Plug Power expects to stem the losses and post a profit this year, for the first time in the company’s more than 10-year history.
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The fuel cell supplier recently signed deals to provide its systems to Wal-Mart Stores, Inc. (NYSE:WMT) and FedEx Corporation (NYSE:FDX), although those deals were fairly small. Plug Power Inc (NASDAQ:PLUG) shares have been bouncing around as Wall Street has knee-jerk reactions to comments made by the company’s CEO to various media outlets.
Other fuel cell makers slump too
Plug Power Inc (NASDAQ:PLUG) isn’t the only fuel cell maker to have a tough time today. The company’s main supplier Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) declined by 1%. Shares of FuelCell Energy Inc (NASDAQ:FCEL) initially declined by 5%, but the stock had recovered most of those losses by the afternoon hours.
SolarCity, SunPower, Canadian Solar Surge
Solar stocks, on the other hand, are hot once again. Shares of SolarCity Corp (NASDAQ:SCTY) climbed by more than 7% today, while SunPower Corporation (NASDAQ:SPWR) rose by nearly 7%. Canadian Solar Inc. (NASDAQ:CSIQ) shares climbed by nearly 10% after the company announced that it signed a deal to provide 43 megawatts worth of PV modules for the second biggest solar project in Japan. The company expects to begin delivery of those modules in May. The project is expected to be completed by next February.