Shares of Plug Power (PLUG) plummeted 6.39% intraday on Friday, as concerns mounted over potential changes to federal clean energy policies under the incoming Trump administration.
The Biden administration finalized a $1.66 billion loan guarantee for Plug Power just days before President-elect Donald Trump retakes office. However, Trump's transition team has signaled scrutiny of these "11th-hour transactions," raising uncertainty for Plug Power's planned hydrogen projects.
Additionally, Trump's previous stance of eliminating or retooling the Department of Energy's Loan Programs Office to favor fossil fuels has added to investor concerns about the future of clean energy initiatives like Plug Power's hydrogen ventures.
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