Plug Power has logged over $970m worth of non-cash impairments as it introduces further cost reduction measures due to slow hydrogen market development.
The US green hydrogen tech player said it was having to temper its investment pace on “certain platforms,” make more job cuts and limit its CAPEX to near-term “critical investments.”
The $971.3m in non-cash charges stem from asset impairments and bad debt provisions recorded in OPEX. Plug attributed these impairments to strategic shifts following weaker-than-expected market demand, impacting assets like plants, equipment and power purchase agreements.
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