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PLUG, BLDP, FCEL Stocks Down on ClearEdge Power Bankruptcy

ClearEdge Power filed for Chapter 11 bankruptcy


Plug Power (PLUG), Ballard Power Systems (BLDP) and FuelCell Energy (FCEL) stocks are down on news that ClearEdge Power, a fellow maker of fuel cells, has filed for bankruptcy.

plug-bldp-fcel-clearedge-power-bankruptcyClearEdge Power filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in San Jose, California on Thursday. The company listed over $100 million of both assets and debts in its filing, reports Businessweek.

ClearEdge Power is also being sued by about 250 employees that it fried without giving the mandatory 60-day notification. The fired employees come from the company’s South Windsor, Connecticut plant, Businessweek notes.

ClearEdge Power was looking to land a major contract, but it was delayed. The delay caused a shortage is cash in the company.

PLUG and BLDP shares were down 4% as of Friday afternoon. FCEL shares had dropped by 1% at the same time.

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