Kemp’s Failing Green Companies Seeking Taxpayer Funded Capital to Survive

It wasn’t that long ago, June of 2021, when Governor Brian Kemp lauded landing a hydrogen energy cell-producing, green energy manufacturing plant, to be located in the town of Kingsland, located in Camden County near the southeastern coast of Georgia. That day, Kemp issued a press release announcing Plug Power’s investment to build an $84 million hydrogen manufacturing plant in that small town near the port of St. Mary’s, alongside I-95 near the Georgia-Florida border. The plant would produce hydrogen, to be used in fuel cells to power zero-emission machinery, such as delivery vehicles, forklifts, and even automobiles. According to the plan announced by Kemp that day, Plug’s $84 million plant would employ 24 Georgians.

Six months earlier, a South Korean conglomerate, SK Group, invested $1.5 billion in Plug’s ability to help fulfill a goal of the South Korean Government to transition to a hydrogen-based economy.

Flush with cash, after announcing a deal with French automaker Renault, Plug stock soared to a 15-year high.

But no stock price is sustainable without net earnings. By the time of Kemp’s announcement 6 months hence, Plug’s stock had spiraled to half of its previous high. Plug’s stock price has continued to drop, today sitting at only 6% of the high experienced a short 3 years ago…