(Bloomberg) -- Plug Power Inc. is cutting its hydrogen-production forecast after abandoning plans for two plants and encountering permitting delays at a third facility. 

The company will be able to make about 50 tons of green hydrogen per day by yearend, down from an earlier forecast of 70 tons, Chief Strategy Officer Sanjay Shrestha told analysts and investors gathered Wednesday for Plug’s annual symposium. 

The Latham, New York-based company is building production plants across the US and Europe that will use renewable power to split hydrogen from water, creating a carbon-free fuel. Shrestha said Plug remains on track to hit its forecast of 200 tons per day by the end of 2023.

The company has abandoned plans for plants in Pennsylvania and Canada, and has experienced permitting delays for another site in New York state. However, Plug has other projects in Georgia and Texas, and on Wednesday announced a joint venture with Olin Corp. to build a 15-ton-per-day green hydrogen plant in Louisiana. 

The shares slipped 6.1% to $17.94 at 10:53 a.m. in New York.