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  "documentTitle": "Plug Power Inc. (PLUG)",
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  "notes": "Uses a before-after framing to validate the firm's predictive capabilities.",
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      "text": "BLDP Q3 2018 Earnings Call Nov 1, 2018: Our Q3 results and full-year outlook have been adversely impacted primarily by recent headwinds in the China fuel cell market... These challenges resulted in slower than expected stock sales by the Synergy-Ballard JV...",
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      "text": "Spruce Point Report Jan 25, 2018: We have conducted on the ground due diligence in China and believe that Ballard's Chinese growth ambitions are likely to fail from weak partnerships with Broad Ocean and Synergy.",
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      "text": "Our analysis was proven correct as Ballard was inevitably forced to find a new JV partner to support its expansion efforts in China, ultimately driving the stock from $3.80 at the time of our publication to a low of ~$2.50 almost a year later - down 35%, within the range of our downside forecast.",
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      "text": "In Jan 2018, Spruce Point published a report on Ballard Power Systems (NASDAQ:BLDP) predicting that its efforts to grow in China would be challenged due to concerns regarding its local joint venture. Our analysis was proven correct as Ballard was inevitably forced to find a new JV partner to support its expansion efforts in China, ultimately driving the stock from $3.80 at the time of our publication to a low of ~$2.50 almost a year later – down 35%, within the range of our downside forecast.",
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      "text": "\"We have conducted on the ground due diligence in China and believe that Ballard's Chinese growth ambitions are likely to fail from weak partnerships with Broad Ocean and Synergy.\" — Spruce Point; \"Our Q3 results and full-year outlook have been adversely impacted primarily by recent headwinds in the China fuel cell market... These challenges resulted in slower than expected stock sales by the Synergy-Ballard JV, and a resulting buildup of inventory and working capital pressures.\" — R. Randall MacEwen - CEO, Ballard Power Systems",
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      "text": "Spruce Point Has A Strong Track Record In Evaluating Hydrogen Fuel Cell Companies",
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