Plug Power (NASDAQ:PLUG) -2% pre-market Friday after CEO Andrew Marsh said it has pulled out of a deal to build an electrolyzer manufacturing plant in Australia with Fortescue Metals (OTCQX:FSUMF), as the economics did not work.

The two companies had planned to build the world’s biggest factory to make electrolyzers and began construction last February, but Marsh said during a business update Thursday that the deal is off.

“We decided that we didn’t want to build a factory with them because we saw the economics, we could do better,” the Plug (PLUG) CEO said, according to a transcript of the conference call with analysts cited by Reuters.

Fortescue (OTCQX:FSUMF) wants to use its own electrolyzer technology instead of Plug’s (PLUG) technology, although it will buy electrolyzers from the U.S. company for some of its hydrogen projects, Fortescue founder and executive chairman Andrew Forrest said.

Plug Power (PLUG) closed -6% Thursday after lowering its FY 2022 revenue guidance and Q4 was a “tougher quarter than expected.”

After more than a decade of overpromising and underdelivering, investors would be well served to remain on the sidelines,” Henrik Alex writes in an analysis newly posted on Seeking Alpha.