Plug Power Inc., a leading provider of hydrogen engines and fueling solutions enabling e-mobility, announced today (9th February) the completion of its previously announced upsized offering of 32.2 million shares, including the underwriters’ option to purchase an additional 4.2 million of its common stock. The shares were sold at a price to the public of US$ 65/share with net proceeds in excess of US$2 billion.
This transaction is believed to be the largest bought deal in the cleantech sector. Proceeds from this transaction, and final closing of the partnership with SK Group, will bring the total cash balance to over US$5 billion. This liquidity positions Plug Power to execute and accelerate its green hydrogen and overall growth strategy.
Plug Power is on track to build the first green hydrogen generation network across the US. It targets multiple green hydrogen plants across North America by 2022. Plug Power has recently stated that it aims to produce green hydrogen up to 500 tonnes/day by 2025 and 1,000 tonnes/ day by 2028.
The company also highlighted its plans for this year, including speeding up its green hydrogen generation business and launching its JVs with Renault and SK Group. The company is not shying of expanding its hydrogen business through more JVs and acquisitions this year. It plans to increase its gross billing to about US$ 0.7 billion by 2022.
Andy Marsh, CEO of Plug Power, said that “Plug Power is well-positioned to be aggressive in 2021 and beyond, as we execute on our key targets in green hydrogen and global market expansion.”
Plug Power is the leading developer of hydrogen stations and deployed over 35k fuel cell systems for e-mobility. Its GenFuel sites can be fully developed within 16 weeks. Besides mobility, it also provides its GenFuel hydrogen services to stationary power customers using the GenSure fuel cell systems.