Plug Power’s $2B+ Capital Raise Marks the Largest Bought Deal in the CleanTech Sector
February 09 2021 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
the completion of its previously announced upsized offering of
32,200,000 shares, which includes the underwriters option to
purchase an additional 4,200,000 of its common stock. The shares
were sold at a price to the public of $65 per share with net
proceeds in excess of $2B. This transaction signifies the largest
bought deal in the cleantech sector. This offering represents the
third largest follow-on primary block trade with Morgan Stanley as
a sole bookrunner in any market sector historically. Proceeds from
this transaction, and final closing of the partnership with SK
Group, will bring the total cash balance to over $5B. This
liquidity positions Plug Power to execute and accelerate it’s green
hydrogen and overall growth strategy.
Key focus areas for 2021 include:
- Accelerate expansion in green hydrogen generation business
- Successfully launch JVs with Renault and SK Group establishing
a global footprint
- Continue to expand via partnerships, joint ventures and
acquisitions in the hydrogen ecosystem
- Expand customer relationships
across all businesses to achieve $750M in gross billings in
2022
Plug Power is on track to build the first green hydrogen
generation network across the United States. The Company is
targeting multiple green hydrogen plants in North America by 2022,
and recently announced its increased green hydrogen generation
targets to 500 tons per day by 2025 and 1,000 tons per day before
2028. The green hydrogen generated by this network will support the
mission to decarbonize the broader transportation and logistics
industries, a mission shared by both Plug Power and its customers,
and plans to execute on this strategy working with partners on a
global basis.
Plug Power’s strong balance sheet allows the Company to
accomplish its goals to become an undeniable leader in the hydrogen
economy both organically and through strategic acquisitions. The
Company is building the necessary foundation to be an industry
leader in the $10T hydrogen economy.
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,” said Andy Marsh, CEO of Plug Power. “Our
ability to raise $2B, the largest bought deal in the cleantech
sector, signifies a vote of confidence by investors in our vision
of becoming the leader in the Global Hydrogen Economy.”
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell turnkey solutions. The
Company’s innovative technology powers electric motors with
hydrogen fuel cells amid an ongoing paradigm shift in the power,
energy, and transportation industries to address climate change and
energy security, while meeting sustainability goals. Plug Power
created the first commercially viable market for hydrogen fuel cell
technology. As a result, the Company has deployed over 40,000 fuel
cell systems for e-mobility, more than anyone else in the world,
and has become the largest buyer of liquid hydrogen, having built
and operated a hydrogen highway across North America. Plug Power
delivers a significant value proposition to end-customers,
including meaningful environmental benefits, efficiency gains, fast
fueling, and lower operational costs. Plug Power’s
vertically-integrated GenKey solution ties together all critical
elements to power, fuel, and provide service to customers such as
Amazon, BMW, The Southern Company, Carrefour, and Walmart. The
Company is now leveraging its know-how, modular product
architecture and foundational customers to rapidly expand into
other key markets including zero-emission on-road vehicles,
robotics, and data centers. Learn more at www.plugpower.com.
Safe Harbor StatementThis communication
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve
significant risks and uncertainties about Plug Power Inc.("PLUG"),
including but not limited to statements about PLUG's expectations
regarding its multi-year investment and growth , PLUG’s clean
hydrogen technology and fuel cell solutions playing a critical role
in achieving climate and decarbonization goals, deepening of
relationships with key stakeholders, and acceleration of demand and
adoption of hydrogen technology . You are cautioned that such
statements should not be read as a guarantee of future performance
or results, and will not necessarily be accurate indications of the
times that, or by which, such performance or results will have been
achieved. Such statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in these statements. For a further description
of the risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as
well as risks relating to the business of PLUG in general, see
PLUG’s public filings with the Securities and Exchange Commission,
including the “Risk Factors” section of PLUG’s Annual Report on
Form 10-K for the year ended December 31, 2019 and Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2020, June
30, 2020 and September 30, 2020. Readers are cautioned not to place
undue reliance on these forward-looking statements. The
forward-looking statements are made as of the date hereof, and PLUG
undertakes no obligation to update such statements as a result of
new information.
SOURCE: PLUG POWER
Media ContactIan MartoranaThe Bulleit
Group(415) 237-3681plugpowerpr@bulleitgroup.com
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