(Latham / USA) – Plug Power Inc. has completed its capital increase with record results of more than two billion dollars (1,6 billion euros). The offer of originally 32,2 million shares had been expanded. The underwriters, led by Morgan Stanley (bookrunner), used a securities placement reserve that is customary in such cases and acquired a further 4,2 million common shares. The shares were sold at $65 each.
Five billion dollars in cash
According to its own statements, the liquidity of the US manufacturer of hydrogen engines and fuel cells has increased to more than five billion dollars. The company had already acquired a billion dollars in November and then raised another $1,5 billion in January through a partnership with the Korean SK Group (we reported).
Expansion, expansion, expansion
Plug Power explained that the main focus of its business activities in the current year is to expand in the area of green hydrogen. This includes the establishment of joint ventures with Renault, the SK Group and other companies in order to be present worldwide. They are also planning “acquisitions in the hydrogen ecosystem”. For 2022, Plug Power is targeting gross sales of $750 million. In 2019, gross sales were around $237 million. For 2020, $325 to $330 million is expected.
Build a hydrogen network in the USA
Plug Power wants to expand customer relationships “in all business areas” and, according to its own assessment, is “well on the way to building the first network for the production of green hydrogen in the United States.” Several production facilities are to be built in North America by 2022 with the aim of producing around 2025 tonnes per day by 500 and around 2028 tonnes per day by 1.000. Ultimately, Plug Power aims to “become an undeniable leader in the hydrogen economy” – both through organic growth and strategic acquisitions. It is well positioned “to operate aggressively in 2021 and beyond as we deliver on our key green hydrogen and global market expansion goals,” said CEO Andy Marsh.
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https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2021/Plug-Powers-2B-Capital-Raise-Marks-the-Largest-Bought-Deal-in-the-CleanTech-Sector/default.aspx
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Plug Power's war chest for expansion is well filled / © Plug Power
