(Latham/USA) – The US fuel cell manufacturer Plug Power Inc. has completed one of the largest acquisitions in the clean tech sector. Investors are providing the company with fresh equity capital of around one billion dollars (0,84 billion euros), the company announced. Post-closing cash on hand will total $1,7 billion.
Funds well filled for investments
Plug Power recently announced its plans to build five regional green hydrogen plants in the United States. The company will work with “strategic partners” to obtain cost-effective electricity from renewable energies. These include Apex Clean Energy and Brookfield Renewable. The combination of low-cost renewable energy, a strong capital position and in-house electrolyzer and liquefaction technology puts Plug Power “in a unique position to build this nation’s first green hydrogen network,” it said in a statement.
In addition, Plug Power itself has already become the largest user of liquid hydrogen. The internal demand of currently 40 tonnes per day (TPD) will increase to 2024 TPD by 100. The first two environmentally friendly hydrogen plants are scheduled to go into operation in 2022. This would be the basis for supplying and decarbonizing the transport and logistics industry.
Accelerate the growth of the green hydrogen economy
“We are very satisfied with the reception by institutional investors and the market. “This makes Plug Power ideally positioned to accelerate the growth of the green hydrogen economy in the United States and globally,” said Andy Marsh, CEO of Plug Power. According to him, the company has already examined a number of locations where it could produce green hydrogen equivalent to gray hydrogen.
Plug Power says it has sold more than 38.000 fuel cell systems for electric mobility and has developed “a hydrogen highway across North America” to supply hydrogen and service to large customers; including Amazon, BMW, The Southern Company, Carrefour and Walmart.
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Plug Power acquires a billion dollars / © Plug Power Inc.
