As per reports, the leader in a provider of hydrogen engines and fueling solutions enabling e-mobility, Plug Power Inc. (PLUG) recently announced the completion of its previously announced upsized offering of 32,200,000 shares including the underwriters with an option to purchase an additional 4,200,000 of its common stock. The shares sale price stood at $65 per share with net proceeds in excess of $2B. Proceeds from this transaction, and the final closing of the partnership with SK Group, will generate the total cash balance to over $5B, allowing liquidity to Plug Power to execute and drive its green hydrogen and overall growth strategy.
Plug Power’s key focus for the year includes expanding via partnerships, joint ventures and acquisitions in the hydrogen ecosystem, expansion in green hydrogen generation business, successful JVs with Renault and SK Group creating a global footprint, and achieving $750M in gross billings in 2022 by expanding customer relationships across all businesses. Plug Power is working to target multiple green hydrogen plants in North America by 2022, along with achieving its increased green hydrogen generation targets to 500 tons per day by 2025 and 1,000 tons per day before 2028.
Andy Marsh, CEO of Plug Power stated, “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,” “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.”
Its powerful balance sheet has allowed it to achieve its goals to become a well-known leader in the hydrogen economy both organically and through strategic acquisitions. Plug Power is building the foundation to be an industry leader in the $10T hydrogen economy.
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