Latham, NY, March 20, 2019 – Plug Power Inc. (Nasdaq: PLUG), a leader in providing energy solutions that change the way the world moves, has today announced that it has agreed to sell 10,000,000 shares of its common stock at a price of $2.35 per share, for gross proceeds of $23,500,000. Read the full release here.
“At a time when companies worldwide are seeking out alternative energy solutions, Plug Power is defining commercially viable markets for fuel cells that both stand alone and complement the increasingly electric landscape,” said Andy March, CEO for Plug Power. “Today’s investment serves as validation of those markets – the scale and opportunity for Plug Power – and will enable us to continue rapid customer deployments and further technology research and development. We’re proud to partner with Odey Asset Management to strengthen Plug Power’s business for our loyal investors.”
Commenting on the transaction, Adrian Courtenay, Portfolio Manager at Odey Asset Management, said: “Plug Power’s vertically integrated leadership position in fuel cells is successfully addressing the multi-billion dollar opportunity presented by the materials handling industry. By offering a complete solution for customer needs, Plug Power has achieved success at large scale with numerous blue-chip companies. Plug Power’s success is inevitably creating an air of momentum behind fuel cells, which in turn further reinforces a route to greater penetration levels both in materials handling and in new business verticals. We are confident that with Andy’s leadership, and this growth capital, the company will be able to accelerate its pursuit of the considerable market opportunity ahead of them.”