Plug Power Raises Approximately $1B to Accelerate the First Nation-Wide Green Hydrogen Network
LATHAM, N.Y., Nov. 24, 2020 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, has successfully completed one of the largest bought
equity deal transactions in the broader clean-tech sector. This marks Plug Power’s largest capital raise in the Company’s history with approximately $1 billion of capital, bringing total cash
post-closing balance to $1.7 billion. The capital raise uniquely positions Plug Power to execute and accelerate on its green hydrogen strategy as well as other strategic growth initiatives.
Plug Power recently announced its plans to build five regional green hydrogen facilities in the United States. The Company will continue to work with strategic partners, including Apex Clean Energy and Brookfield Renewable, to source low-cost renewable power. The combination of low-cost renewables, strong capital position, and in house electrolyzer and liquefaction technology all uniquely position Plug Power to build out this green hydrogen network. Furthermore, Plug Power has already become the largest user of liquid hydrogen with its internal demand increasing from current 40TPD (tons per day), to 100TPD by 2024.
The first two green hydrogen plants are expected to be operational in 2022. All five plants are expected to be operational by 2024, with a total capacity of 100TPD. This would constitute the country's first nationwide green hydrogen network. 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. The Company's unmatched industry position as a total solutions provider will also help facilitate the anticipated rapid growth of the hydrogen economy. According to consultancy McKinsey & Company, the global hydrogen economy could reach $2.5 trillion by 2050, representing 18% of the global energy demand.
“We are very pleased with the reception from the institutional investors and the market resulting in a meaningfully upsized capital raise. This ideally positions Plug Power to accelerate the growth of the green hydrogen economy in the United States and globally, a job we wholeheartedly accept,” said Andy Marsh, CEO of Plug Power. “Green hydrogen provides one of the lowest carbon emission solutions from a wells-to-wheels perspective serving a variety of different industries.”
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