Plug Power Inc. Announces Pricing of Upsized $280 Million Underwritten Offering

Core Viewpoint - Plug Power Inc. has announced a significant offering of 46,500,000 shares and pre-funded warrants, aiming to raise approximately $280 million to strengthen its financial position and drive towards profitability by 2025 [1][3]. Offering Details - The offering consists of 185,430,464 Common Stock Equivalents, which include both shares and warrants [1]. - Each share of common stock and accompanying warrant is priced at$1.51, while each pre-funded warrant and accompanying warrant is priced at $1.509 [2]. - The pre-funded warrants will have an exercise price of$0.001 per share and will be immediately exercisable for three years, while the other warrants will have an exercise price of $2.00 per share, exercisable six months from issuance and expiring in three years [2]. Use of Proceeds - The net proceeds from the offering will be utilized for working capital and general corporate purposes, with a focus on optimizing operations and improving cash flow [2][3]. Company Overview - Plug Power is a leader in the hydrogen economy, providing a fully integrated ecosystem that includes production, storage, delivery, and power generation [5]. - The company has deployed over 72,000 fuel cell systems and 275 fueling stations, and is the largest user of liquid hydrogen [6]. - Plug Power is expanding its production capacity, with operational plants in Georgia and Tennessee, and a new plant in Louisiana expected to come online in 2025, targeting a total production capacity of 39 tons per day [6]. Strategic Partnerships - Plug Power serves major global companies such as Walmart, Amazon, Home Depot, BMW, and BP, highlighting its significant role in the industry [7].