Plug Power Nets $399 Million in Cash Following Successful Financing; Eliminates First Lien and Fully Funds Current Business Plan

Core Viewpoint - Plug Power Inc. successfully closed a $375 million offering of 6.75% convertible notes, raising a total of $431.25 million, which will significantly enhance its financial position and flexibility [1][2][4] Financial Impact - The proceeds from the offering will be used to retire high-cost 15% debt, refinance 2026 convertible notes, and eliminate a first lien, leading to reduced interest expenses and a simplified capital structure [2][4] - The refinancing extends Plug's lower cost of capital through an eight-year balloon note, preserving liquidity and eliminating near-term principal repayment pressure [3][4] Business Strategy - The financing allows Plug to support sales growth in material handling and electrolyzers as customer demand accelerates, with a strengthened balance sheet providing stability for commercial momentum [4] - Plug has the manufacturing capacity to meet its growth trajectory, with a fully funded business plan based on current operating expectations [3][4] Industry Position - Plug Power is a leader in the hydrogen economy, providing a comprehensive ecosystem that includes electrolyzers, fuel cell systems, and fueling infrastructure, contributing to energy independence and decarbonization [5][6] - The company has deployed over 72,000 fuel cell systems and 275 fueling stations, and operates hydrogen plants capable of producing 40 tons per day [6]