Plug Power achieves the largest bought deal in cleantech sector
The $2B+ capital raised, plus final closing of the partnership with SK Group, will bring Plug Power’s total cash balance to over $5B.
Plug Power Inc., a leading provider of hydrogen engines and fueling solutions enabling e-mobility, announced the completion of its previously announced upsized offering with over $2B capital raised, marking the largest bought deal in the cleantech sector, according to a company’s press release.
Proceeds from this transaction, and final closing of the partnership with SK Group, will bring Plug Power’s total cash balance to over $5B. This liquidity positions the company to execute and accelerate its green hydrogen and overall growth strategy, says the release.
Plug Power’s key focus areas for 2021 include accelerate expansion in green hydrogen generation business; successfully launch JVs with Renault and SK Group establishing a global footprint; continue to expand via partnerships, joint ventures and acquisitions in the hydrogen ecosystem; and expand customer relationships across all businesses to achieve $750M in gross billings in 2022.
“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,” said Andy Marsh, CEO of Plug Power.
This offering represents the third largest follow-on primary block trade with Morgan Stanley as a sole bookrunner in any market sector historically.
