Plug Power raises $1b to accelerate first US nation-wide green hydrogen network
Plug Power announced recently plans to build five regional green hydrogen facilities in the United States, all to be operational by 2024.
Plug Power Inc., a leading provider of hydrogen engines and fueling solutions enabling e-mobility, has raised approximately $1 billion of capital, bringing total cash post-closing balance to $1.7 billion.
The capital raise positions Plug Power to execute and accelerate the country's first nationwide green hydrogen network, with plans to build five regional green hydrogen facilities in the United States. The green hydrogen generated by this network will support the mission to decarbonize the broader transportation and logistics industries.
The company’s 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 100 tons per day (TPD).
The announce marks Plug Power’s largest capital raise in the company’s history, and one of the largest bought equity deal transactions in the broader clean-tech sector.
According to consultancy McKinsey & Company, the global hydrogen economy could reach $2.5 trillion by 2050, representing 18% of the global energy demand.
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