Plug Power secures USD 1bn to fund green hydrogen network
Dollars in green. Author: 401(K) 2012.
Plug Power Inc (NASDAQ:PLUG) on Tuesday announced that it has completed a capital increase, raising around USD 1 billion (EUR 841.6m) to fund its planned green hydrogen network in the US.
With the new funds, Plug Power's cash balance has reached USD 1.7 billion, according to the statement.
The capital increase comes after the company recently unveiled plans to construct five green hydrogen plants across the US, teaming up with Apex Clean Energy and Brookfield Renewable Partners LP (NYSE:BEP) to source cheap clean power.
The first two facilities are due to start operation in 2022, while the whole network is due to be operational by 2024 and have a combined capacity of 100 tonnes per day. The hydrogen produced by the facilities will supply the transportation and logistics industries.
“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," CEO Andy Marsh commented.