Written by Cláudio Afonso | LinkedIn | X
Shares of the hydrogen producer Plug Power tumbled 10 percent on Friday’s pre-market session following the announcement of a public offering of $200 million in common stock.
Last January, the hydrogen fuel cell manufacturer had announced a $1 billion share sale. The company’s stock closed at $2.92 on Thursday resulting in a market cap of about $2.17 billion.
The company also plans to grant the underwriters a 30-day option to purchase up to an additional $30 million in shares.
Net proceeds from Plug Power’s offering will be used for general corporate purposes and Morgan Stanley will act as sales agent for the offering, the company said in a regulatory filing late Thursday.
The company, which partners with the French automaker Renault, announced recently that has reached 13 hydrogen refueling stations (HRS) over the last two years across 5 European countries.
Globally, it has over 250 stations with the largest expected to consume nearly half a ton of hydrogen per day.
The company has recently secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from a European customer. Plug’s European material handling customer base includes Amazon, Stef, ASDA, Lidl.
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At its plant in Georgia, Plug has a hydrogen production capacity of 15 ton per day which allows the capability to provide proven PEM electrolyzer technology for the customer.
Last month, Plug Power has filed a prospectus supplement relating to the potential resale of up to 3,461,371 shares of its common stock. The warrants were issued as earn-out consideration under the Agreement and Plan of Merger, dated June 22, 2020.
In early May, shares of the hydrogen fuel cell manufacturer more than doubled to $5 per share as the company announced that received a conditional commitment for a $1.66 billion loan guarantee from the Department of Energy (DOE).
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Written by Cláudio Afonso | LinkedIn | X
