Plug Power, Inc. (NASDAQ: PLUG), a Latham, N.Y.-based provider of hydrogen engines and fueling solutions enabling e-mobility, completed an approximately $1 billion equity funding.
This brought total cash post-closing balance to $1.7 billion. The capital raise positions the company to execute and accelerate on its green hydrogen strategy as well as other strategic growth initiatives.
Led by Andy Marsh, CEO, and Sanjay Shrestha, Chief Strategy Officer and head of the green hydrogen generation business, Plug Power is a provider of comprehensive hydrogen fuel cell (HFC) solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals.
The company, which has deployed over 38,000 fuel cell systems for e-mobility to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart, recently announced its plans to build five regional green hydrogen facilities in the United States. The 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 100TPD. The green hydrogen generated by this network will support the mission to decarbonize the broader transportation and logistics industries, a mission shared by both Plug Power and its customers.