Plug Power gains proceeds from stock offering

News Story
- 5 Apr 2012 ( #559 ) - Latham, NY, United States
1 min read
Some of Plug Power's GenDrive products
Some of Plug Power's GenDrive products
Fuel cell technology leader Plug Power Inc achieved net proceeds of about USD13.6 million from an underwritten public offering of 13 million shares of its common stock.

In a 28 March announcement, the firm says each share in the previously announced offering sold at a price of USD1.15, with gross proceeds of about USD15 million - from which underwriting discounts, commissions, fees and expenses were deducted.

Investment banking firm Roth Capital Partners LLC of Newport Beach, California acted as the sole manager for the offering.

Plug Power concentrates on developing, manufacturing and commercially selling hydrogen-fueled proton-exchange-membrane GenDrive-brand products for industrial off-road applications involving forklifts and other materials handling equipment. Plug Power has shipped more than 2,000 GenDrive units to materials handling customers and the systems have accumulated more than 5.5 million hours of runtime.

A 1997 joint venture between Edison Development Corp and Mechanical Technology Inc led to the formation of Plug Power and, subsequently, the 2007 acquisitions of Cellex Power Products Inc and General Hydrogen Corp.

Plug Power became the first fuel cell company to offer a complete suite of products for Class 1 sit-down counterbalance trucks, Class 2 stand-up reach trucks and Class 3 rider pallet trucks. Recently, the firm estimated that it has an 85% marketshare in its niche.

Andy Marsh, Plug Power president and chief executive officer, projects that the global market for the firm's products could exceed USD20 billion.

Publicly traded Latham-based Plug Power reported a loss of USD27.5 million on 2011 sales of USD23.2 million.
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As clumsy as this early iteration seems now, this technology was the great enabler that allowed Forkliftaction to connect to the industry across the globe.  

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Forkliftaction's JOB MARKET

It’s the year 2000. You’re in front of a boxy beige desktop waiting for the screeching ramblings of your dial-up to reach its finale. You go to Yahoo!, MSN, or maybe AOL, and start the mind-numbing process of finding your very specific needle in the digital haystack. And with web pages loading one image at a time, patience isn’t just a virtue – it’s a requirement!

As clumsy as this early iteration seems now, this technology was the great enabler that allowed Forkliftaction to connect to the industry across the globe.  

To everyone who has connected with Forkliftaction in the past 25 years, thank you for your contribution to our success! We feel deeply touched by your words of encouragement.

What has Forkliftaction meant to you? Drop us a line.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

It’s the year 2000. You’re in front of a boxy beige desktop waiting for the screeching ramblings of your dial-up to reach its finale. You go to Yahoo!, MSN, or maybe AOL, and start the mind-numbing process of finding your very specific needle in the digital haystack. And with web pages loading one image at a time, patience isn’t just a virtue – it’s a requirement!

As clumsy as this early iteration seems now, this technology was the great enabler that allowed Forkliftaction to connect to the industry across the globe.  

To everyone who has connected with Forkliftaction in the past 25 years, thank you for your contribution to our success! We feel deeply touched by your words of encouragement.

What has Forkliftaction meant to you? Drop us a line.