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.
Komatsu unveils sodium-ion powered forklift
Komatsu unveils sodium-ion powered forklift 14 Mar 2024 - Tokyo, Japan - 1 min read
Oshkosh invests in Eatron
Oshkosh invests in Eatron 14 Mar 2024 - Oshkosh, WI, United States - 1 min read
Nuvera opens Netherland office
Nuvera opens Netherland office 30 Nov 2023 - Nijmegen, Netherlands - 1 min read
Previously about:
Movers & Shakers News Story - 5 Feb 2015 - 2 min read
Movers & Shakers News Story - 13 Nov 2014 - 1 min read
Ace sites convert to fuel cells News Story - 7 Aug 2014 - Oak Brook, IL, United States - 3 min read
Do you have materials handling news? Submit your news here

We’re excited to launch a major upgrade to the Forkliftaction forums, packed with new features and improvements. Here’s what’s new:

  • You can now add up to two photos to your posts
  • New search & navigation - find what you need easier
  • Smart brand/model tagging across all forums
  • Top contributors recognised for their efforts!

 Head over to the forums to check it out!

Words of support …

I know I can count on them. They give valuable suggestions on the campaign planning, and to publish content is as easy as abc, as they take care of the material layout and check links. This is a great support.

Annalisa Castellini, Marketing Manager

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

Forkliftaction's JOB MARKET

We’re excited to launch a major upgrade to the Forkliftaction forums, packed with new features and improvements. Here’s what’s new:

  • You can now add up to two photos to your posts
  • New search & navigation - find what you need easier
  • Smart brand/model tagging across all forums
  • Top contributors recognised for their efforts!

 Head over to the forums to check it out!

PREMIUM business

GemOne
Telematics for industrial fleets. Fleet & safety management solutions: track vehicles, boost efficiency, operate safer, & avoid unexpected downtime.

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

Forkliftaction's JOB MARKET

We’re excited to launch a major upgrade to the Forkliftaction forums, packed with new features and improvements. Here’s what’s new:

  • You can now add up to two photos to your posts
  • New search & navigation - find what you need easier
  • Smart brand/model tagging across all forums
  • Top contributors recognised for their efforts!

 Head over to the forums to check it out!