Plug Power's GenDrive units power Raymond forklifts.

Fuel cell specialist Plug Power Inc has placed a registered securities offering through institutional investor Cowen & Co LLC with expectations of netting USD28 million for working capital and capital expenses.

The offering involves 10 million shares of common stock and accompanying warrants to purchase 4 million shares of common stock. Following the offering, Plug Power projects having 112,438,061 shares of common stock.

Edgewood, New York-based Cowen plans to sell the shares and the warrants together in a fixed combination, with each combination consisting of one share of common stock and 0.40 of a warrant to purchase one share of common stock, at a price to the public of USD3 per unit. Gross proceeds would be USD30 million, with underwriting discounts and commissions, fees and expenses of about USD2 million.

The warrants will have an exercise price of USD4 per share, would be immediately exercisable and will expire on 15 January 2019.

For the nine months ended 30 September, Plug Power reported a loss of USD33.9 million on sales of USD18.6 million. Plug Power focuses on proton exchange membrane fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies.

"We have experienced recurring operating losses and as of September 30, 2013, we had an accumulated deficit of approximately USD820.5 million," Plug says in a securities filing. "Substantially, all of our accumulated deficit has resulted from costs incurred in connection with our operating expenses, research and development expenses and from general and administrative costs associated with our operations."

Latham-based Plug Power has deployed more than 4,000 GenDrive units to materials handling customers with the systems accumulating more than 16 million hours of runtime. Plug Power's key accounts include Walmart, Sysco, P&G and Mercedes.