Plug Power products on materials handling equipment

Alternative energy technology provider Plug Power Inc has completed a public offering of 18.6 million shares of common stock and an overallotment sale of 2.79 million shares at USD0.54 per share.

Net proceeds to Plug Power approximate USD10.5 million after underwriting discounts and commissions and other estimated fees and expenses. Plug Power intends to use the funds for working capital and other general corporate purposes, including capital expenditures.

Latham-based Plug Power filed a final prospectus supplement relating to the offering with the US Securities and Exchange Commission on 11 September.

Cowen and Co LLC, the broker-dealer segment of New York-based Cowen Group Inc, acted as the sole underwriter for the Plug Power offering.

For the six months ended 30 June, Plug Power reports a net loss of USD9.3 million on sales of USD7.5 million. The latter figure includes USD7.1 million of product and service revenue and USD368,000 of research and development contract revenue.

Plug Power designs, develops, commercialises and manufactures fuel cell systems for the industrial off-road markets worldwide. The firm's hydrogen-fueled proton-exchange-membrane systems are used in GenDrive-brand products for sale on commercial terms primarily for forklift or materials handling applications including sit-down counterbalance trucks, stand-up reach trucks and rider pallet trucks.

Plug Power focuses on multi-shift, high-volume manufacturing and high-throughput distribution sites.

Key accounts include Wal-Mart Stores Inc, Sysco Corp, Procter & Gamble Co and Daimler AG's Mercedes-Benz division. Plug Power has deployed more than 4,000 GenDrive units to materials handling customers. Those units have accumulated more than 12 million hours of runtime.