COLONIE — Tuesday was quite a day for Latham-based Plug Power. Before the markets opened, it announced that it had exceeded its 2020 target and raised its billing outlook for 2021 and 2024. Then, after the markets closed, Plug said it planned to raise $1.5 billion through the sale of new shares, with an option for the underwriter to purchase an additional $225 million in shares.
The fuel cell maker is having quite a year. Plug last week said it would build a $125 million factory outside Rochester, and earlier this month announced that South Korea's SK Group would take a $1.5 billion stake in the company. Walmart and Amazon, both customers of Plug's technology powering forklift trucks, also have stakes in the company.
Other customers of its technology include BMW and Carrefour.
Plug on Tuesday morning raised its billings estimate for 2021 to $475 million from $450 million previously. And it raised its 2024 gross billings target to $1.7 billion, a more than 40 percent increase.
By mid-day, shares (Nasdaq: PLUG) were trading at $74.44, up more than 13 percent. Not bad for a company that has never made a profit.
But Plug has grown in recent years, becoming the largest buyer of liquid hydrogen, for example.
And while most of its manufacturing will take place in the Rochester suburb of Henrietta, it plans to keep its headquarters in Latham. It also operates a warehouse in Clifton Park.
The Henrietta plant will eventually employ 377 workers. Plug Power has 579 employees in the Capital Region, 200 of them hired over the past 12 months. And that growth is continuing.
"I'm hiring a lot of people now in the Albany area," Plug Power CEO Andy Marsh told the Times Union's Larry Rulison last week. "This is my home."
What will Plug Power do with all the money it plans to raise?
"Plug Power intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities and strategic transactions," the company said in a release.
Shares (Nasdaq: PLUG) closed Tuesday at $73.18, a gain of $7.46, or 11.35 percent. They were off a bit more than 4 percent to $69.95 in early after-hours trading.
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January 27, 2021 at 05:28AM
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Plug Power share sale could raise $1.5B - Times Union
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