That's true. Maybe just a revenue beat.
Also, news:
Plug Power's $2B Capital Raise Marks the Largest Bought Deal in the CleanTech Sector
9:46 AM ET 2/9/21
Plug Power's $2B+ Capital Raise Marks the Largest Bought Deal in the CleanTech Sector
Ideally Positions the Company to Accelerate Global Growth Strategy
LATHAM, N.Y., Feb. 09, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, today announced the completion of its previously announced upsized offering of 32,200,000 shares, which includes the underwriters option to purchase an additional 4,200,000 of its common stock. The shares were sold at a price to the public of $65 per share with net proceeds in excess of $2B. This transaction signifies the largest bought deal in the cleantech sector. This offering represents the third largest follow-on primary block trade with Morgan Stanley as a sole bookrunner in any market sector historically. Proceeds from this transaction, and final closing of the partnership with SK Group, will bring the total cash balance to over $5B. This liquidity positions Plug Power to execute and accelerate it's green hydrogen and overall growth strategy.
Key focus areas for 2021 include:
-- Accelerate expansion in green hydrogen generation business
-- Successfully launch JVs with Renault and SK Group establishing a global
footprint
-- Continue to expand via partnerships, joint ventures and acquisitions in
the hydrogen ecosystem
-- Expand customer relationships across all businesses to achieve $750M in
gross billings in 2022
Plug Power is on track to build the first green hydrogen generation network across the United States. The Company is targeting multiple green hydrogen plants in North America by 2022, and recently announced its increased green hydrogen generation targets to 500 tons per day by 2025 and 1,000 tons per day before 2028. The green hydrogen generated by this network will support the mission to decarbonize the broader transportation and logistics industries, a mission shared by both Plug Power and its customers, and plans to execute on this strategy working with partners on a global basis.
Plug Power's strong balance sheet allows the Company to accomplish its goals to become an undeniable leader in the hydrogen economy both organically and through strategic acquisitions. The Company is building the necessary foundation to be an industry leader in the $10T hydrogen economy.
Plug Power is well positioned to be aggressive in 2021 and beyond, as we execute on our key targets in green hydrogen and global market expansion, " said Andy Marsh, CEO of Plug Power. "Our ability to raise $2B, the largest bought deal in the cleantech sector, signifies a vote of confidence by investors in our vision of becoming the leader in the Global Hydrogen Economy."
