Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, is pleased to launch the first ever convertible green bond offering in the US. The net proceeds from the convertible green bond offering will fund, among other things, strategic initiatives that underpin the Company’s green hydrogen strategy, as well as the repurchase of previously issued notes whose proceeds were used to fund such strategic purposes. These initiatives include targeted acquisitions in hydrogen generation, liquefaction, and distribution. This capital raise positions us well to execute on our hydrogen vertical integration strategy and we are very pleased to be able to target investors with ESG mandates.
“Plug Power is committed to having over 50% of hydrogen to be green by 2024 and providing customers with a cost-effective supply of low and zero carbon hydrogen,” said Andy Marsh, CEO of Plug Power. “In addition, according to multiple industry sources, levelized cost of green hydrogen is expected to decline by about 50% by 2030 and be at parity with cost of producing hydrogen from traditional steam methane reforming process.”
“Hydrogen is expected to be one of the fastest growing segments of the energy industry, representing as much as 18% of the energy mix in 2050. Plug Power is very pleased to be at the center of the paradigm shift in energy, transportation and power industries.”
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