LATHAM, N.Y., Dec. 05, 2019 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, today announced that it has priced an underwritten public offering of 40 million shares of its common stock, at a price of $2.75 per share for expected gross proceeds of $110 million. In addition, Plug Power has granted the underwriters a 30-day option to purchase up to an additional 6 million shares of its common stock. The closing is expected to occur on or about December 10, 2019, subject to customary closing conditions.

Morgan Stanley and Barclays are acting as joint book-running managers for the offering and Oppenheimer & Co., Canaccord Genuity, Craig-Hallum Capital Group and Roth Capital Partners are acting as co-managers for the offering.

Plug Power intends to use the net proceeds from the offering for working capital and other general corporate purposes, including capital expenditures.

About Plug Power Inc.

The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future.