Plug Power Announces Public Offering of Common Stock and Warrants > Fuel Cell Dispatch

Plug Power Announces Public Offering of Common Stock and Warrants

Plug Power Inc. (Nasdaq:PLUGD - News), a leader in providing clean, reliable energy solutions, today announced that it has priced an underwritten public offering of 8,265,000 shares of its common stock and warrants to purchase an aggregate of 6,198,750 shares of common stock. The shares and the warrants will be sold together as a fixed combination, with each combination consisting of one share of common stock and one warrant to purchase one share of common stock, at a price to the public of $2.42 per fixed combination for gross proceeds of approximately $20.0 million. The warrants have an exercise price of $3.00 per share, are immediately exercisable and will expire on May 31, 2016.

ROTH Capital Partners is acting as the sole manager for the offering.

Net proceeds, after underwriting discounts and commissions and other estimated fees and expenses payable by Plug Power, and assuming the warrants are not exercised, will be approximately $18.3 million.

Plug Power intends to use the net proceeds of the offering for general corporate purposes, which may include working capital, capital expenditures, research and development expenditures, commercial expenditures, acquisitions of new technologies or businesses that are complementary to its current technologies or business focus, and investments. In connection with the offering, Plug Power has granted the underwriter a 45-day option to purchase up to an additional 1,239,750 shares of common stock and warrants to purchase an aggregate of 929,813 shares of common stock to cover over-allotments, if any. The offering is expected to close on or about May 31, 2011, subject to satisfaction of customary closing conditions.

The securities described above are being offered by Plug Power Inc. pursuant to a shelf registration statement on Form S-3 including a base prospectus, previously filed and declared effective by the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. A preliminary prospectus supplement related to the offering was filed with the SEC on May 24, 2011 and a final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Electronic copies of the final prospectus supplement, when available, also may be obtained from Roth Capital Partners, LLC Equity Capital Markets, 24 Corporate Plaza, Newport Beach, CA 92660, at 800-678-9147 and Rothecm@roth.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Plug Power Inc.

The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for Plug Power's key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units shipped to material handling customers, accumulating over 2.5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Additional information about Plug Power is available at www.plugpower.com.