Plug Power has raised approximately $1bn of new capital to execute and accelerate its green hydrogen strategy and pursue other strategic growth initiatives.
One of the largest bought equity deal transactions in the broader clean-tech sector, the capital raising comes not long after Plug Power announced plans to build five regional green hydrogen facilities in the US.
Read more: Plug Power and Apex Clean Energy announce green hydrogen network plans
The first two green hydrogen plants are expected to be operational in 2022, with the others expected to be onstream by 2024, with a total capacity of 100TPD. The major milestone would mark the country’s first nationwide green hydrogen network.
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