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Plug Power Closes On Landmark $217M Deal

Plug Power Inc. has successfully completed the previously announced deal with Interros, a major Russian investment firm, and Norilsk Nickel, the world’s largest producer of nickel and palladium, for a $217 million cash investment in the company. The investment is being made through Smart Hydrogen, a joint venture of the principal Interros investors and Norilsk Nickel, which was formed to participate in the global hydrogen economy. “We are extremely pleased to officially begin our relationship with Interros and Norilsk Nickel,” said Dr. Roger Saillant, chief executive officer and president of Plug Power. “We now have approximately $285 million in cash and marketable securities, increased access to the Russian market and a wealth of technical expertise from our new partners. Together with our already strong market position and product line, the outlook for Plug Power has never been better.” Plug Power has received cash of approximately $217 million in exchange for shares of Class B Capital Stock that are convertible into 39.5 million shares of common stock. The purchase price per share of common stock in the transaction, on an as-converted basis, is $5.50. In December 2005, the investors purchased approximately 2.7 million shares of Plug Power common stock from General […]

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Weekly Clean Energy Roundup:June 28, 2006

Nanosolar to Build the World’s Largest Solar Cell Plant Florida Offers Clean Energy Rebates, Grants, and Tax Incentives Hawaii’s New Energy Bills to Boost Efficiency, Renewable Energy National Renewable Energy Conference Slated for October EPA Introduces the World’s First Hydraulic Hybrid Delivery Truck Toyota to Double its Number of Hybrid Models to 20 by 2015 Nanosolar to Build the World’s Largest Solar Cell PlantNanosolar, Inc. announced last week that it will build a solar cell manufacturing facility that will eventually produce enough solar cells in one year to generate 430 megawatts (MW) of power. For comparison, worldwide solar cell production in 2004 was 1,109 MW, with only 138 MW in the United States, according to the International Energy Agency (IEA). Nanosolar plans to build the world-record-breaking manufacturing plant in the San Francisco Bay Area, and has started ordering volume production equipment for the facility. The company currently operates a pilot-scale facility in Palo Alto, California, and expects to achieve high production volumes through technology similar to the roll-to-roll printing presses employed by newspapers and other high-volume printers.Using nanotechnology, the company can spray a thin film of copper indium gallium diselenide (CIGS) onto an inexpensive foil, and the minute particles?on the […]

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