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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