Fuel cell company Plug Power raises $15M in offering
Plug Power Inc. netted $15 million in a public offering of shares.
Plug Power Inc. said it raised $15 million from the public offering of 13 million shares of its common stock priced at $1.15 a share.
Net proceeds were $13.6 million after underwriting discounts, commissions and other fees and expenses.
ROTH Capital Partners acted as the sole manager of the offering.
Reid Hislop, Plug's spokesman, said Plug initiated the offering for working capital, to fund research and development, and possibly the acquisition of new technology or businesses.
"We want to avail ourselves as opportunities present themselves. Having capital on hand allows us to do so," he said.
Hislop said Plug is projecting revenue of $40 million in 2012. The company expects that when it reaches $70 million to $75 million in revenue it will be profitable.
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