Plug Power Inc., a leader in providing clean and reliable energy solutions, has announced that the preferred stock investment by Air Liquide closed on 16th May (2013).
Plug Power issued 10,431 shares of convertible Series C Preferred Stock to Air Liquide and realised $2,595,400 in gross proceeds from the stock sale.
The stock is entitled to receive dividends at a rate of 8% per year and is convertible into shares of common stock at a conversion price equal to $0.248794 per share.
As Plug Power announced on 8th May, the preferred stock sale was part of a $6.5m strategic investment by Air Liquide that is seen as a significant endorsement of Plug Power’s strategy to grow its business of hydrogen fuel cells for forklift trucks and other horizontal markets.
Other components of that investment include: Plug Power’s sale of a 25% ownership interest in HyPulsion, a joint venture between Axane, an Air Liquide subsidiary, and Plug Power, for $3.3m and a $659,000 engineering service contract to develop European versions of Plug Power’s hydrogen fuel cells for forklifts.
An Air Liquide representative will also join Plug Power’s board of directors as part of the agreement.