The Mergers + Acquisitions team is representing long-time client Plug Power Inc. (NASDAQ: PLUG) in connection with a strategic partnership and related investment with South Korea-based SK Group that was announced by the parties today. SK will make a $1.5 billion equity investment in Plug Power which is expected to result in an approximately 9.9% pro forma ownership stake. As part of the partnership, the companies will work together exclusively to establish a joint venture in South Korea to accelerate the growth of the hydrogen economy across Asia.
A representative of SK will join Plug Power’s board of directors upon the closing of the investment transaction. The investment is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2021.
The transaction represents the largest U.S. clean energy PIPE in the last 20 years.
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology.
The Goodwin team is led by Robert Whalen and includes James Matarese and Audrey Leigh, Greg Saiontz, Nicole Daley and Patty Shields with assistance from Richard Matheny, Amy Josselyn, Carrie Miller and Paul Jin.