Press Release January 29, 2021

Plug Power Completes $1.8 Billion Offering

The Capital Markets and CleanTech teams represented long-time client Plug Power Inc. (Nasdaq: PLUG) in a $1.8 billion underwritten public offering that closed today. Plug Power sold 28,000,000 shares of its common stock at a public offering price of $65 per share. The transaction represents one of the largest primary bought offerings in recent years and comes on the heels of Plug Power’s $972 million public offering last November. Goodwin also advised Plug Power in that transaction. Morgan Stanley & Co. LLC acted as representative of the several underwriters for the offering.

Plug Power is building the hydrogen economy as a 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 includes Robert Whalen, Audrey Leigh, Chris Versfelt, Patty Shields, Yana Shneyderman, and Amy Dau with assistance from Ettore Santucci and Alex Plaum.

For additional details on the transaction, please read the press release.