Plug Power, Interros and Norilsk Nickel Close On Landmark $217 Million Investment
29 Giugno 2006 - 6:07PM
PR Newswire (US)
LATHAM, N.Y., June 29 /PRNewswire-FirstCall/ -- Plug Power Inc.
(NASDAQ:PLUG), a leader in providing clean, reliable on-site energy
products, announced today that it 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 Electric. Concurrent with the closing of the new
investment, the investors purchased 1.825 million shares of Plug
Power common stock from DTE Energy Foundation. In aggregate, the
investors now hold approximately 35 percent of Plug Power's
outstanding common stock on an as- converted basis. The parties
intend to explore opportunities for Interros and Norilsk Nickel to
add value to Plug Power, specifically in the areas of technology
development and market access. A team from Plug Power recently
spent a week in Russia at an exclusive symposium, in which key
counterparts from Interros, Norilsk Nickel, and affiliated
technology organizations, including representatives from the
Russian Academy of Sciences, provided an overview of their vast
capabilities in hydrogen and fuel cell technologies. Coincident
with the symposium, Plug Power shipped two GenCore(R) and two
GenSys(R) systems for display at the symposium and at the World
Economic Forum in St. Petersburg, which was attended by Russia's
president, Vladimir Putin. As part of the transaction, the
investors have the right to appoint four of the company's 11 board
members and have to date appointed three of the directors: Sergey
Polikarpov, director of Smart Hydrogen; Sergey Batekhin, managing
director of Interros; and Joel Gross, Independent Consultant to the
telecommunications industry. The Company expects the investors to
appoint the fourth director within the next several weeks. Plug
Power is advised by Stephens Inc. as financial advisor and Goodwin
Procter LLP as legal counsel. Interros and Norilsk Nickel are
advised by Citigroup Inc. as financial advisor and Baker Botts LLP
as legal counsel. About Plug Power Plug Power Inc. is an
established leader in the deployment of clean, reliable, on-site
energy products. More than 650 Plug Power fuel cell systems have
been delivered to customers worldwide in commercial, public sector,
telecommunications, utility and uninterruptible power supply
markets. For more information about how to join Plug Power's energy
revolution as an investor, customer, supplier or strategic partner,
please visit http://www.plugpower.com/. This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. We believe that it is
important to communicate our future expectations to our investors.
However, there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results
to differ materially from the expectations we describe in our
forward-looking statements, including, without limitation, the risk
that possible strategic benefits of the Smart Hydrogen transaction
do not materialize, Plug Power's ability to develop commercially
viable on-site energy products; the cost and timing of developing
Plug Power's on-site energy products; market acceptance of Plug
Power's on-site energy products; Plug Power's ability to
manufacture on-site energy products on a large-scale commercial
basis; competitive factors, such as price competition and
competition from other traditional and alternative energy
companies; the cost and availability of components and parts for
Plug Power's on-site energy products; Plug Power's ability to
establish relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; Plug Power's ability to protect
its intellectual property; Plug Power's ability to lower the cost
of its on-site energy products and demonstrate their reliability;
the cost of complying with current and future governmental
regulations; the impact of deregulation and restructuring of the
electric utility industry on demand for Plug Power's on- site
energy products and other risks and uncertainties discussed under
"Item IA-Risk Factors" in Plug Power's annual report on Form 10-K
for the fiscal year ended December 31, 2005, filed with the
Securities and Exchange Commission ("SEC") on March 14, 2006, and
the reports Plug Power files from time to time with the SEC. Plug
Power does not intend to and undertakes no duty to update the
information contained in this press release. DATASOURCE: Plug Power
Inc. CONTACT: Maureen Dempsey of APCO Worldwide, +1-212-300-1806,
mobile, +1- 917-650-5053, Web site: http://www.plugpower.com/
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