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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 14, 2024
Plug Power Inc.
(Exact name of registrant as specified in its
charter)
Delaware |
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1-34392 |
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22-3672377 |
(State or other jurisdiction |
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(Commission File |
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(IRS Employer |
of incorporation) |
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Number) |
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Identification No.) |
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968 Albany Shaker Road, Latham, New York |
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12110 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including
area code: (518) 782-7700
N/A
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
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PLUG |
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The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
On May 14, 2024, Plug Power Inc. (the “Company”)
issued a press release announcing that it received a conditional commitment for an up to $1.66 billion loan guarantee from the Department
of Energy’s Loan Programs Office to finance the development, construction, and ownership of up to six green hydrogen production
facilities. A copy of the press release is furnished herewith as Exhibit 99.1.
The information included
in this Item 7.01 and Exhibit 99.1 of this Current Report are not deemed to be “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall this Item 7.01 and Exhibit 99.1 be
incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such future filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Plug Power Inc. |
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Date: May 14, 2024 |
By: |
/s/ Paul Middleton |
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Name: Paul Middleton |
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Title: Chief Financial Officer |
Exhibit 99.1
PLUG RECEIVES $1.66 BILLION CONDITIONAL COMMITMENT
LOAN GUARANTEE FROM DEPARTMENT OF ENERGY FOR GREEN HYDROGEN DEVELOPMENT PIPELINE
Loan guarantee will bolster the buildout of
Plug’s green hydrogen plant network across the United States, driving rapid advancement of the hydrogen economy
LATHAM, N.Y.,
May 14, 2024 -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen
economy, received a conditional commitment for an up to $1.66 billion loan guarantee from the Department of Energy’s (“DOE”)
Loan Programs Office (“LPO”) to finance the development, construction, and ownership of up to six green hydrogen production
facilities.
The production facilities, which will be selected
for financing in accordance with procedures to be set forth in definitive documentation with DOE, will be built across the nation and
supply major companies, including Plug’s existing customers, with low-carbon, made-in-America green hydrogen. The hydrogen generated
will be used in applications in the material handling, transportation, and industrial sectors.
“Green hydrogen is an essential driver
of industrial decarbonization in the United States,” said Plug Power CEO Andy Marsh. “Earlier this year, Plug successfully
demonstrated our innovation and technical ability by launching the first commercial-scale green hydrogen plant in the country in Woodbine,
Georgia. This loan guarantee will help us build on that success with additional green hydrogen plants.”
Marsh added, “We appreciate the partnership
with the DOE Loan Programs Office and are pleased to have worked through an intensive due diligence process. The loan guarantee will
prove instrumental to grow and scale not only Plug’s green hydrogen plant network, but the clean hydrogen industry in the United
States.”
Plug, the leading commercial-scale manufacturer
of electrolyzers, currently operates the largest proton exchange membrane (PEM) electrolyzer system in the United States at its Woodbine,
Ga., hydrogen plant. Plug’s current green hydrogen generation network now has a liquid hydrogen production capacity of approximately
25 tons per day.
Plug’s green hydrogen production plants
utilize the company’s own electrolyzer stacks manufactured at its state-of-the-art gigafactory in Rochester, NY, and Plug’s
liquefaction and hydrogen storage systems engineered at its facility in Houston.
DOE’s support for Plug’s green hydrogen
projects represents a major milestone in the U.S.’s commitment to advance the development of large-scale hydrogen production, processing,
delivery, and storage. It also underscores the application of green hydrogen to help meet decarbonization goals across multiple sectors
of the economy.
While this conditional commitment represents
a significant milestone and demonstrates the DOE’s intent to finance the project, certain technical, legal, environmental and financial
conditions, including negotiation of definitive financing documents, must be satisfied before funding of the loan guarantee.
LPO works in support of President Biden’s
ambitions to drive growth in US manufacturing and innovation, create jobs, and build a clean energy economy that will address climate
change and make communities more resilient.
Plug’s projects under the loan will adhere
to the Biden Administration’s Justice 40 Initiative. This process includes gathering input from local labor, workforce, and economic
development organizations in addition to first responder and non-profit organizations. The plants are expected to create good-paying
jobs accessible to a diverse talent supply and help develop workforce skills needed to drive the transition to a clean energy economy.
LPO’s Title 17 Clean Energy Financing Program,
which supports innovative energy and supply chain projects and projects that reinvest in existing energy infrastructure, will provide
the financing to Plug.
About Plug
Plug is building an end-to-end green hydrogen
ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize
the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000
fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway
across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing
multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions
directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power
generation, and industrial applications.
For more information,
visit www.plugpower.com.
Plug Power Safe Harbor Statement
This communication contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties
about Plug Power Inc. (“Plug”), including but not limited to statements about: Plug’s expectations regarding the loan
guarantee that it expects to receive from the Department of Energy, including the timing, size and intended use of such loan guarantee;
Plug’s expectation that such loan guarantee will bolster the buildout of its green hydrogen plant network in the United States
and drive rapid advancement of the hydrogen economy; Plug’s expectations regarding which production facilities will be selected
for financing, including with respect to locations and intended use of hydrogen generated from such facilities; whether and when the
loan guarantee will be funded, including whether and when certain conditions such as negotiation of definitive financing documents will
be satisfied; and Plug’s expectations that its projects under the loan will adhere to the Biden Administration’s Justice
40 Initiative and create good-paying jobs accessible to a diverse talent supply and help develop workforce skills needed to drive the
transition to a clean energy economy. Such statements are subject to risks and uncertainties that could cause actual performance or results
to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause
actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug
in general, see Plug’s public filings with the Securities and Exchange Commission (the “SEC”), including the “Risk
Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2023, Plug’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent filings with the SEC. Readers are cautioned not
to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and Plug
undertakes no obligation to update such statements as a result of new information.
Plug Media Contact
Fatimah Nouilati
Allison
PlugPR@allisonworldwide.com
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