Plug Power's green hydrogen production plant in the US state of Georgia

Electrolysers

The electrolyser and fuel cell firm has given Yorkville Advisors a significant discount on its share price

Plug Power's green hydrogen production plant in the US state of GeorgiaPhoto: Plug Power

Polly Martin

Senior Reporter

Published 12 February 2025, 21:06

Green hydrogen technology firm Plug Power has secured a “standby equity purchase agreement” with hedge fund manager Yorkville Advisors, allowing the latter to buy up to $1bn of stock at a 95% discount of the share price over the next two years.

The deal, which will expire on 10 February 2027, allows Plug Power to direct Yorkville to buy up to $10m in stock per day.

This could help to bolster the electrolyser and fuel cell manufacturer, which has seen its deficit grow to $5.26bn as of its last quarterly result.

President Donald Trump, pictured yesterday at the National Prayer Breakfast in Washington DC.

'Read the room' | Trump policies prompt acclaimed US hydrogen tech firm to slash workforce by 60%

Back in late 2023, Plug Power had admitted that it faced a risk to its going concern over 12 months, prompting it to enter into an “at market issuance sales agreement” with B Riley Securities.

The green hydrogen technology firm agreed to direct B Riley to buy up to $11m of shares in common stock on any trading day, up to $1bn in total, with the financial services firm also receiving either 3% or 5% commission in selling them on, depending on the type of transaction.

As of its last quarterly report, the green hydrogen tech firm had sold $677.2m of shares via B Riley.

However, the firm also reported nearly $94m in unrestricted cash and cash equivalents on its balance sheet — less than the $135m cash on hand reported at the end of 2023.

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Since then, Plug Power had secured a $1.66bn loan guarantee from the Department of Energy — shortly before the inauguration of President Donald Trump — and received $30m in a transfer of investment tax credits for its green hydrogen production plant in Georgia.

At close of 12 February, Plug Power’s share price was $1.62, meaning Yorkville’s discount could allow it to purchase stock for less than $0.10 per share.

Yorkville currently manages $323m in assets and had last year signed a similar deal with Trump Media & Technology Group — which owns the current US president’s social media platform, Truth Social — to buy up to $2.5bn of stock at a 97.25% discount.

(Copyright)

Published 12 February 2025, 21:06

Updated 12 February 2025, 21:06

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