Plug Power raises $399 million, eliminates high-cost debt

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Go back to Plug Power raises $399 million, eliminates high-cost debt

Plug Power Nets $399 Million in Cash Following Successful Financing; Eliminates First Lien and Fully Funds Current Business Plan

November 21, 2025 11:51 AM EST

SLINGERLANDS, N.Y., Nov. 21, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced the successful closing of the previously announced offering of $375 million aggregate principal amount of 6.75% convertible notes due 2033, including the full exercise of the initial purchasers option to purchase an additional $56.25 million aggregate principal amount of the notes, resulting in a total aggregate principal amount of $431.25 million. Plug received total net proceeds from the offering of approximately $399.4 million, after deducting the initial purchasers discount and estimated offering expenses.

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