HomeEquities ScoreHot news prompted Plug Power Inc. (PLUG) stock surged in the post-market...

Hot news prompted Plug Power Inc. (PLUG) stock surged in the post-market hours

Plug Power Inc. (NASDAQ: PLUG) is a leading provider of hydrogen fuel cells and hydrogen ‎fueling systems for enabling electric mobility, and SK Group, one of South Korea’s most ‎prominent business groups. ‎

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Plug Power Inc. (NASDAQ: PLUG) shares soared 27.43% in the after-hours session to $44.6 ‎after the announcement that Plug Power and the SK Group will forge a strategic partnership ‎to promote hydrogen as an alternative energy source in Asian markets. The collaboration ‎between companies will provide hydrogen fuel cell systems, hydrogen fueling stations, and ‎electrolyzers to the Korean market and broader Asian market. SK Group and Plug Power ‎have also signed a definitive agreement under which SK Group will make a strategic ‎investment of $1.5 billion in Plug Power to support the rapidly growing Asia market and are ‎planning the establishment of a joint venture company in South Korea. With SK Group’s ‎significant presence and leadership throughout Asia’s energy industry and Plug Power’s ‎leadership in hydrogen fuel cells, fueling stations, and green hydrogen generation, the two ‎companies represent a formidable team to accelerate the growth of the hydrogen economy ‎in Asian markets.‎

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South Korea announced its Hydrogen Economic Roadmap for 2040 in January 2019, with ‎ambitious goals, including selling over 5MM tons of hydrogen annually, producing over ‎‎6MM fuel cell electric vehicles, installing 1,200 fuel cell refueling stations, and producing ‎over 15GW of fuel cell power by 2040. Plug Power has demonstrated what it takes to scale a ‎hydrogen business in North America as a global leader in the hydrogen economy.‎

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Terms of the Deal

Under the terms of the investment, a US subsidiary of SK Group will make a $1.5 billion ‎investment in Plug Power by acquiring approximately 51.4 million shares of common stock ‎at $29.2893 per share, the 30-day VWAP as of January 5th, 2021, at a zero percent discount. ‎The investment is expected to represent an approximate 9.9% pro forma ownership stake in ‎Plug Power.‎

The investment transaction is subject to customary closing conditions and regulatory ‎approvals and is expected to close in the first quarter of 2021.‎

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