Hydrogen Maker Plug Power Makes $525 Million Debt Deal
[Stay on top of transportation news: .]
Plug Power Inc. shares jumped the most in nearly a year after the hydrogen company announced a $525 million secured debt facility, said it doesn’t plan to raise more equity in 2025 and reported preliminary first-quarter results in line with analysts’ estimates.
Plug expects to report revenue of $130 million to $134 million when it releases its full first-quarter results in early May, versus a consensus estimate of $131.6 million. The company also reported completing construction of a hydrogen production plant in Louisiana that will serve customers including Amazon.com Inc. and Walmart Inc.
Amazon.com Inc. ranks No. 1on theTransport Topics Top 100 list of the largest logistics carriersin North America, No. 12 on theTT100 list of the largest private carriersand No. 1 on theTop 50 global freight list. Walmart ranks No. 1 on theTT100 list of the largest private carriers.
Plug’s shares rose as much as 46% April 28, the most since May 2024, and were trading at $1.12 in late morning.
“We view this announcement as an important step for Plug in regaining investor trust,” Oppenheimer & Co. Inc. analysts wrote in a note April 28.
Plug shares have suffered as hydrogen has struggled to gain traction as a climate-friendly fuel. The company sells logistics equipment such as forklifts that run on hydrogen fuel cells and is building a series of plants to produce hydrogen from water, using renewable power.
Want more news? Listen to today's daily briefing belowor go here for more info:
