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Plug Power to sell Latham headquarters for $4.5 million

Wednesday, April 3, 2013
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— After a shaky year, Plug Power has decided to sell its Latham headquarters to an Albany real estate group for $4.5 million.

Plug Power finalized the agreement last week with 968 Albany Shaker Road Associates, LLC, a holding company created by NAI Platform in Albany. The fuel cell manufacturer announced the purchase and sale agreement in a Monday filing with the U.S. Securities and Exchange Commission.

Plug Power will receive more than $2.9 million once the sale closes, followed by monthly payments upward of $11,800 over 15 years, at a 5 percent annual interest rate.

The company’s headquarters are located at 968 Albany Shaker Road and encompass 34.45 acres. The fuel cell maker will lease back a portion of the premises for 15 years.

Last week, Plug Power announced it was looking at ways to stay afloat, including the possible sale of the company. It’s coming off a rough year that involved near-delisting by the NASDAQ stock exchange, declining revenues, layoffs and angry shareholders.

In 2012, the company saw a net loss of $8.5 million in the fourth quarter and $31.9 million for the year. It employs 156.

 
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