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Plug Power offering yields $10.5 million

Plug Power Inc. made about $10.5 million at the completion of a recently announced underwritten public offering, according to a news release issued Monday.

The Latham fuel cell manufacturer offered 18.6 million shares of its common stock at 54 cents per share. Cowen and Company, LLC, of New York City, acted as the sole underwriter, and had the option to purchase an additional 2.79 million shares of its common stock to cover overallottments.

Plug Power, which primarily develops fuel cell systems for industrial vehicles and forklifts, plans to use the net proceeds of the offering for working capital and other general corporate purposes, including capital expenditures.

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