Plug Power Rises on $6.5 Million Investment From Air Liquide
Plug Power Inc. (PLUG), a U.S. maker of fuel cells, rose the most in more than four years after receiving a $6.5 million investment from Air Liquide SA (AI) to help develop components for the European market.
The shares climbed 54 percent to 24 cents at the close in New York, the most since October 2008.
Air Liquide, the French maker of industrial gases, will get stock, a larger stake in a joint venture and a contract for engineering services, according to a statement today from Latham, New York-based Plug.
Plug has raised $12 million in 2013 and this latest investment “will be instrumental in providing the liquidity we need for growth,” Chief Executive Officer Andy Marsh said in the statement. The company makes fuel cells that power industrial forklifts.
Last month, the company replaced its chief financial officer and was notified by the Nasdaq Stock Market that its shares don’t meet the minimum price of $1 and may be delisted. Plug has until Oct. 7 to regain compliance.
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