Hydrogen fuel cell energy company Plug Power Inc PLUG has seen volatile trading in its shares this week.
What Happened: Plug Power announced late Tuesday it has priced its upsized follow-on offering of 28 million shares at $65 each, for gross proceeds of $1.82 billion.
Plug Power shares closed Tuesday's trading at $73.18 after it issued an upbeat business update.
The company said it has also set aside 4.2 million shares for covering overallotment, if any.
The offering is expected to close on or around Friday.
See also: Best Energy Stocks Right Now
The company said it intends to use the net proceeds for working capital and other general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities and strategic transactions.
Why It's Important: Alternative energy companies are facing the prospect of burgeoning demand as the world gravitates toward clean, green energy. The capital needs of these companies are also fairly high.
Earlier this month, South Korea's SK Group committed to a $1.5-billion investment in Plug Power by way of purchasing 51.4 million shares at $29.283 each.
Plug Power is eyeing an expansion into Asia through a strategic partnership with the Korean company.
BlackRock Discloses Stake: In a filing with the SEC, BlackRock, Inc. BLK revealed that it beneficially owns 46.314 million shares in Plug Power, representing a 10.7% stake.
PLUG Price Action: At last check, Plug Power shares were falling by 9.56% to $66.18.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.