Power Plug seeks to raise $117.3 mln in IPO
WASHINGTON, Aug 27 (Reuters) - Power Plug Inc., a company designing and
developing a new system to provide electricity, filed to raise as much as $117.3
million in an initial public offering, a Securities and Exchange Commission
The company didn't disclose how many shares it planned to sell or a projected
range per share, information that will likely come in subsequent filings.
Power Plug said it is developing a residential fuel cell system, initially
approximately the size of a refrigerator, that will take in natural gas or propane
and convert it into a hydrogen-rich stream and combine it with oxygen to
generate a chemical reaction that produces electric power.
The company said it has been selected by General Electric Co. (NYSE:GE -
news) to exclusively provide fuel cell systems for residential and commercial
applications under 35 kilowatts.
The Latham, New York-based company, with $14.7 million in net losses during
the first six months of this year, applied to sell its shares on Nasdaq under the
symbol (Nasdaq:PLUG - news).
Power Plug said it plans to use $20 million raised for manufacturing equipment,
facilities and other capital expenditures; and an undetermined amount for
research and product development, market development, potential acquisitions,
and other general corporate purposes.
The $117.3 million figure cited in its IPO filing was used only as a basis to
calculate the SEC registration fee, the filing said.
The IPO underwriters include Goldman, Sachs & Co., Hambrecht & Quist,
Merrill Lynch & Co. and FAC/Equities.