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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 filing said. 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. | ||||||||||||||
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