Plug Power poised for international expansion
Andy Marsh, CEO of the US fuel cell producer, wants to continue expansion through more partnerships and acquisitions during 2021
After a stellar 2020 for Plug Power—which saw a massive growth in its stock valuation—the New York-based hydrogen fuel cell firm is looking to expand globally through developing partnerships or acquisitions. Plug Power last year raised almost $1bn of new capital from equity markets, its biggest ever round of fundraising, during a transformative year. It extended its relationships with both Amazon and Walmart’s e-commerce networks. And it acquired US hydrogen producer United Hydrogen Group and electrolyser developer Giner ELX, allowing the company to start manufacturing electrolysers to complement its fuel cell offering. The company has followed this up with a strong start to 2021. On 7 Janu
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