Plug Power Inc Air Liquide discloses 9.4% stake - filing
- In connection with the Series C Preferred Stock investment, the Issuer and Axane, S.A. (Axane), a subsidiary of LAir Liquide S.A., entered into transactions related to their HyPulsion S.A.S. joint venture (Hypulsion). HyPulsion was formed by the Issuer and Axane to develop and market hydrogen fuel cell systems for the European material handling market. Axane purchased a 25% ownership interest in HyPulsion from the Issuer for a cash purchase price of $3.3 million (euro 2.5 Million). The Issuer now owns 20% and Axane owns 80% of HyPulsion. The Issuer has the right to purchase an additional 60% of HyPulsion from Axane at any time between January 4, 2018 and January 29, 2018 at a formula price. If the Issuer exercises its purchase right, Axane will have the right, at any time between February 1, 2018 and December 31, 2021, to require the Issuer to buy the remaining 20% interest at a formula price.
- On May 8, 2013, the Issuer and ALIAD entered into a Securities Purchase Agreement (the Purchase Agreement) pursuant to which the Issuer agreed to issue and sell to ALIAD 10,431 shares of the Issuers Series C Redeemable Convertible Preferred Stock, par value $0.01 per share (the Series C Preferred Stock), for an original issue price of $2,595,400 in cash.
- In connection with the Series C Preferred Stock investment, the Issuer and Axane, S.A. (Axane), a subsidiary of LAir Liquide S.A., entered into transactions related to their HyPulsion S.A.S. joint venture (Hypulsion). HyPulsion was formed by the Issuer and Axane to develop and market hydrogen fuel cell systems for the European material handling market. Axane purchased a 25% ownership interest in HyPulsion from the Issuer for a cash purchase price of $3.3 million (euro 2.5 Million). The Issuer now owns 20% and Axane owns 80% of HyPulsion. The Issuer has the right to purchase an additional 60% of HyPulsion from Axane at any time between January 4, 2018 and January 29, 2018 at a formula price. If the Issuer exercises its purchase right, Axane will have the right, at any time between February 1, 2018 and December 31, 2021, to require the Issuer to buy the remaining 20% interest at a formula price.