Inter RAO stake in U.S. Plug Power diluted to 4.4% from 19.7%
MOSCOW. Nov 29 (Interfax) - The stake in U.S.-based Plug Power held by Russia's Inter RAO UES has shrunk to 4.4% of voting shares from 19.7% as the result of a supplementary share issue, Inter RAO said in a statement.
Inter RAO owns the stake via a subsidiary, CJSC Inter RAO Capital.
In September, Plug Power placed 18.6 million supplementary ordinary shares (along with 2.79 million more shares in an over-allotment option) at $0.54 each, the U.S. company said. Inter RAO learned of the change in its stake on Thursday.
Interros and Norilsk Nickel purchased a 33.45% Plug Power stake in 2006. They sold it two years later to OGK-3 for $33 million, which was part of Norilsk Nickel at the time and subsequently acquired by Inter RAO. Following a number of supplementary share issues, OGK-3's stake was diluted to 19.7%. The shares were transferred to Inter RAO Capital for $3.6 million (OGK-3 itself was merged into Inter RAO and dissolved).
Plug Power develops fuel cells and eco-friendly energy products. Its main revenue is provided by the sale of fuel cells to large logistics centers. Plug Power has periodically moved back the date when it expects to turn a profit. Losses in the third quarter of 2013 totaled $16 million.
Inter RAO Capital is a special-purpose vehicle created for share transactions involving supplementary share issues in the consolidation electricity assets.