New Investment in U.S Hydrogens industry

Plug Power, a major U.S. green hydrogen and electrolyser manufacturer, is seeking to raise $375 million in new debt to strengthen its financial position and reduce costly interest obligations. The company plans to issue convertible senior notes at 6.75% interest, maturing in 2033, with investors also given the option to provide an additional $56.25 million under the same terms. Plug Power intends to use the funds to pay down its highest-interest liabilities, including $245 million of debt carrying a steep 15% rate and around $101.6 million of secured debt maturing in 2026, which currently costs 7% interest. The New York–based firm has been working to stabilize its finances following the 2023 hydrogen supply crunch that forced it to buy expensive H₂ on the spot market. As of Q3 2025, Plug Power reported $3.1 billion in total debt, having reduced its liabilities by about $400 million since December 2024.

October 2026

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