Plug Power initiated with a Neutral at Redburn Atlantic on funding needs

As previously reported, Redburn Atlantic initiated coverage of Plug Power with a Neutral rating and $4.50 price target. The recent “going concern” notice from Plug Power offers a warning over the potential for further capital requirements in the hydrogen-focused sector and for the company, the analyst tells investors. The firm sees Plug requiring greater than $2B of funding over the next five years until it becomes cash generative and while the $1B At The Market offering and planned $1.6B Department of Energy loan cover the funding gap, the ATM will cause significant dilution if fully utilized, the analyst tells investors.