Friday Fundings: Plug Power, Lacework, and Color
Renewable Energy Company Plug Power Secures $1.5 Billion Investment
South Korean conglomerate SK Group has pledged to invest $1.5 billion in hydrogen fuel-cell company Plug Power (PLUG). Plug Power shares rose 30% after the announcement that the company would work with SK Group to produce fuel-cell systems, fueling stations, and electrolyzers.
Hydrogen, a key energy source for Plug Power, is considered a renewable energy. It does not produce greenhouse gases when burned, and it is made from either natural gas or water through electrolysis. Plug Power makes hydrogen fuel cells that power data centers, but its fuel cells are also used in forklifts, freight-handling gear, and delivery vans for companies like Amazon (AMZN) and Walmart (WMT).
Lacework Revenue Surges 300% Along with $525 Million Investment
Cloud security startup Lacework secured a $525 million investment in its latest Series D round of funding, pushing its valuation over $1 billion. Businesses have flocked to Lacework during the pandemic as they look to secure their data while employees work remotely.
Demand for Lacework’s services was rising even before COVID-19 and the subsequent remote work boom. Lacework reported 300% growth in revenue for the second year in a row, and the company’s workforce has been expanding at a similar pace. Lacework began 2020 with 92 employees and finished the year with more than 200. The company’s leadership plans to double Lacework’s workforce again in 2021.
Health Tech Company Color Valued at $1.5 Billion
Color, the health technology company that specializes in population-scale health programs, clinical testing, and software and infrastructure, secured $167 million in a Series D funding round, bringing its total valuation to $1.5 billion. The company aims to make telehealth and preventative care testing easily available to large populations in their communities or at their places of work.
Color’s customers include governments, schools, and local employers that serve large populations. Color has helped with a variety of programs related to COVID-19 and is currently assisting governments and employers with vaccine distribution.
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