Plug Power Closes $25 Million Loan Facility Agreement With NY Green Bank
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Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, announces it has closed a $25 million senior loan with NY Green Bank. This loan provides Plug Power with additional liquidity and flexibility, and does not require minimum cash balances as was the case with Plug Power's prior senior loan facility. The loan leverages the Company's existing restricted cash, and will be repaid as that cash is released. Plug Power will utilize the capital for the deployment of additional hydrogen and fuel cell systems, including within the State of New York. Additionally, this facility supports the growth of Plug Power, enabling the creation of additional high-tech green jobs within the State.
"Plug Power has proudly called New York our home since 1997, and with the continued support of the State we have built a successful commercial enterprise that has grown 300 percent since 2012," said Andy Marsh, CEO of Plug Power. "Plug Power products are proven to significantly reduce the environmental footprint of users, and we are impacting the global alternative energy landscape. We are honored to work with New York State to stimulate impactful greenhouse gas reduction, greater innovation, advanced manufacturing, and meaningful job growth."
Plug Power's center of excellence in Latham, New York includes research and development, manufacturing, sales, and state-of-the-art service facilities. Leading the hydrogen fuel cell revolution, the company currently powers more than 13,000 industrial electric vehicles with fuel cell units globally, and has built more than 40 hydrogen fueling stations. Plug Power's customers have performed more than four million refuelings of industrial electric vehicles using Plug Power's hydrogen fueling solutions.
NY Green Bank is a state-sponsored specialized financial entity working with the private sector to increase investments into New York's clean energy markets, creating a more efficient, reliable, and sustainable energy system. In adopting a targeted approach to clean energy financing markets, NY Green Bank represents an innovative business model at the forefront of the green-financing trend driving institutions nationally and internationally. Plug Power worked with NY Green Bank on a financing structure that will promote innovation and growth, while enabling expansion of high-tech green jobs and proven clean energy technologies in New York State.
"NY Green Bank is pleased to provide financing that will support the deployment of Plug's hydrogen fuel cell systems in New York State and beyond," said Alfred Griffin, President of NY Green Bank. "By providing creative capital solutions for companies advancing proven clean energy technologies, NY Green Bank is expanding opportunities in the clean energy marketplace and ensuring that New Yorkers receive the related economic development and environmental benefits."
"Through this loan, the State is helping continue the continued growth of Plug Power, further enabling the expansion of a sustainable hydrogen economy in New York," said Paul Middleton, CFO of Plug Power. "This facility improves our financial flexibility to fund future growth opportunities, while simultaneously unlocking value currently embedded within our balance sheet."
This secured facility has a 36-month term, an interest rate of approximately 11%, is structured to incorporate measures to minimize ongoing project servicing risk, and will be repaid as the Company's restricted cash related to project financings is released.
About Plug Power Inc.
The architects of modern hydrogen and fuel cell technology, Plug Power has revolutionized the industry with its simple GenKey solution, elements of which are designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power's GenKey solution couples together all the necessary elements to power, fuel and service a customer. Plug Power is the partner that customers trust to take their businesses into the future. For more information about Plug Power, visit www.plugpower.com.