Plug Power: Loan Facility
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Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions, announces it has closed on a $30 million loan facility with a specialty finance company that has deep experience in financing assets in the energy and related industries. The proceeds will be used for general corporate and working capital purposes, including to help finance lease transactions for certain customers. The funding will support growth in 2016 and beyond in helping Plug Power accelerate customer adoption of its hydrogen and fuel cell solutions. This strategic partnership is another key Plug Power financing relationship that sets the stage for even greater long term financing solutions.
Plug Power developed GenFund in the third quarter of 2015 as a financing platform that works with customers and lending organizations to facilitate project funding for the purchase of the Company’s hydrogen and fuel cell solutions. This immediate financing is the first phase of these kinds of strategic, collaborative partnerships intended to develop improved capital solutions for Plug Power. This financing marks another key step related to GenFund and demonstrates the quality institutions Plug Power is partnering with to help accelerate fuel cell adoption. Plug Power is on the path to making the deployment and financing of hydrogen and fuel cell solutions even more efficient for customers.
“Plug Power’s work with its financing partners will yield greater economics and more robust capital solutions in 2016 and beyond for Plug Power and its customers,” said Andy Marsh, CEO of Plug Power. “Plug Power is the undeniable leader in the fuel cell industry, and by continuing to improve our customer financing solutions, we intend to drive rapid growth in 2016 and into the foreseeable future.”
Plug Power will discuss this loan facility and partnership in more detail on March 10, 2016 during its 2015 fourth quarter and year end results conference call.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 10,000 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 107 million hours of runtime. Plug Power manufactures tomorrow’s incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com