Debt facility to fund new project deployments and create financial flexibility to pursue growth plans
LATHAM, N.Y.— Plug Power Inc. (NASDAQ:PLUG), a leader providing energy solutions that change the way the world moves, today announced $100 million in debt financing with Generate Capital (“Generate”), an integrated investment and operating platform for innovative resource infrastructure technologies and developers.
This facility by Generate is expected to accelerate the company’s ongoing expansion by funding new fuel-cell project deployments. In addition, the funding will enable Plug Power to complete the restructuring of certain existing financings.
“Generate Capital is providing Plug Power with access to a new source of capital, which will help fund our ongoing deployments and allow the Plug Power team to continue pursuing our aggressive market expansion and innovation agenda for 2019,” said Andy Marsh, CEO of Plug Power. “We appreciate Generate’s commitment to our work to increase the market share of hydrogen-powered e-mobility solutions worldwide.”
“At Generate, we seek to partner with innovative companies that are doing more with less of the world’s critical resources,” said Jigar Shah, president and co-founder of Generate Capital. “Plug Power’s hydrogen fuel cells can bring greater productivity, improved efficiency and lower operating costs to the material handling industry. With today’s financing Plug Power will be able to efficiently scale to serve this growing market.”
“Strong financial backing has helped Plug Power transition to a mature but high-growth enterprise as we set the standard for the use of hydrogen fuel cells globally,” said Paul Middleton, CFO of Plug Power. “This facility provides the readily available access to funding that will be instrumental for the company to deliver on its operational targets for 2019 and beyond.”
Named to Fast Company’s 2019 “Most Innovative Companies” list, Plug Power leads the hydrogen fuel cell revolution with over 20 years developing this technology and, to date, has delivered over 25,000 fuel cells to the market, achieved over 180 million hours of fleet operation, and delivered over 17 million hydrogen refuels.
About Plug Power Inc.
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. www.plugpower.com.
About Generate Capital
Generate is an investment and operating platform that builds, owns, operates, acquires and finances innovative resource infrastructure. Based in San Francisco, California, Generate Capital was founded by several leading entrepreneurs and financiers in the renewable energy, technology, finance and sustainability sectors. It serves as the leading capital partner for project developers and technology companies pioneering the Resource Revolution. Since its launch in 2014, the firm has built more than $500 million of sustainable infrastructure across the power, transportation, and water and waste sectors. For more information on Generate Capital, please visit: http://www.generatecapital.com.