LATHAM, N.Y. — Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, has formed Plug Power Capital Inc., a wholly owned subsidiary of Plug Power, formed as a capital financing arm that will offer GenFund, giving customers easy access to third-party leases.
Through GenFund, Plug Power Capital will work with its customers and commercial banks, facilitating project funding for the purchase of Plug Power Inc. hydrogen and fuel cell solutions.
Plug Power’s GenKey solution combines all the critical elements for a full hydrogen and fuel cell deployment, including GenDrive or ReliOn fuel cell power, GenFuel hydrogen and fueling infrastructure, and GenCare aftermarket support.
- Plug Power Forms ‘Plug Power Capital’ to Enable Streamlined Financing Options for Genkey Customers
- Plug Power Capital’s GenFund Program Rounds Out the GenKey Solution
As the newest element to this equation, GenFund will expedite deal closure, providing yet another aspect of GenKey that makes it a convenient, one-stop source for Plug Power hydrogen and fuel cell implementations. GenFund will be offered to both material handling and stationary customers through GenKey, and will also be available on an individual-case basis to assist other non-GenKey customers.
“Approximately 80 percent of our customers lease their GenKey solution,” said Andy Marsh, CEO at Plug Power. “To date, the one-stop GenKey model has proven to be highly efficient, as it provides customers with a seamless way to implement hydrogen and fuel cells from a product perspective. With the addition of GenFund, customers will also have a standardized financing process available to them.”
“Our goal for 2015 is $100 million in revenue, which is quite an accomplishment for Plug Power,” added Marsh. “But our ambitions are to grow beyond that. GenFund will support our business growth – enabling us to reach $150 million in 2016 and further growth beyond.”
Plug Power Capital is operational today, and GenFund financing is now available to North American and European customers.
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 8,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with more than 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.