On June 30, 2017, Plug Power Inc., a Delaware corporation (the “Company”), entered into an amendment (the “Amendment”) to the loan and security agreement dated as of December 23, 2016 (the “Loan Agreement”) with NY Green Bank, a Division of the New York State Energy Research& Development Authority (“Lender”), to which Lender provided to the Company a secured term loan facility in the amount of $25 million, subject to certain terms and conditions. The Amendment amends certain defined terms and covenants under the Loan Agreement in order to, among other things, permit the Company’s entry into the sale/leaseback agreements with Wells Fargo Equipment Finance,Inc. (“Wells Fargo”) and Generate Plug Power SLB 1, LLC (“Generate”) described below.
On June 30, 2017, the Company entered into a master lease agreement (the “Wells Fargo MLA”) with Wells Fargo to facilitate the Company’s commercial transactions with certain key customers. to the Wells Fargo MLA, the Company leases fuel cell systems and hydrogen infrastructure from Wells Fargo and operates them at certain customer locations. At June 30, 2017, the total remaining lease payments to Wells Fargo under the Wells Fargo MLA were $13.4 million.
On June 30, 2017, Proton GCI SPV I LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (“Proton”), entered into an amended and restated master lease agreement with Generate (the “Amended and Restated Generate MLA”) that amended and restated the master lease agreement the Company had entered into with Generate Capital,Inc. on June 3, 2016. to the Amended and Restated Generate MLA, Proton leases fuel cell systems and hydrogen infrastructure from Generate and then and operates them at certain customer locations. At June 30, 2017, the total remaining lease payments to Generate under the Amended and Restated Generate MLA were $34.1 million and have been secured by all assets of Proton and a guaranty by the Company coupled with a pledge of the Company’s ownership interest in Proton.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
See the disclosure set forth in Item 1.01, “Entry into a Material Definitive Agreement,” of this Current Report on Form8-K, which disclosure is incorporated into this Item 2.03 by reference.
Item 9.01. Financial Statements and Exhibits.
|10.1||Amendment No.8 to Loan and Security Agreement, dated as of June30, 2017, by and among Plug Power Inc., Emerging Power Inc., Emergent Power Inc. and NY Green Bank|
|10.2||Master Lease Agreement, dated as of June30, 2017, by and between Plug Power Inc. and Wells Fargo Equipment Finance,Inc.|
|10.3||Amended and Restated Master Lease Agreement, dated as of June30, 2017, by and between Proton GCI SPV I LLC and Generate Plug Power SLB 1, LLC.|
PLUG POWER INC Exhibit
EX-10.1 2 a17-17059_1ex10d1.htm EX-10.1 Exhibit 10.1 Execution Version AMENDMENT NO. 8 TO THE LOAN AND SECURITY AGREEMENT Dated as of June 30,…
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About Plug Power Inc. (NASDAQ:PLUG)
Plug Power Inc. is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn. GenKey offers solutions to customers transitioning their material handling vehicles to fuel cell power. GenDrive is a hydrogen fueled proton exchange membrane (PEM) fuel cell system. It provides power to material handling vehicles. GenFuel is a hydrogen fueling delivery system. It is designed to allow customers to refuel its GenDrive units for productivity. GenCare is an ongoing maintenance program for both the GenDrive fuel cells and GenFuel products. ReliOn is a stationary fuel cell solution. It provides scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation and utility sectors.