Debt facility to fund new project deployments and create financial flexibility to pursue growth plans
Plug Power Inc. 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 financing’s.
“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.
