Plug Power Announces $100 Million Debt Facility from Generate Capital
April 03 2019 - 7:00AM
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 CapitalGenerate 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.
Safe Harbor StatementThis communication
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve
significant risks and uncertainties about Plug Power Inc.("PLUG"),
including but not limited to statements about PLUG's expectations
regarding accelerated market expansion, achievement of 2019
operational targets, growth with GenKey customers and its project
financing platform. You are cautioned that such statements should
not be read as a guarantee of future performance or results, and
will not necessarily be accurate indications of the times that, or
by which, such performance or results will have been achieved. Such
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in these statements. In particular, the risks and
uncertainties include, among other things, the risk that we
continue to incur losses and anticipate continuing to incur losses;
the risk that we will need to raise additional capital to fund our
operations and such capital may not be available to us; our ability
to obtain financing arrangements to support the sale or leasing of
our products and services to customers; that our convertible note
hedges may affect the value of the Convertible Senior Notes and our
common stock; the volatility of the market price of our common
stock; the risk that a loss of one or more of our major customers,
or if one of our major customers delays payment of or is unable to
pay their receivables, a material adverse effect could result on
our financial condition; the cost and availability of fuel and
fueling infrastructures for our products; the risk of delays in or
not completing our product development goals; the risk of
elimination of government subsidies and economic incentives for
alternative energy products; the risk of potential losses related
to any product liability claims or contract disputes; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; the cost and
availability of components and parts for our products; possible new
tariffs could have a material adverse effect on our business our
ability to establish and maintain relationships with third parties
with respect to product development, manufacturing, distribution
and servicing and the supply of key product components; the risk
that unit orders may not ship, be installed and/or converted to
revenue, in whole or in part; the risk of dependency on information
technology in our operations and the failure of such technology;
the risks related to the use of flammable fuels in our products;
our subjectivity to legal proceedings and legal compliance risks;
our ability to protect our intellectual property; the risk that our
lack of extensive experience in manufacturing and marketing
products may impact our ability to manufacture and market products
on a profitable and large scale commercial basis; the risk of loss
related to an inability to maintain an effective system of internal
controls; our ability to attract and maintain key personnel; the
risks associated with potential future acquisitions; the cost of
complying with current and future federal, state and international
governmental regulations; our provisions in our charter documents
and Delaware law may discourage or delay an acquisition of the
Company by a third party that stockholders may consider favorable;
and other risks and uncertainties referenced in our public filings
with the Securities and Exchange Commission (the “SEC”). For
additional disclosure regarding these and other risks faced by
PLUG, see disclosures contained in PLUG's public filings with the
SEC including, the "Risk Factors" section of PLUG's Annual Report
on Form 10-K for the year ended December 31, 2018. You should
consider these factors in evaluating the forward-looking statements
included in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
Source: PLUG POWER
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
Media (Generate Capital): Wendy Prabhu Mercom
Communications E: generate@mercomcapital.com P: +1 512 215
4452
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