Plug Power Forms 'Plug Power Capital' to Enable Streamlined Financing Options for Genkey Customers
22 Settembre 2015 - 2:46AM
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.
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. Plug Power
Inc. Safe Harbor Statement
This 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
forecast of financial performance, order bookings, business model,
strategy and growth opportunities. 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 at, 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 might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; 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 that unit orders will not ship, be
installed and/or converted to revenue, in whole or in part; the
risk that pending orders may not convert to purchase orders, in
whole or in part; the risk that a loss of one or more of our major
customers could result in a material adverse effect on our
financial condition; the risk that a sale of a significant number
of shares of stock could depress the market price of our common
stock; the risk that negative publicity related to our business or
stock could result in a negative impact on our stock value and
profitability; the risk of potential losses related to any product
liability claims or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls
or key personnel; the risks related to use of flammable fuels in
our products; the cost and timing of developing, marketing and
selling our products and our ability to raise the necessary capital
to fund such costs; the ability to achieve the forecasted gross
margin on the sale of our products; the risk that our actual net
cash used for operating expenses may exceed the projected net cash
for operating expenses; the cost and availability of fuel and
fueling infrastructures for our products; market acceptance of our
products, including GenDrive, ReliOn and GenKey systems; the
volatility of our stock price; 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 cost and availability of
components and parts for our products; our ability to develop
commercially viable products; our ability to reduce product and
manufacturing costs; our ability to successfully expand our product
lines; our ability to successfully expand internationally; our
ability to improve system reliability for our GenDrive, ReliOn and
GenKey systems; competitive factors, such as price competition and
competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
cost of complying with current and future federal, state and
international governmental regulations; risks associated with
potential future acquisitions; and other risks and uncertainties
referenced in our public filings with the Securities and Exchange
Commission. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's Annual Report on
Form 10-K for the year ended December 31, 2014. 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.
CONTACT: Media and Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: 518.738.0269
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