Plug Power Closes $30 Million Loan Facility
10 Marzo 2016 - 1:46AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean,
reliable energy solutions, today announces it has closed on a $30
million loan facility with a specialty finance company that has
deep experience in financing assets in the energy and related
industries. The proceeds will be used for general corporate and
working capital purposes, including to help finance lease
transactions for certain customers. The funding will support
growth in 2016 and beyond in helping Plug Power accelerate customer
adoption of its hydrogen and fuel cell solutions. This strategic
partnership is another key Plug Power financing relationship that
sets the stage for even greater long term financing solutions.
Plug Power developed GenFund in the third quarter
of 2015 as a financing platform that works with customers and
lending organizations to facilitate project funding for the
purchase of the Company’s hydrogen and fuel cell solutions. This
immediate financing is the first phase of these kinds of strategic,
collaborative partnerships intended to develop improved capital
solutions for Plug Power. This financing marks another key step
related to GenFund and demonstrates the quality institutions Plug
Power is partnering with to help accelerate fuel cell adoption.
Plug Power is on the path to making the deployment and financing of
hydrogen and fuel cell solutions even more efficient for
customers.
“Plug Power’s work with its financing partners will
yield greater economics and more robust capital solutions in 2016
and beyond for Plug Power and its customers,” said Andy Marsh, CEO
of Plug Power. “Plug Power is the undeniable leader in the fuel
cell industry, and by continuing to improve our customer financing
solutions, we intend to drive rapid growth in 2016 and into the
foreseeable future.”
Plug Power will discuss this loan facility and
partnership in more detail on March 10, 2016 during its 2015 fourth
quarter and year end results conference call.
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 10,000 GenDrive
units deployed with material handling customers, GenDrive has been
proven reliable with over 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 potential growth in 2016 and beyond, future
financing solutions for PLUG and its customers and acceleration of
customer adoption. 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 will
not be able to obtain financing arrangements to support the sale or
leasing of our products and services to customers; 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.
Media Contacts
Teal Vivacqua
518.738.0269
media@plugpower.com
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