Plug Power Closes $40 Million Loan Facility With Hercules Capital
28 Giugno 2016 - 1:00PM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, announces it has
closed on a long-term loan facility for up to $40 million with
Hercules Capital. The proceeds will be used for working capital and
general corporate purposes. The facility has a three year
term, is secured by a first priority all-asset lien, and has an
interest rate of 10.45 percent per annum. Canaccord Genuity
and Oppenheimer & Co. Inc. acted as joint advisors on the debt
financing.
Hercules Capital, based in Palo Alto, CA, is one of
the largest specialty finance companies and leading provider of
structured debt to a range of technology companies and industries.
Since inception in 2003, Hercules has committed more than $5.9
billion to over 350 companies and is the lender of choice for firms
seeking growth capital financing. A perfect fit for Plug Power’s
needs, Hercules is uniquely positioned to quickly create innovative
financing solutions that fit within a company's existing capital
structure and map to its business objectives.
“Hercules Capital is a great strategic partner to
align with given their experience, size and ability to play an
evolving role as Plug Power continues to grow,” said Andy Marsh,
CEO for Plug Power. “Our primary goal for both current and future
capital initiatives is to leverage the best overall financing
solutions that provide liquidity and overall economics, while
avoiding equity dilution of Plug Power's shareholders.”
In addition to closing the Hercules loan facility,
Plug Power has converted the short-term $25 million borrowing it
closed in the first quarter with its strategic project finance
partner to long-term project financing for certain deployments
completed in the first half of 2016. This initiative broadens
Plug Power’s long term view with this strategic partner and sets
the stage for follow on project financing support.
“Completing these second quarter financing
transactions are additional key steps in our long term capital
strategy,” said Paul Middleton, CFO for Plug Power. “These
measures and other near term initiatives will help drive continued
growth in both sales and profitability.”
Plug Power continues to actively develop additional
long-term project financing solutions that can provide an
attractive structure in the short-term, and give the Company
flexibility and the option for greater return on investment in the
long-term. Plug Power will discuss its project financing
initiatives and capital strategy in more detail during its upcoming
2016 second quarter results conference call in early August.
About Plug Power Inc.The
architects of modern hydrogen and fuel cell technology, Plug Power
has revolutionized the industry with its simple GenKey solution,
elements of which are designed to increase productivity, lower
operating costs and reduce carbon footprints in a reliable,
cost-effective way. Plug Power’s GenKey solution couples together
all the necessary elements to power, fuel and service a customer.
Plug Power is the partner that customers trust to take their
businesses into the future. For more information about Plug Power,
visit www.plugpower.com.
Plug Power 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 growth in sales and
profitability and potential long-term financing solutions. 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, GenSure 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, GenSure 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,
2015. 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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