Plug Power and NY Green Bank Amend Debt Facility
26 Luglio 2017 - 10:01PM
Plug Power Inc. (NASDAQ:PLUG), a leader providing energy solutions
that change the way the world moves, announced today that it has
amended its loan facility with NY Green Bank to increase the size
of the total commitment from $25 million to $45 million. The
maturity of the facility will remain at December 2019. As
with the existing facility, the up-sized facility will be repaid
primarily as the Company’s various restricted cash reserves are
released over the term of the facility. Plug Power, whose customers
include major global retailers such as Amazon, Walmart, and
Carrefour, will use the additional liquidity to deliver on its 2017
pipeline, accelerate innovation among both existing and future
applications, and support continued product collaboration with key
customers.
“Our amended credit facility provides Plug Power
with access to additional strategic capital, improves the
flexibility of our balance sheet, and ultimately reinforces our
position to execute on our long-term growth strategy,” said Andy
Marsh, CEO of Plug Power. “We appreciate the commitment of NY Green
Bank, who acknowledges the tremendous growth opportunity that lies
ahead for Plug Power and recognizes that our operating strategy
sets us on a path to long-term profitability. We value their
partnership and look forward to achieving our combined objective of
growing high-tech green jobs in the State of New York,
strengthening the manufacturing base in the state, and deploying
greenhouse gas reduction projects within the state.”
NY Green Bank is a state-sponsored specialized
financial entity working with the private sector to increase
investments into New York's clean energy markets, creating a more
efficient, reliable, and sustainable energy system. In adopting a
targeted approach to clean energy financing markets, NY Green Bank
represents an innovative business model at the forefront of the
green-financing trend driving institutions nationally and
internationally. Plug Power worked with NY Green Bank on a
financing structure that will promote innovation and growth, while
enabling expansion of high-tech green jobs and proven clean energy
technologies in New York State.
Plug Power closed on its original $25 million
loan with NY Green Bank in December 2016. Since then, Plug Power
has completed multiple greenhouse gas reduction projects, including
an agreement with Amazon to supply hydrogen fuel cell systems for
its material handling fleet at several distribution centers across
the United States. This contract is expected to result in
approximately $70 million in 2017 revenue. Additionally, Plug Power
recently completed its first shipment of ProGen engines for FedEx’s
electric delivery van fleet.
“NY Green Bank is pleased to be able to continue to support Plug
Power’s growing pipeline of clean energy project opportunities and
commitment to creating clean energy jobs in the State of New York,”
said Alfred Griffin, President of NY Green Bank. “Since the
initial financing, Plug Power has continued to scale its project
portfolio, which will drive greater efficiency in warehouses and
distribution centers, and reduce greenhouse gas emissions.”
Plug Power's center of excellence in Latham, New York includes
research and development, manufacturing, sales, and
state-of-the-art service facilities. Leading the hydrogen fuel cell
revolution, the company currently powers more than 15,500
industrial electric vehicles with fuel cell units globally, and has
built 48 hydrogen fueling stations. Plug Power's customers have
performed more than seven million refuelings of industrial electric
vehicles using Plug Power's hydrogen fueling solutions.
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. Learn more at 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 the Company,
including but not limited to statements about the Company’s
expectations regarding its 2017 pipeline, acceleration of
innovation among both existing and future applications, 2017
revenue from the Amazon contract and long-term profitability.
Investors 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 the
Company continues to incur losses and might never achieve or
maintain profitability; the risk that the Company will need to
raise additional capital to fund its operations and such capital
may not be available; the risk that the Company’s lack of extensive
experience in manufacturing and marketing products may impact its
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 be converted to revenue, in whole or in
part; the risk that a loss of one or more of the Company’s major
customers could result in a material adverse effect on the
Company’s financial condition; the risk that a sale of a
significant number of shares of stock could depress the market
price of the Company’s common stock; 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; the Company’s ability to attract and
maintain key personnel; the risks related to the use of flammable
fuels in the Company’s products; the risk that pending orders may
not convert to purchase orders, in whole or in part; the cost and
timing of developing, marketing and selling the Company’s products
and the Company’s ability to raise the necessary capital to fund
such costs; the Company’s ability to obtain financing arrangements
to support the sale or leasing of its products and services to
customers; the Company’s ability to achieve the forecasted gross
margin on the sale of its products; the cost and availability of
fuel and fueling infrastructures for the Company’s products; the
risk of elimination of government subsidies and economic incentives
for alternative energy products; market acceptance of the Company’s
products and services, including GenDrive units; the Company’s
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 the Company’s
products; the Company’s ability to develop commercially viable
products; the Company’s ability to reduce product and manufacturing
costs; the Company’s ability to successfully market, distribute and
service its products and services internationally; the Company’s
ability to improve system reliability for its products; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; the Company’s ability
to protect its intellectual property; the cost of complying with
current and future federal, state and international governmental
regulations; the risks associated with potential future
acquisitions; the volatility of the Company’s stock price; and
other risks and uncertainties referenced in the Company’s public
filings with the SEC. For additional disclosure regarding these and
other risks faced by the Company, see disclosures contained in the
Company’s public filings with the SEC, including the “Risk Factors”
section of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2016. Investors should consider these factors in
evaluating the forward-looking statements included in this
communication and not place undue reliance on such statements. The
forward-looking statements are made as of the date hereof, and the
Company undertakes no obligation to update such statements as a
result of new information.
Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
Investor Relations Contact
John Cococcia
investors@plugpower.com
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