Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, and Generate
Capital have agreed to increase its term loan facility and reduce
the interest rate. The term facility will be increased by $100M and
the interest rate will be reduced to 9.5% from 12% for the entire
facility. Plug Power has drawn an incremental $50M, and an
additional $50M of borrowing capacity is available to be drawn
based on mutual agreement. The maturity of the loan has been
extended to October 2025 from October 2022. The proceeds will be
used to help fund the Company’s hydrogen expansion strategies as
well as overall working capital given the growing pipeline of
opportunities.
“We are pleased to continue to work and expand this facility
with our longstanding partner, Generate Capital,” said Andy Marsh,
CEO for Plug Power. “In addition, we are pleased with the reduction
in the interest rate as Plug Power has continued to deliver revenue
and EBITDA growth. We believe the continued reduction in our cost
of capital is important to propel our growth and the growth of this
industry. Plug Power and Generate Capital share a similar vision on
building the hydrogen economy providing both economic and
sustainable solutions.”
“Generate’s singular goal is to partner with the best companies
rebuilding the world with the most affordable, reliable, resilient
energy and resource solutions” said Jigar Shah, president and
co-founder of Generate Capital. “Plug Power’s hydrogen fuel cells
deliver proven productivity benefits to customers, in addition to
helping its customers meet their sustainability objectives. That
has made them a key player in the emerging global hydrogen
economy.”
About Plug Power Plug Power is building the
hydrogen economy as the leading provider of comprehensive hydrogen
fuel cell turnkey solutions. The company’s innovative technology
powers electric motors with hydrogen fuel cells amid an ongoing
paradigm shift in the power, energy, and transportation industries
to address climate change and energy security, while meeting
sustainability goals.
Plug Power created the first commercially viable
market for hydrogen fuel cell (HFC) technology. As a result, the
company has deployed over 32,000 fuel cell systems for e-mobility,
more than anyone else in the world, and has become the largest
buyer of liquid hydrogen, having built and operated a hydrogen
highway across North America. Plug Power has built more hydrogen
refueling stations than anyone in the world. Customers have
performed more than 27.7 million fills, dispensing more than 27
Tons of hydrogen daily. These numbers remain unmatched by any other
company in our industry.
Plug Power delivers a significant value proposition to
end-customers, including meaningful environmental benefits,
efficiency gains, fast fueling, and lower operational costs.
Plug Power’s vertically-integrated GenKey solution ties together
all critical elements to power, fuel, and provide service to
customers such as Amazon, BMW, The Southern Company, Carrefour, and
Walmart. The company is now leveraging its know-how, modular
product architecture and foundational customers to rapidly expand
into other key markets including zero-emission on-road vehicles,
robotics, and data centers.
About Generate Capital Founded in 2014,
Generate builds, owns, operates, and finances sustainable
infrastructure to deliver affordable and reliable resource
solutions for companies, governments and communities. Generate
currently has more than 25 technology and project development
partners and serves more than 400 companies, universities, school
districts, cities and non-profits across North
America. www.generatecapital.com
Plug Power Safe Harbor Statement This
communication contains statements that are not historical facts and
are considered forward-looking within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, our expectations regarding use of
loan proceeds and revenue and EBITDA growth. These forward-looking
statements contain projections of our future results of operations
or of our financial position or state other forward-looking
information. In some cases you can identify these statements by
forward-looking words such as "anticipate," "believe," "could,"
"continue," "estimate," "expect," "intend," "may," "should,"
"will," "would," "plan," "projected" or the negative of such words
or other similar words or phrases, which are predictions of or
indicate future events or trends and which do not relate solely to
historical matters. We believe that it is important to communicate
our future expectations to our investors. However, forward-looking
statements involve numerous risks and uncertainties and depend on
assumptions, data or methods which may be incorrect or imprecise.
There may be events in the future that we are not able to
accurately predict or control and that may cause our actual results
to differ materially from the expectations we describe in our
forward-looking statements. Investors are cautioned not to unduly
rely on forward-looking statements. Actual results may differ
materially from those discussed as a result of various factors,
including, but not limited to: 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 of
dilution to our stockholders and/or stock price should we need to
raise additional capital; 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 may not
ship, be installed and/or converted to revenue, in whole or in
part; 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 its receivables, a material adverse effect could result 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 our convertible senior notes, if settled in
cash, could have a material effect on our financial results; the
risk that our convertible note hedges may affect the value of our
convertible senior notes and 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; our ability to
attract and maintain key personnel; the risks related to the use of
flammable fuels in our 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 our products; the risks
of delays in or not completing our product development goals; our
ability to obtain financing arrangements to support the sale or
leasing of our products and services to customers; our ability to
achieve the forecasted gross margin on the sale of our products;
the cost and availability of fuel and fueling infrastructures for
our products; the risks, liabilities, and costs related to
environmental, health and safety matters; the risk of elimination
of government subsidies and economic incentives for alternative
energy products; market acceptance of our products and services,
including GenDrive, GenSure and GenKey systems; 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; general
global economic and political conditions that harm the worldwide
economy, disrupt our supply chain, increase material costs or
reduce demand for our component products (including changes in the
level of gross domestic product in various regions of the world,
natural disasters, terrorist act, global conflicts and public
health crises such as the coronavirus); the risk that possible new
tariffs could have a material adverse effect on our business; our
ability to develop commercially viable products; our ability to
reduce product and manufacturing costs; our ability to successfully
market, distribute and service our products and services
internationally; our ability to improve system reliability for our
products; competitive factors, such as price competition and
competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
risk of dependency on information technology on our operations and
the failure of such technology; the cost of complying with current
and future federal, state and international governmental
regulations; our subjectivity to legal proceedings and legal
compliance; the risks associated with past and potential future
acquisitions; and the volatility of our stock price. The risks and
uncertainties included here are not exhaustive, and additional
factors could adversely affect our business and financial
performance, including factors and risks referenced under "Risk
Factors" of this prospectus supplement and in the accompanying
prospectus or any free writing prospectus provided in connection
with this offering and any documents incorporated by reference
herein or therein, including our Annual Report on Form 10-K for the
year ended December 31, 2019 as well as any amendment or update to
our risk factors reflected in subsequent filings with the SEC. We
operate in a very competitive and rapidly changing environment. New
risk factors emerge from time to time and it is not possible for
management to predict all such risk factors, nor can we assess the
impact of all such risk factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from these contained in any
forward-looking statements. While forward-looking statements
reflect our good faith beliefs, they are not guarantees of future
performance. These forward-looking statements speak only as of the
date on which the statements were made. Except as may be required
by applicable law, we do not undertake or intend to update any
forward-looking statements after the date of this
communication.
SOURCE: PLUG POWER
Media Contact Ian MartoranaThe Bulleit
Group(415) 237-3681plugpower@bulleitgroup.com
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Apr 2024 to May 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From May 2023 to May 2024