Plug Power forms Plug Power Capital to streamline financing options for Genkey customersWednesday, September 16, 2015
Plug Power Inc., provider of 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.