Plug Power Inc. has created 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.
Called GenFund, Plug Power Capital will work with its customers and commercial banks, facilitating project funding for the purchase of Plug Power 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% 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 standardised financing process available to them.”
He added, “Our goal for 2015 is $100m 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 $150m in 2016 and further growth beyond.”
Plug Power Capital is operational today, and GenFund financing is now available to North American and European customers.