Generate Capital has invested $100m in Plug Power to fund new project deployments and create financial flexibility to pursue company growth plans.
The facility by Generate is set to accelerate Plug Power’s ongoing expansion by funding new fuel cell project deployments.
The funding will enable Plug Power to complete the restructuring of existing financings. The new capital comes from a debt financing agreement between Plug Power and Generate Capital.
“Generate Capital is providing Plug Power with access to a new source of capital, which will help fund out ongoing deployments and allow the Plug Power team to continue pursing our aggressive market expansion and innovation agenda for 2019,” said Andy Marsh, CEO of Plug Power.
“We appreciate Generate’s commitment to our work to increase the market share of hydrogen-powered e-mobility solutions worldwide,” Marsh continued.
“At Generate, we seek to partner with innovative companies that are doing more with less of the world’s critical resources,” said Jihar Shah, President and Co-Founder of Generate Capital.
“Plug Power’s hydrogen fuel cells can bring greater productivity, improved efficiency and lower operating costs to the material handling industry. With today’s financing Plug Power will be able to efficiently scale to serve this growing market,” said Shah.
“Strong financial backing has helped Plug Power transition to a mature but high-growth enterprise as we set the standard for the use of hydrogen fuel cells globally,” said Paul Middleton, Chief Financial Officer of Plug Power.
“This facility provides the readily available access to funding that will be instrumental for the company to deliver on its operational targets for 2019 and beyond,” Middleton concluded.