Plug Power 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 December 2019.
Like the previous facility, the increased 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.”
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.
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 U.S. 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.