Plug Power created a new capital financing unit to provide streamlined financing options for its GenKey customers. Plug Power Capital starts its business operations today.
According to the company, Plug Power Capital will offer GenFund to allow customers obtain an easy access to third-party leases. The capital financing unit will work with customers and commercial banks and facilitate project funding for the acquisition of Plug Power hydrogen and fuel cell solutions.
GenFund Financing is currently available to North American and European customers.
Plug Power is providing standardized financing process for customers
In a statement, Plug Power CEO Andy Marsch said, “Approximately 80 percent of our customers lease their GenKey solution. 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.”
Plug Power aims to generate $100 million revenue this year
Mr. Marsh said Plug Power aims to achieve $100 million in revenue for 2015. He also emphasized that the company’s ambition is to grow beyond its target for this year.
He is confident that GenFund will support Plug Power’s business growth. Mr. Marsh projected that the company could generate $150 million in revenue next year, and to growth further in the coming years.
Plug Power GenKey solution
According to Mr. Marsh GenFund will expedite deal closure, an additional aspect of GenKey that makes it a convenient, one-stop source for Plug Power hydrogen and fuel cell implementations.
Plug Power said GenFund would be offered for both material handling and stationary customers through GenKey. It will also be available to help other non-GenKey customers on an individual-case basis.
The GenKey solution is a combination of all the critical elements to deploy hydrogen and fuel cell including GenDriver or ReliOn fuel cell power, GenFuel hydrogen and fueling infrastructure, and GenCare aftermarket support.
Last week, Plug Power announced that its ReliOn integrated OSP solution won first place in the Wireless Access Network (WAN) division at the CTIA’s annual Emerging Technology (E-Tech) Awards.
The ReliOn Integrated OSP solution provides telecom companies with a reliable, single-cabinet solution for network power, hydrogen fuel cell backup power, and communications equipment. It allows telecom providers to save as much as 33% on capital and operational expenses on generators by minimizing site footprint. According to Plug Power, the ReliOn Integrated OSP solution reduces the customer’s footprint by up to 87%.