Plug Power Strengthens Financial Flexibility with Restructured and Increased Generate Capital Loan Facility

Reduced interest rate and extended maturity

LATHAM, N.Y., May 07, 2020 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, and Generate Capital have agreed to increase its term loan facility and reduce the interest rate. The term facility will be increased by $100M and the interest rate will be reduced to 9.5% from 12% for the entire facility. Plug Power has drawn an incremental $50M, and an additional $50M of borrowing capacity is available to be drawn based on mutual agreement. The maturity of the loan has been extended to October 2025 from October 2022. The proceeds will be used to help fund the Company’s hydrogen expansion strategies as well as overall working capital given the growing pipeline of opportunities.

“We are pleased to continue to work and expand this facility with our longstanding partner, Generate Capital,” said Andy Marsh, CEO for Plug Power. “In addition, we are pleased with the reduction in the interest rate as Plug Power has continued to deliver revenue and EBITDA growth. We believe the continued reduction in our cost of capital is important to propel our growth and the growth of this industry. Plug Power and Generate Capital share a similar vision on building the hydrogen economy providing both economic and sustainable solutions.”

“Generate’s singular goal is to partner with the best companies rebuilding the world with the most affordable, reliable, resilient energy and resource solutions” said Jigar Shah, president and co-founder of Generate Capital. “Plug Power’s hydrogen fuel cells deliver proven productivity benefits to customers, in addition to helping its customers meet their sustainability objectives. That has made them a key player in the emerging global hydrogen economy.”

About Plug Power
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals.

Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the company has deployed over 32,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power has built more hydrogen refueling stations than anyone in the world. Customers have performed more than 27.7 million fills, dispensing more than 27 Tons of hydrogen daily. These numbers remain unmatched by any other company in our industry.