Blog: Plug Power and M&T Bank Offer Financing Packages For GenKey Hydrogen Fuel Cell Customers
Plug Power and M&T Bank Offer Financing Packages For
GenKey Hydrogen Fuel Cell Customers
The ability to procure financing for Plug Power’s material handling fuel cell customers is an important incentive and focal point within the company’s growth strategy. Plug Power has recently secured an additional funding partner in M&T Bank that enables financing packages to be made available for new and existing Plug Power customers who are evaluating GenKey opportunities.
GenKey is Plug Power’s all-inclusive solution that provides GenDrive fuel cells, GenCare service and GenFuel hydrogen and fueling infrastructure for use in material handling applications. The entire premise of GenKey is to provide ease of use to customers, combining all necessary elements into a “one-stop-shopping” option, in order to make the transition to fuel cells seamless.
Plug Power’s financing packages have been developed to ensure flexibility that matches business requirements. Financing terms are adjusted to fit customer needs, often ranging from 5-6 years for GenDrive fuel cells and 10 years for hydrogen infrastructure. Utilizing a third-party financial institution also enables customers to take advantage of any financial benefits offered with the purchase of fuel cells, such as the 30% investment tax credit.
At the close of the second quarter, Plug Power realized over $17.3M in revenue. This is a three-fold increase versus the first quarter of 2014. This tremendous achievement can be attributed to the successful launch of GenKey.
“The ability to provide financing options to companies evaluating a GenKey fuel cell solution is a major step in making this a true turnkey solution for customers,” said Andy Marsh, CEO at Plug Power. “We anticipate that bundling attractive financing terms with our GenKey offering will further expedite customer adoption of Plug Power’s GenKey solution.”
For more information about financing options for GenKey orders, please contact the Plug Power sales team by emailing [email protected].