Plug Power, a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems, said Friday that it has closed a $25 million senior loan with NY Green Bank,a state-sponsored specialized financial entity working with the private sector to increase investments into New York’s clean energy markets.
This loan provides Plug Power with additional liquidity and flexibility, and does not require minimum cash balances as was the case with Plug Power’s prior senior loan facility. The loan leverages the company’s existing restricted cash, and will be repaid as that cash is released. Plug Power will utilize the capital for the deployment of additional hydrogen and fuel cell systems, including within the State of New York. Additionally, the facility supports the growth of Plug Power, enabling the creation of additional high-tech green jobs within the State.
By Travis Berry