Plug Power - Brennstoffzellen

"...Plug Power expects to boost revenue with new financing package deal

Plug Power has reached an agreement with M&T Bank to offer financing packages for the first time to customers looking to purchase fuel cells, refueling stations and service agreements.

Plug manufactures hydrogen fuel cells that are used by manufacturers and retailers to power forklifts in large warehouses and distribution centers. Partnering with M&T is part Plug Power's plan to expand its offerings.

Andy Marsh, chief executive officer of Plug Power in Latham, New York, said the move enables the company to ease the transition from customers that are interested in making the switch from diesel and battery powered equipment to equipment powered by hydrogen fuel cells.

Fuel cells produce an electric current through a chemical reaction. Plug Power makes fuel cells as an alternative to diesel and battery options for powering forklifts and other equipment in the material handling industry such as refrigerated trucks.

Marsh said adding financing to the fuel cell, service and refueling station package, which is marketed under the name GenKey, creates a one-stop-shop experience for both potential and existing customers.

M&T is Plug's first partner offering an all-in-one GenKey and financing package.

"For the first time, we have a formal package and offer that we can just set in front of the customer," Marsh said.

"Many financial service businesses understand the dollars and cents to a certain extent, but M&T took the time to understand the Plug Power business model and what we are trying to offer -- which allowed them to present a more attractive package."