Plug Power (Plug) is a fuel cell systems manufacturer and operator founded in 1997 and based in Latham, NY. Plug will provide its turnkey (GenKey) offering—the supply and installation of fuel cells (GenDrive), hydrogen fuel infrastructure (GenFuel) and maintenance services (GenCare)—to Walmart to replace lead acid battery-powered forklifts.
Engagement #1. Generate provided a $25M loan directly to Plug Power, Inc. The full $25M disbursement was made at financial close (with 1% interest paid monthly) and the loan has been repaid in full.
- $25M invested to date
- 16% IRR unlevered
- 1-year payback period
- $25M contracted pipeline
Engagement #2: Generate Capital purchased $25M of deployed Plug assets through a sale leaseback structured, with Walmart as the counterparty.
- $25M invested to date
- 16% IRR unlevered
- 3-year payback period
- $25M contracted pipeline
