Plug Power launches equipment lease financing platform, targeting $150M-plus

Plug Power (NASDAQ:PLUG) +5.7% pre-market Thursday after unveiling an equipment leasing platform intended to access capital by leveraging its equipment asset base and to provide equipment financing solutions to Plug’s customers to support equipment sales growth.

As a first step, Plug (PLUG) said it signed three sale and leaseback transactions equivalent to ~$44M with GTL Leasing, including various gaseous and cryogenic assets such as trailers and storage tanks for the transport and storage of hydrogen molecules.

The company said the transactions enable it to retain access to crucial hydrogen equipment while strengthening its financial position; it is targeting more than $150M in the near to mid-term through the platform.