they were under pressure to pay off the loan as they had broken a number of covenants in the loan. it was strangling their ability to invest in their future strategy especially China and hydrogen production technology.
Yes it was a terrible loan from a cost point of view but I am not sure if they could have done any better and I guess they wanted to stand by their no need for capital raise claims, just like they will be breaking even this quarter (cash flow positive in MH sector). I wish they had raise cash 6 months ago and am surprised they haven't used more of the shelf, but by not having to have so much cash restricted they have a fair amount of free cash for the business
Businesses fail when they stand still and PLUG is doing anything but standing still.
Investment is needed in to new markets - China the big one but the FEdEx projects and getting ready to commercialize the products trialed there (GSE and RanegExtender GenDrives, plus the ProGen Engines which may be used ny others (Nikola?). but IMHO the biggest news and investment is going to be in hydrogen production and refueling infrastructure.
PLUG has immense experience in this and over the last 2 years we have seen how they have engineered the solution for Walmart reducing installation time and turning trunkey projects into off the shelf "skid" solutions. NO they are installing reformer from HyGear and realizing they have to go through the same process with them and may be scale down the solution so they can install at large DIY stores (Home Depot were trialing store systems 18 months ago). That takes cash to do.
Oh and they also may be near third shift or second factory decision
SO many things to be managing, at least they dont have hercules calling them out for covenant breeches any more
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