GREAT work Matt Margolis conecting dots.
On September 14th, the day of the Plug Power Capital announcement myself and other loyal Plug longs spent some time interpreting the release. My first conclusion was that Plug could not afford to be the primary financial backer for sales leaseback transactions. However, the press release did not provide specifics as to how the financing arm will work or explain how much of a potential cash drain the deal would have on Plug's balance sheet going forward.
Our goal for 2015 is $100 million in revenue, which is quite an accomplishment for Plug Power…But our ambitions are to grow beyond that. GenFund will support our business growth - enabling us to reach $150 million in 2016 and further growth beyond." Plug Power CEO Andy Marsh September 14th
However, it wasn't until October 8th (National Hydrogen and Fuel Cell Day) that one of Plug Power Capital financing partners came to light as well as the stunning magnitude of volume that is expected to roll into this program. On September 14th, the same day Plug issued a press release on Plug Power Capital another company called Fairfield Capital issued a similar one-sided press release.
Posted 09/14/15
Naples, Florida, September 14, 2015 --Fairfield Capital today announced today that it had entered into an agreement with a major manufacturer of green energy equipment to act as its exclusive advisor and placement agent with respect to arranging upwards of $165 million in equipment lease financing between now and year end 2016.
"Working within a very aggressive timetable, we have been able to successfully arrange lease commitments of approximately $45 million and expect to close about $14 million in transactions in the month of September" said Dana Pasternak, Managing Director and Founder of Fairfield Capital. "This engagement has been a challenge as the market for leases of big-ticket, green energy equipment is relatively thin due to the large 30% Federal energy investment credit applicable to investments in this type of equipment. We have committed significant resources to this assignment to make sure that we could identify every viable source of financing for our client and are highly confident that we will by year end secure all the commitments we need to fully fund their customer financing requirements through year end 2016."
(Source Fairfield Capital)
The first press release by Fairfield Capital was vague enough that it did not provide enough information to link the company to Plug Power. However, on October 8th Fairfield Capital issued another press release that absolutely and unequivocally provides clear linkage to Plug Power.
Posted 10/07/15
Fairfield Capital announced today that it had arranged and closed almost $14.0 million in true lease transactions in September 2015 for a client which manufactures hydrogen fuel cells used to retrofit material handling equipment originally placed in service with legacy lead-acid batteries. Hydrogen fuel cells offer significant economic and productivity improvements for operators of large lift truck fleets and offer the additional benefit of qualifying for a 30% Federal investment tax credit.
Dana Pasternak, a Managing Director and founder of Fairfield Capital, advised that "this is in furtherance of our mandate to establish a captive finance company and a private-label leasing product for our client. Next year, we anticipate a run rate of approximately $12 million/month to support the sales activity of our client. We are currently initiating discussions and will soon begin negotiating program agreements with a number of major leasing companies that will form the nucleus of the program."
(Source Fairfield Capital)
Fairfield Capital also has a link to Plug Power's September 14th Plug Power Capital press release on the company's website and lists Plug Power as a client.
News 
Market Data 
Discover 
