NPS RV Power is a next-generation onboard generator company built to disrupt a market dominated by a single player for over 30 years. Founded in 2013 by Michael Wand, the company spent seven years in development before launching its first product in 2020, right as pandemic-driven RV demand was surging. With a three-year exclusive agreement with Forest River, a Berkshire Hathaway company, NPS had the market foothold it needed. But scaling fast meant financing large international inventory orders while keeping enough cash on hand to weather unexpected disruptions. With limited access to traditional financing and no established revenue history, Wand needed a smarter way to fund growth without putting the business at risk. That search led him to Plastiq.
Key takeaways
- Plastiq enabled NPS RV Power to pay large international inventory orders via credit card, unlocking a 59-day float through their card terms
- Replacing traditional financing with Plastiq kept cash reserves intact for unexpected disruptions
- Flexible inventory financing enabled NPS to scale from zero to $30M+ annually without diluting ownership or raising additional capital
- Plastiq’s simplicity replaced lengthy bank applications and approval processes, letting the business move at the speed of demand
The Challenge
For more than three decades, the RV onboard generator market was dominated by a single
player. Innovation had stalled, prices were static, and no new competitors had managed to enter
the space. In 2013, Michael Wand, founder of NPS RV Power, saw an opportunity to change
that. He envisioned a smarter, more efficient onboard generator, but breaking into a
monopolized industry would require years of research, development, and funding.
It took seven years, ten prototypes, and hundreds of thousands of dollars before NPS RV Power
brought its first product to market in 2020. The compact, efficient generators allow RV owners to
power their electronics, air conditioning, and other systems while off-grid, a game-changer in a
space that had been dominated by one company for over 30 years.
The company secured a three-year exclusive agreement with Forest River, a Berkshire Hathaway company, giving them a rare foothold in the industry. But despite this milestone, NPS RV Power faced a significant challenge: financing large inventory orders from overseas suppliers while maintaining enough cash reserves to weather unexpected market shifts.
The launch coincided with an unprecedented surge in RV demand during the pandemic, forcing
the company to scale faster than anticipated. Meeting customer needs meant ordering massive
volumes of inventory upfront, and the capital requirements were substantial. With no established
revenue yet and limited access to traditional financing, Wand needed a way to unlock growth
without overextending the business.
The Solution
Plastiq provided the financial flexibility NPS RV Power needed to fuel its early growth and scale
operations quickly. The company began using Plastiq to manage high-volume international
payments, primarily to its long-standing manufacturing partner in China. By combining Plastiq
with Brex, NPS RV Power gained a 59-day float on large purchases, which allowed them to
secure inventory, ship it, and prepare for distribution before payments were due.
This strategy transformed the company’s cash flow management. Instead of tying up its cash
reserves, NPS RV Power could deploy credit through Plastiq to meet immediate demand while
keeping capital on hand for emergencies or unexpected market disruptions.
Wand explained that Plastiq’s ease of use made it even more valuable. Traditional financing
options required lengthy applications, bank visits, and approval processes, slowing down
operations. With Plastiq, the process was simple and efficient. As Wand put it, “With Plastiq, I
can just click, point, and run it—it’s beautiful. Otherwise, I’d be sitting in a bank signing papers.”
The company used Plastiq exclusively for inventory purchases, ensuring the cost of the service
paid for itself many times over. By securing additional inventory quickly, NPS RV Power was
able to fulfill large orders without sacrificing margins or missing opportunities.
The Results
The impact of Plastiq on NPS RV Power’s growth has been significant. Since launching its first
product in 2020, the company has grown from zero revenue to over $30 million annually in
2025, with a clear trajectory toward $60 million annually in 2027. The ability to finance large
inventory purchases on flexible timelines allowed NPS RV Power to scale rapidly without
diluting ownership or raising additional capital.
The company maintains agreements with major original equipment manufacturers like Forest River, and has expanded into additional distribution channels, including Camping World and direct-to-consumer sales. Plastiq supports a recurring cycle of up to $1 million in inventory purchases every 60 days. This approach has allowed NPS RV Power to churn an additional $6 million annually without tapping into its cash reserves, giving the company both the liquidity and the confidence to pursue aggressive growth.
Reflecting on the role Plastiq has played, Wand emphasized its value to his business: “Paying
the fee to use Plastiq is a non-issue when we can turn that inventory into a 300 percent return
within 120 days. It allows us to grow without putting our reserves at risk.”
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Conclusion
NPS RV Power entered a market dominated by a legacy player and, within just a few years,
became a significant competitor. With Plastiq, the company gained the financial agility to secure
inventory, meet surging demand, and scale rapidly without compromising stability.
By leveraging Plastiq’s seamless payment capabilities and extended float, NPS RV Power
transformed a capital-intensive challenge into a growth opportunity. Today, the company is
thriving, maintaining strong supplier relationships, expanding its market presence, and
confidently pursuing its vision for the future.
As Wand summed it up best, “I’ve had zero problems with Plastiq. It’s been great.”
Contact us to explore how Plastiq can help fuel your growth.
