Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced changes to its corporate
management team that provide the structure needed to enable Plug
Power to translate success and momentum generated in 2014 into
profitable growth opportunities in 2015.
Tim Cortes has joined Plug Power as Vice President of Hydrogen.
Cortes will oversee the company's GenFuel business, including
interactions with customers, partners and suppliers critical to
increasing Plug Power's growing market share within the hydrogen
fuel industry.
Cortes comes to Plug Power from Smiths Power where he served as
Chief Technology Officer and Vice President of Engineering,
responsible for research and development, as well as solutions for
global applications. During his tenure at Smiths Power, Cortes,
with his proven strength in the acceleration of new product
development, led the product line expansion that resulted in a
doubling of revenue growth in less than six years.
At Plug Power, Cortes will have full responsibility for the many
facets of the company's GenFuel business, which blossomed in 2014.
Through efficient and consistent infrastructure deployments at
multiple material handling sites, Plug Power validated the
advantages of a one-source construction model, while establishing
itself as the expert vendor for onsite development of hydrogen
delivery, storage and dispensing systems.
Cortes' knowledge of investment planning to drive product
development and market penetration will enable Plug Power to more
effectively expand implementation of its GenFuel solution within
adjacent segments, while maintaining comprehensive support at
existing material handling customer sites.
Cortes takes over this business from Erik Hansen, Plug Power's
former Vice President of Hydrogen, who resigned. "We welcome Tim to
the team and thank Erik for his years of service to Plug Power,
helping us grow the GenFuel business to its current position," said
Andy Marsh, CEO of Plug Power.
Additionally, Jose Luis Crespo has been promoted to Vice
President of Global Sales, a new position for the company. Crespo
will assume all responsibilities for the global sales strategy,
sales growth and market entry for Plug Power's GenDrive and ReliOn
brands.
Crespo joined Plug Power in January of 2014 to lead
international sales and business development activity. In his new
position, Crespo will add management of the U.S. sales team to his
responsibilities and help them build upon 2014's successful sales
growth with expanded global opportunities in the material handling
industry and other industries such as ground service vehicles.
"2014 marked a turning point for our business with the launch of
GenKey, strong sales growth and promising new market initiatives,"
Marsh said. "These developments set us up for an exciting 2015 and
I'm glad to have the leadership of Tim and Jose Luis in these roles
to help us to convert this promise into results."
Both executives will report to Marsh.
Plug Power will hold its January business update conference call
tomorrow, Wednesday, January 28, 2015 at 10:00 am ET. On this call,
CEO Andy Marsh and newly appointed CFO Paul Middleton will present
a general business status update. The call and webcast can be
accessed by phone at 877.407.8291, at www.plugpower.com, selecting
the conference call link on the home page, or directly at
https://event.webcasts.com/starthere.jsp?ei=1052716. A playback of
the call will be available online for a period following the
event.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective solutions that
increase productivity, lower operating costs and reduce carbon
footprint. Its signature solution, GenKey, provides an
all-inclusive package for customers, incorporating GenFuel hydrogen
and fueling infrastructure, GenCare aftermarket service and either
GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery
replacement, is used in electric lift trucks in high-throughput
material handling applications. With more than 6,000 GenDrive units
deployed to material handling customers, GenDrive has been proven
reliable with over 25 million hours of runtime. And, ReliOn is Plug
Power's modular, scalable fuel cell for customers seeking solutions
in critical stationary power applications. Plug Power ReliOn
customers have installed fuel cells at more than 2,500 customer
locations globally. Plug Power manufactures tomorrow's incumbent
power solutions today, so customers can
POWERAhead. Additional information about the Plug
Power brands is available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about Plug Power
Inc. ("PLUG"), including but not limited to statements about PLUG's
forecast of financial performance, order bookings, business model,
strategy and growth opportunities. You are cautioned that such
statements should not be read as a guarantee of future performance
or results, and will not necessarily be accurate indications of the
times at, or by which, such performance or results will have been
achieved. Such statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in these statements. In particular, the risks
and uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; the risk that our lack of extensive experience in
manufacturing and marketing products may impact our ability to
manufacture and market products on a profitable and large-scale
commercial basis; the risk that unit orders will not ship, be
installed and/or converted to revenue, in whole or in part; the
risk that pending orders may not convert to purchase orders, in
whole or in part; the risk that a loss of one or more of our major
customers could result in a material adverse effect on our
financial condition; the risk that a sale of a significant number
of shares of stock could depress the market price of our common
stock; the risk that negative publicity related to our business or
stock could result in a negative impact on our stock value and
profitability; the risk of potential losses related to any product
liability claims or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls
or key personnel; the risks related to use of flammable fuels in
our products; the cost and timing of developing, marketing and
selling our products and our ability to raise the necessary capital
to fund such costs; the ability to achieve the forecasted gross
margin on the sale of our products; the risk that our actual net
cash used for operating expenses may exceed the projected net cash
for operating expenses; the cost and availability of fuel and
fueling infrastructures for our products; market acceptance of our
products, including GenDrive, ReliOn and GenKey systems; the
volatility of our stock price; our ability to establish and
maintain relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; the cost and availability of
components and parts for our products; our ability to develop
commercially viable products; our ability to reduce product and
manufacturing costs; our ability to successfully expand our product
lines; our ability to successfully expand internationally; our
ability to improve system reliability for our GenDrive, ReliOn and
GenKey systems; competitive factors, such as price competition and
competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
cost of complying with current and future federal, state and
international governmental regulations; risks associated with
potential future acquisitions; and other risks and uncertainties
referenced in our public filings with the Securities and Exchange
Commission. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's Annual Report on
Form 10-K for the year ended December 31, 2013. You should consider
these factors in evaluating the forward-looking statements included
in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
CONTACT: Media Contacts
Teal Vivacqua
518.738.0269
media@plugpower.com
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Apr 2023 to Apr 2024