Plug Power Announces Four New General Managers as Company Positions for Rapid Growth
August 19 2021 - 8:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, has
launched a new organizational design and appointed four general
managers, positioning the company to meet the growing demand of its
clean energy solutions.
The general managers — Ole Hoefelmann, Jose Luis Crespo, Keith
Schmid, Sanjay Shrestha — will work closely with CEO Andy Marsh at
a time when the company expects $750 million in record gross
billings for calendar year 2022 alone.
Marsh said each general manager has been appointed to lead
individual business units — a move that was necessary as the
company shifts from a single integrated business to a portfolio of
related businesses to support the global green hydrogen and fuel
cell ecosystem.
“Each business unit is critical to the foundation required to
scale and support our key objectives for bringing affordable green
hydrogen to as many customers as possible,” Marsh said. “We need a
scalable organizational structure that allows the business to grow
quickly across multiple markets and geographies while rapidly
delivering reliable solutions to our customers, and building out
the ecosystem.”
The new organizational structure is designed to help Plug
achieve its stated business growth goals, including building five
green hydrogen plants, securing and supporting five "pedestal"
material handling customers, establish Plug Power as the
world-leader in electrolyzer solutions through safe, reliable and
cost-competitive customer offers , establishing a Plug Power
branded vehicle market, and continuing to drive fuel cell
technology costs down.
Hoefelmann, who has more than 30 years of experience in the
hydrogen space, will lead the Electrolyzer Solutions business unit
where he and his team will drive the electrolyzer solutions
strategy and sales growth, leveraging Plug Power’s current
initiatives to build a substantial presence worldwide.
Crespo, a leader at Plug Power for 7 years, will lead the
Material Handling Solutions business unit, where he will work
closely with other general managers to leverage Plug Power's
position in the market, accelerate growth, and improve customers'
ability to achieve their sustainability goals. Crespo remains
responsible for coordinating all business unit activities for
pedestal customers accounts, including Amazon, Walmart, Home Depot,
and General Motors.
Schmid, after 8 years with Plug Power and more than 30 years in
the fields of industrial power systems, energy storage, and
communications power systems, will lead the Mobility and Stationary
Power Solutions business unit where he will focus on successfully
deploying commercial on-road vehicles, large scale stationary
systems and opening a new Plug Power Innovation Center by year-end,
among other goals. Schmid also drives Plug Power R&D and
Product Development as Plug’s President of Fuel Cell and Hydrogen
Refueling System engineering organizations.
The fourth business unit, Energy Solutions, will be led by
Shrestha, who is tasked with building the first green hydrogen
production network across the United States, including operational
green hydrogen plants in North America by 2022 and achieving a
green hydrogen generation target of 500 tons per day by 2025.
Shrestha has also served as Plug’s Chief Strategy Officer since
2019.
About Plug Power Inc. Plug Power is building
the hydrogen economy as the leading provider of comprehensive
hydrogen fuel cell (HFC) turnkey solutions. The Company’s
innovative technology powers electric motors with hydrogen fuel
cells amid an ongoing paradigm shift in the power, energy, and
transportation industries to address climate change and energy
security, while providing efficiency gains and meeting
sustainability goals. Plug Power created the first commercially
viable market for hydrogen fuel cell (HFC) technology. As a result,
the Company has deployed over 40,000 fuel cell systems for
e-mobility, more than anyone else in the world, and has become the
largest buyer of liquid hydrogen, having built and operated a
hydrogen highway across North America. Plug Power delivers a
significant value proposition to end-customers, including
meaningful environmental benefits, efficiency gains, fast fueling,
and lower operational costs. Plug Power’s vertically-integrated
GenKey solution ties together all critical elements to power, fuel,
and provide service to customers such as Amazon, BMW, The Southern
Company, Carrefour, and Walmart. The Company is now leveraging its
know-how, modular product architecture and foundational customers
to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers.
Plug Power Safe Harbor StatementThis
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
expectations regarding its multi-year investment and growth, PLUG’s
clean hydrogen technology and fuel cell solutions playing a
critical role in achieving climate and decarbonization goals,
deepening of relationships with key stakeholders, and acceleration
of demand and adoption of hydrogen technology. 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 that, 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. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of PLUG in general, see PLUG’s public
filings with the Securities and Exchange Commission, including the
“Risk Factors” section of PLUG’s Annual Report on Form 10-K for the
year ended December 31, 2020. Readers are cautioned not to place
undue reliance on these forward-looking 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.
Media Contact
Caitlin CoffeeAllison+PartnersplugPR@allisonpr.com
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