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Plug Power Layoffs: Hydrogen Energy Company Discloses Staff Cuts, Expense Reductions

February 14, 2024 by Joe Panettieri

Plug Power announced layoffs as part of a "strategic expense reduction plan" that's designed to save the hydrogen energy company more than $75 million annually. The company did not say how many employees will lose their jobs.

Andy Marsh
Andy Marsh, CEO, Plug Power

In a prepared statement about the layoffs and strategic plan, Plug Power CEO Andy Marsh said: "The implementation of this strategic plan is essential for Plug to sustain its market leadership and continue to provide innovative renewable energy solutions. We are confident that this strategic realignment will strengthen our competitive position and contribute to our long-term success."

The layoffs surface less than one month after the company was getting close to finalizing a $1.6 billion loan from the U.S. Department of Energy, while also cutting spending to shore up the balance sheet, Bloomberg reported on January 23, 2024.

In addition to layoffs, the company plans to "optimize its supply chain management, curtail discretionary spending, and leverage automation and digital technologies to enhance operational efficiency," the company said.

Plug Power, based in Latham, New York, has deployed more than 60,000 fuel cell systems and over 180 fueling stations. The company positions itself as the largest buyer of liquid hydrogen.

Related: List of sustainability businesses that have announced layoffs.

Plug Power Hydrogen Energy: Business Financial Performance

Plug Power's stock is down roughly 73% from February 2023 through mid-February 2024, according to SeekingAlpha. In Q3 of 2023:

  • Revenue was $199 million, compared to $189 million in Q3 of 2022;
  • net loss was $283 million, compared to $169 million in Q3 of 2022.

At the time of the Q3 2023 results (announced in November 2023), the company said: "2023 overall financial performance has been negatively impacted by unprecedented supply challenges in the hydrogen network in North America."

Plug Power is expected to announce Q4 2023 results on or about February 28 of 2024, according to Earnings Whispers. We have not independently confirmed that date.

Sustainability and Green Technology Jobs: Climate Tech Training Programs

Despite anecdotal job cuts within many green-oriented technology companies, demand for green jobs in the United States has grown roughly 50% since 2019, according to Lightcast.

In response, companies such as AccentureEYGoodwill and Microsoft have launched green jobs training programs.

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