U.S. Markets closed

Plug Power Announces Sanjay Shrestha as New Chief Strategy Officer

LATHAM, N.Y., April 23, 2019 (GLOBE NEWSWIRE) -- Plug Power Inc. (PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, today announced Sanjay Shrestha as Chief Strategy Officer (CSO). In addition to managing the overall strategic priorities for Plug Power, Mr. Shrestha will lead strategic initiatives in Asia, focusing on OEM vehicle applications in China and India utilizing Plug Power’s modular line of ProGen hydrogen engines. He will also use his substantial industry and financing experience to lead Plug Power’s investor relations activities.

Shrestha has dedicated almost two decades to the clean technology industry. He most previously served as President of Sky Capital America. Under his leadership, Sky Capital America built and acquired over 100MW of operating solar assets and secured pipeline over 100MW.  He also sourced various types of financing solutions to support this growth, including project debt, construction equity, and long-term equity.

Shrestha brings extensive experience in the broader clean tech sector to the Plug Power team. Before his work at Sky Capital America, he led the renewable investment banking endeavors at FBR Capital Markets. During 2014, and under his leadership, the FBR was ranked among the top renewable energy underwriters in the U.S.

Shrestha was also a member of the Institutional Investor All America Research Team during the seven years that he was leading renewable energy research at Lazard Capital Markets, and globally ranked in the top five stock pickers. Prior to that, Shrestha began his career at First Albany Capital, building and managing their renewable and industrial research area. Starmine/Forbes Magazine ranked him the number one stock picker and the number one earnings estimator during his tenure at First Albany Capital.

“I am thrilled to be a part of the Plug Power team,” said Shrestha. “A majority of my career has been spent in the renewables and clean technology industries. I believe Plug Power is at an inflection point on the growth curve. Leveraging its success in the material handling market, the company’s cutting-edge hydrogen and fuel cell technology is on pace to provide a comprehensive and sustainable solution to serve e-mobility markets on a global basis.”

“We are all very excited to welcome Sanjay to our team here at Plug Power,” said Andy Marsh, CEO of Plug Power. “His extensive background and business acumen are exactly the kind of skills we’re looking for as we continue to execute a growth strategy in 2019 and beyond. We’re confident we can do great things together.”

About Plug Power Inc.           
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. www.plugpower.com.

Safe Harbor
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 expectations regarding growth in Europe, revenue, growth with GenKey customers and its project financing platform. 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. 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, GenSure 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, GenSure 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 (the “SEC”). For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2018. 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.

SOURCE: PLUG POWER

Media Contact 
Kate Gundry
Pluck 
617.797.5174
plugpower@pluckpr.com