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Plug Power announces expense reduction plan
Plug Power's $125 million gigafactory in Henrietta. (File photo)
Plug Power's $125 million gigafactory in Henrietta. (File photo)
Plug Power announces expense reduction plan
Listen to this articlePlug Power announced an initiative Wednesday designed to significantly reduce its annual operational expenses by more than $75 million. It is unclear how the initiative will impact Plug Power’s local sites.
The initiative encompasses a range of measures, including operational consolidation, strategic workforce adjustments and various other cost-saving actions.
The measures are aimed at increasing efficiency, improving scalability and maintaining Albany County-based Plug’s leadership position in the renewable energy industry, company leaders said in a release.
“The implementation of this strategic plan is essential for Plug to sustain its market leadership and continue to provide innovative renewable energy solutions,” said Andy Marsh, Plug Power CEO, in a statement. “We are confident that this strategic realignment will strengthen our competitive position and contribute to our long-term success.”
A company spokesperson did not immediately respond to a request on how this news would impact local operations.
According to the news release, affected employees will be supported with comprehensive severance packages and resources for career transition.
Plug Power operates a $125 million gigafactory in Henrietta. At the end of 2022, the facility employed roughly 275 workers.
The company is also in the midst of a $677 million project at the Western New York Science & Technology Advanced Manufacturing Park (STAMP) in Genesee County that was expected to create 100 jobs and be operational at the end of this year.
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