- New organizational design expected to improve scalability, agility and clarity for customers, investors and staff
LATHAM, N.Y., — 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.