Plug Power just signalled layoffs: find out more

February 14, 2024 05:05 AM PST | By Invezz

Plug Power just signalled layoffs: find out more — Image source: Invezz

$PLUG to cut unspecified number of jobs

The hydrogen fuel cells company expects implementation of that initiative to cost it $15 million (one-time).

$PLUG also confirmed that a yet to be determined number of employees will lose jobs as part of the cost cut programme. According to Andy March – the chief executive of Plug Power Inc:

The implementation of this strategic plan is essential for Plug Power to sustain its market leadership and continue to provide innovative renewable energy solutions.

Note that the alternative energy company is expected to lose 31 cents a share in its current financial quarter versus 38 cents per share a year ago. Watch here: https://www.youtube.com/embed/xyH0uyX_vOs?feature=oembed

Is Plug Power stock worth buying?

Plug Power will resort to operational consolidation, holding back on discretionary spending, and optimising supply chain management as well to cut costs, as per its press release on Wednesday.

The news arrives just weeks after the Nasdaq-listed firm said it will “use attrition to naturally lower payroll costs”.

$PLUG has also recently completed a term-sheet negotiation with the U.S. Department of Energy for a loan facility worth $1.6 billion as Invezz reported here.

Shares of Plug Power Inc have gained significantly since mid-January but our market analyst Crispus Nyaga does see the possibility that they will continue to climb to around the $6.0 level.

"GM and Honda have launched a new partnership called Fuel Cell System Manufacturing (FCSM), investing $85 million in a high-tech Michigan facility to mass-produce hydrogen fuel cells.

This 70,000-square-foot facility is geared towards improving the performance, durability, and… pic.twitter.com/owjfFNRNJA — Alex (@alex_avoigt) February 13, 2024

The post Plug Power just signalled layoffs: find out more appeared first on Invezz

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