Plug Power Cuts Workforce, Reduces Spending

October 22, 2001 by Jeff Shepard

Plug Power Inc. (Latham, NY) announced that it will cut 80 to 90 jobs due to the economy and decreased capital spending. The company is offering severance packages to employees whose jobs are being eliminated.

"We are sizing our organization in accordance with our ongoing business strategy and our primary goal of achieving the fastest possible path to profitability," stated President and CEO Roger Saillant. "We remain on track to achieve our near-term milestones, including the delivery of 125 to 150 fuel cell systems this year."

The company expects its cash on hand to fund operations into 2004.