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PLUG POWER INC.

(PLUG)
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Plug Power : Hires Former Tesla Alum David Mindnich to Influence Plug Power's Global Gigafactory Footprint

07/22/2021 | 07:31am EDT

LATHAM, N.Y., July 22, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, has announced that David Mindnich, a 15-year leader in manufacturing who spearheaded operations for Tesla’s Gigafactory, will join the company as executive vice president of global manufacturing.

In this role, Mindnich, who will report directly to CEO Andy Marsh, will lead the modernization of Plug Power’s manufacturing operations by creating process efficiencies and transforming its operations. He will be responsible for optimizing the performance of Plug Power’s global manufacturing facilities by tapping his experience with high-volume global manufacturing, process improvement and automation. Modernizing the operations will drive profitability and further the company’s reputation as a best-in-class fuel cell technology provider. Mindnich will manage 450 global employees while continuing to build out the team, anticipated to exceed 1,000 employees within two years.

“I’m honored to join Plug Power at a time when more businesses are looking for clean hydrogen energy solutions,” Mindnich said. “As a leader on Plug Power’s management team, I’ll work to strategically grow the company’s manufacturing operations, transitioning from mid to high volume through automation, to cater to this increasing demand.”

Prior to joining Plug Power, Mindnich spent the last five years in several different roles at Tesla’s Gigafactory in Nevada. Most recently, Mindnich served as senior director of operations where he oversaw a team of 5,000 employees at the world's largest battery and powertrain manufacturing facility. Leading teams responsible for ramping and optimizing the Nevada factory over the last five years, Mindnich’s teams were able to enhance many of the factory’s performance metrics during his tenure across multiple business units.

Mindnich, who earned his master’s in business administration from the University of Phoenix and bachelor’s degree from Arizona State University, previously served in senior manufacturing roles for other global companies, including International Game Technology and Trex Company, Inc.

“David Mindnich’s deep experience in manufacturing and operations will serve as a resource for Plug Power as we expand our capabilities and global footprint,” Marsh said. “We’re thrilled to have David’s expertise as we continue to grow our team and customer base.”

About Plug Power Inc.
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

Plug Power Safe Harbor Statement
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 plans in Europe and its expectations regarding its ability to strengthen its presence in fuel cell-powered on-road commercial mobility, green hydrogen generation and distribution and large scale electrolyzer markets, and PLUG’s belief that Europe will play a key role in the emergence of a green hydrogen economy. 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. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2020. Readers are cautioned not to place undue reliance on these forward-looking 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.

Media Contact
Teal Hoyos
Plug Power
media@plugpower.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8f8dd379-c154-43fd-a58d-6bf1129fe488


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David Mindnich, Plug Power executive vice president of global manufacturing

Plug Power Hires David Mindnich as executive vice president of global manufacturing
Source: Plug Power, Inc.

2021 GlobeNewswire, Inc., source Press Releases

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Financials (USD)
Sales 2021 494 M - -
Net income 2021 -245 M - -
Net cash 2021 3 141 M - -
P/E ratio 2021 -60,7x
Yield 2021 -
Capitalization 15 203 M 15 203 M -
EV / Sales 2021 24,4x
EV / Sales 2022 17,1x
Nbr of Employees 1 285
Free-Float 87,5%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 26,47 $
Average target price 40,55 $
Spread / Average Target 53,2%
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Managers and Directors
Andrew J. Marsh President, Chief Executive Officer & Director
Paul B. Middleton Chief Financial Officer & Senior Vice President
George C. McNamee Chairman
Tim Cortes Chief Technology Officer
Keith C. Schmid Chief Operating Officer & Senior Vice President
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