Plug Power Welcomes Jose Luis Crespo as Chief Executive Officer
SLINGERLANDS, N.Y., March 03, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a global leader in comprehensive hydrogen solutions, welcomes Jose Luis Crespo as Chief Executive Officer, marking the start of the Company's next phase of disciplined growth and focused execution. Crespo assumed the role on March 2, 2026.
Crespo brings more than 12 years of leadership experience at Plug, most recently serving as President and Chief Revenue Officer, where he drove growth through cost discipline, margin expansion, and capital efficiency. He led Plug's commercial organization during a period of significant scale, helping grow revenue from approximately $27 million in 2013 to more than $700 million in 2025. During his tenure, he built and expanded the company's global commercial platform, developing a revenue pipeline exceeding $8 billion in strategic opportunities across Plug solutions.
Under Crespo's leadership, Plug deepened strategic partnerships with global customers including Amazon, Walmart, Home Depot, Galp and Iberdrola while advancing hydrogen fuel cell and electrolyzer deployments across multiple industries. He worked closely with operations and finance teams to ensure commercial growth translated into measurable performance, reinforcing accountability, execution rigor, and a clear path toward sustained profitable growth.
The leadership transition reinforces continuity in Plug's strategy that concentrates on electrolyzers, fuel cells, and hydrogen generation assets that make hydrogen energy accessible for commercial and industrial applications globally. The strategy also includes our previously communicated financial objectives, including targeting: positive EBITDAS by the end of 2026, positive operating income by the end of 2027, and full profitability by the end of 2028, while still growing the Company substantially and in line with the 2025 year over year growth rate.
"Plug has built a differentiated hydrogen platform with operating assets, scaled deployments, and long-term customer relationships," said Jose Luis Crespo, CEO of Plug. "We are entering our next phase with clear priorities: disciplined execution, margin improvement, capital efficiency to achieve sustainable profitable growth. Our focus is on converting our commercial strength into consistent financial performance while scaling responsibly across our integrated ecosystem."
With this transition, Plug moves forward with an established global customer base, active deployments across product lines, operating hydrogen production plants, commercial electrolyzer projects, fueling infrastructure, and more than 74,000 fuel cell systems deployed worldwide. The company's strategy remains centered on operational excellence, financial discipline, and scalable growth as Plug advances its integrated hydrogen platform globally towards profitability.
Crespo succeeds longtime CEO Andy Marsh, who has transitioned to Chairman of Plug's Board of Directors, consistent with the leadership transition plan announced in October 2025.
"Leading Plug has been the privilege of my career," said Andy Marsh, Chairman of the Board. "We built a company operating across the full hydrogen ecosystem, with production assets, deployed infrastructure, and customers relying on our proven solutions every day. Jose Luis has been instrumental in scaling our commercial and operational capabilities, and I have full confidence in his leadership as Plug continues to execute."
About Plug Power
Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation—enabling the global hydrogen economy. A first mover in the industry, Plug has built its business around electrolyzers, fuel cells, and hydrogen production plants, serving customers across material handling, industrial applications, and energy markets, and advancing energy resilience and industrial decarbonization.
Plug's GenEco electrolyzer spans five continents, while more than 74,000 GenDrive fuel cell systems operate worldwide across 280+ hydrogen-powered material handling sites. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply. Production facilities are currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of 40 tons per day.
With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.
For more information, visit www.plugpower.com.
Safe Harbor
This press release 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 regarding expectations, beliefs, intentions, plans, objectives, financial targets, projections, estimates, or future performance. Forward-looking statements include, but are not limited to, statements relating to: leadership transition and management continuity; execution of Plug's strategy; anticipated growth; margin improvement; capital efficiency; liquidity; the timing or achievement of positive EBITDAS, positive operating income, or full profitability; the development, construction, operation and performance of hydrogen production facilities; electrolyzer and fuel cell deployments; customer demand; commercial pipeline opportunities; Plug's ability to achieve its business objectives; the effectiveness of the Company's strategic initiatives, including asset monetization strategies; expansion into or demand within the data center and power solutions markets; cost management efforts; and the Company's future capital requirements and liquidity needs. The words "will", "expect", "believe", "target", "estimate", "could", "should", "anticipates" and similar expressions identify forward-looking statements. Forward-looking statements are based on current expectations, assumptions, estimates, and projections of management as of the date of this press release and are subject to significant risks and uncertainties. While Plug believes that it has a reasonable basis for making the forward-looking statements in this press release, they are not a guarantee of future performance, and actual results, performance, or achievements may differ materially from those expressed or implied in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: Plug's historical operating losses and its ability to achieve or maintain profitability; its ability to achieve its stated financial objectives within the anticipated timeframes, or at all; its ability to manage liquidity and working capital; its need for additional capital and its ability to obtain financing on acceptable terms, or at all; risks associated with the buildout, commissioning, performance and economics of hydrogen production plants; reliance on third-party suppliers and contractors; customer concentration and the timing or cancellation of customer orders; the availability and cost of hydrogen feedstock and electricity; execution risks associated with large-scale projects; the availability and timing of government incentives, tax credits and regulatory approvals; changes in public policy, including those relating to clean energy and hydrogen incentives; macroeconomic conditions, including inflation, interest rate volatility, currency fluctuations, tariffs and trade restrictions; supply chain disruptions; competition; risks associated with the data center market and demand for power solutions; the effectiveness of the Company's strategic initiatives, including asset monetization strategies; the Company's ability to manage costs and liquidity; risks related to the Company's future capital requirements and liquidity needs; and other risks described in Plug's filings with the Securities and Exchange Commission (the "SEC"). For a further description of the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as other risks relating to Plug's business, see Plug's most recent Annual Report on Form 10-K for the year ended December 31, 2025, including the "Risk Factors" section thereof, and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date made. Except as required by applicable law, Plug expressly disclaims any obligation to update, revise, or publicly release any updates to forward-looking statements, whether as a result of new information, future developments, changed circumstances, or otherwise.
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