Plug Power Appoints Additional Member to Board of Directors
03 Ottobre 2011 - 9:44PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy products, today announced that Mr. Douglas T.
Hickey has rejoined the Company's Board of Directors. Mr. Hickey
previously sat on Plug Power's Board from September 1, 2000 to
April 24, 2006.
Mr. Hickey most recently was Managing Director at Hummer Winblad
Venture Partners (HWVP), one of the nation's leading software
venture capital firms.
Prior to joining HWVP in 2001, Mr. Hickey served as CEO for
Critical Path, Inc. During his time here, the Company grew revenue
from less than $1M to more than $150M and earned Forbes.com
Number-One Fastest Growing Company Award in 2000.
Mr. Hickey previously held the CEO and President position for
Global Center Inc. Here, he grew the Company revenue from zero to
more than $50M of recurring revenue and achieved profitability. His
focus of the Company's strategy enabled rapid growth, securing
customers like Yahoo, Netscape and Oracle, ultimately leading to
the successful sale of the Company to Frontier Communications.
Prior to Global Center, Mr. Hickey was CEO and President of MFS
DataNet, the leading supplier of data related services to internet
service providers and enterprise customers worldwide. MFS grew to
more than $1 billion in revenue and subsequently completed a
successful IPO and trade sale.
"Doug's reengagement with Plug Power is a win for the Company,
given his broad experience and track record of building profitable
businesses," said Andy Marsh, CEO of Plug Power. "We have
transformed Plug Power into a sales and marketing driven company,
and I'm pleased this got Doug's attention. We are honored to have
him help with the execution of our profitability strategy and
believe his input will enhance our success."
"Plug Power is executing a plan to penetrate the material
handling market with its GenDrive product," said Hickey. "Their
growing traction with customers like Sysco, Coca-Cola and Walmart
is impressive. I'm excited to be reengaged with the Company as we
move down the path toward profitability."
"I'm very excited to welcome Doug back to the Board of
Directors," said George McNamee, Chairman. "Now that Plug Power is
in the rapid growth stage, his experience as a successful CEO and
venture capitalist will be invaluable. We look forward to working
with Doug again."
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for Plug Power's key accounts, including Wegmans,
Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units
shipped to material handling customers, accumulating over 4.5
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor
Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including but not limited to Plug Power's expectations
regarding expected shipments of GenDrive units for 2011 and 2012,
reductions in system cost, expanding the set of addressable
applications and increasing geographic reach. These statements are
based on current expectations that are subject to certain
assumptions, risks and uncertainties, any of which are difficult to
predict, are beyond Plug Power's control and that may cause Plug
Power's actual results to differ materially from the expectations
in Plug Power's forward-looking statements including statements
regarding the risk that unit orders will not ship, be installed
and/or convert to revenue, in whole or in part; the cost and timing
of developing Plug Power's products and its ability to raise the
necessary capital to fund such development costs; the risk that the
previously disclosed expected uses of the Company's recently raised
capital may change; the ability to achieve the forecasted gross
margin on the sale of Plug Power's products; the actual net cash
used for operating expenses may exceed the projected net cash for
operating expenses; the cost and availability of fuel and fueling
infrastructures for Plug Power's products; market acceptance of
Plug Power's GenDrive system; Plug Power's ability to establish and
maintain relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; the cost and availability of
components and parts for Plug Power's products; Plug Power's
ability to develop commercially viable products; Plug Power's
ability to reduce product and manufacturing costs; Plug Power's
ability to successfully expand its product lines; Plug Power's
ability to improve system reliability for GenDrive; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; Plug Power's ability
to manufacture products on a large-scale commercial basis; Plug
Power's ability to protect its intellectual property; the cost of
complying with current and future governmental regulations; and
other risks and uncertainties discussed under "Item IA-Risk
Factors" in (i) Plug Power's annual report on Form 10-K for the
fiscal year ended December 31, 2010, filed with the Securities and
Exchange Commission ("SEC") on March 31, 2011 and (ii) in Plug
Power's quarterly report on Form 10-Q for the quarter ended March
31, 2011 filed with the SEC on May 13, 2011, as well as in the
other reports Plug Power files from time to time with the SEC. Plug
Power does not intend to, and undertakes no duty to update any
forward-looking statements as a result of new information or future
events.
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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