PLUG Plug Power Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) 
of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 16, 2024

 

Plug Power Inc.

(Exact name of registrant as specified in its charter) 

 

Delaware		1-34392		22-3672377
(State or other jurisdiction		(Commission File		(IRS Employer
of incorporation)		Number)		Identification No.)

125 Vista Boulevard, Slingerlands, New York		12159
(Address of principal executive offices)		(Zip Code)

 

 (518) 782-7700

Registrant’s telephone number, including area code:

 

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): 

 

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

 

Securities registered pursuant to 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		PLUG		The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). 

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On August 16, 2024, the Board of Directors (the “Board”) of Plug Power Inc. (the “Company”) appointed Colin Angle as a director of the Company.

 

Mr. Angle has been designated as a Class III director to serve until the Company’s 2026 annual meeting of the stockholders or until his successor has been duly elected and qualified, or until his earlier death, removal or resignation. The Board has determined that Mr. Angle is an independent director as defined in the NASDAQ Stock Market listing standards and applicable Securities and Exchange Commission rules and regulations.

 

Prior to joining the Board, Mr. Angle was chief executive officer of iRobot Corporation (“iRobot”) from June 1997 to January 2024, where he was a co-founder and served on the board of iRobot from October 1992 to May 2024, including as chairman of the board of iRobot from October 2008 to January 2024. Mr. Angle previously worked at the National Aeronautical and Space Administration’s Jet Propulsion Laboratory, where he participated in the design of the behavior controlled rovers that led to Sojourner exploring Mars in 1997. He is a director of Ixcela, Inc., a private biotech company that provides support and treatment for a variety of gut related diseases. Mr. Angle holds a B.S. in Electrical Engineering and an M.S. in Computer Science, both from the Massachusetts Institute of Technology.

 

For his service as a non-employee director, Mr. Angle will be compensated in accordance with the Non-Employee Director Compensation Plan. The Company and Mr. Angle entered into the Company’s standard indemnification agreement for non-employee directors. There are no arrangements or understandings between Mr. Angle and any other person pursuant to which Mr. Angle was elected as director. There are no transactions in which Mr. Angle has an interest requiring disclosure under Item 404(a) of Regulation S-K.

 

Item 7.01 Regulation FD Disclosure.

 

On August 22, 2024, the Company issued a press release with respect to the appointment of Colin Angle to the Board. A copy of the press release is furnished herewith as Exhibit 99.1.

 

The information included in this Item 7.01 and Exhibit 99.1 of this Current Report are not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall this item and Exhibit 99.1 be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such future filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number	Description
99.1	Press Release of Plug Power Inc. dated August 22, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		Plug Power Inc.
Date: August 22, 2024	By:	/s/ Paul Middleton
		Name: Paul Middleton
		Title: Chief Financial Officer

 

 

 

Exhibit 99.1

 

Plug Power Appoints Colin Angle, Former CEO of iRobot, to Board of Directors

 

SLINGERLANDS, N.Y., August 22, 2024 – Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, today announced the appointment of Colin Angle, former CEO of iRobot, to its Board of Directors. Mr. Angle brings decades of extensive experience in technology innovation, robotics, and strategic leadership to Plug Power’s Board.

 

Mr. Angle is widely recognized for his pioneering work at iRobot, where he co-founded the company and led the development and commercialization of the Roomba robot vacuum, which revolutionized the home robotics market. Under his leadership, iRobot grew from a small MIT startup to a global publicly traded leader in consumer robotics, with millions of units sold worldwide.

 

“We are thrilled to welcome Colin Angle to our Board of Directors,” said Andy Marsh, CEO of Plug Power. “His visionary leadership and deep understanding of technology and innovation will be invaluable as we continue to advance our mission of building the hydrogen economy and expanding our global footprint. Colin’s insights and experience will help guide Plug Power as we scale our operations and deliver on our commitment to sustainability, revenue growth, and profitability.”

 

George McNamee, Chairman of Plug Power, added, “Colin’s track record of transforming cutting-edge technology into successful global products aligns perfectly with Plug Power’s goals. His experience will provide essential guidance as we continue to push the boundaries of what’s possible in the clean energy sector. We’re excited to have him on board as we work towards achieving our strategic objectives, focusing on sustainability, revenue growth, and profitability.”

 

Mr. Angle said, “I am excited to join Plug Power’s Board at such a pivotal time for the company and the broader hydrogen industry. I have long admired Plug Power’s commitment to innovation and its leadership in the clean energy space. I look forward to contributing to the company’s growth and helping to shape the future of energy.”

 

With the addition of Mr. Angle, Plug Power has further strengthened its Board of Directors, each bringing a wealth of experience and enhancing collective expertise in areas critical to the company’s success. Mr. Angle’s appointment reflects Plug Power’s ongoing commitment to strengthening its leadership team as it continues to accelerate the adoption of hydrogen and fuel cell solutions worldwide.

 

About Plug

 

Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.

 

With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants for commercial operation. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.

 

For more information, visit www.plugpower.com.

 

MEDIA CONTACT

 

Fatimah Nouilati
Allison
plugPR@allisonpr.com

 

 

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Cover	Aug. 16, 2024
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Entity Registrant Name	Plug Power Inc.
Entity Central Index Key	0001093691
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Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	125 Vista Boulevard
Entity Address, City or Town	Slingerlands
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Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLUG
Security Exchange Name	NASDAQ
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