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Plug Power has announced a new restructuring while the producer of “green hydrogen” is trying to strengthen his financial situation.
The new plan, “Project Quantum Leap”, includes layoffs and other cuts.
CEO Andy Marsh said other stages are needed “depending on market dynamics”.
Connect the power supply (SOCKET)) Actions withdrew the stockings of six years on Tuesday, but said that he had to take other restructuring measures to increase his financial situation, including more layoffs.
The producer of “green hydrogen” said that because of the “current market conditions” and other factors, he “determined that it was prudent to take additional measures to optimize his operational footprint, his current resources and expenses”.
Plug Power declared that these measures would include “additional reductions in the workforce in the coming weeks, in favor of its consolidations on the roof installations, additional discretionary expenses, additional reduction and a print of stocks and a limitation of capital expenses with short-term critical requirements.”
The company calls for effort “Project Quantum Leap”, adding that the movements should “improve again margins And cash flowand accelerate the path of profitability. “”
CEO Andy Marsh noted that despite the measures taken during the year to devote the finances of the catch, “it is clear according to the market dynamics that we must make additional progress”.
Plug Power’s shares have flowed almost 9% while the markets opened on Tuesday, but reversed the course and recently increased by 4.5%. However, they have lost around 60% of their value in the past year.
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