SAN FRANCISCO (Thomson Financial) - Plug Power Inc. said Wednesday it plans
to cut 80 jobs, primarily from its corporate headquarters, as it restructures
its organization to focus on sales and marketing.
The Latham, Wash.-based development stage company, a maker of fuel cell
systems for stationary and motive markets, has a total workforce of 380.
The reduction in cash consumption is expected to extend the company's
funding by an incremental 12 to 18 months, the company said.
Plug Power also said it plans to invest in long-term opportunities in the
continuous power business.
The company said it expects to recognize "a substantial majority" of the
charges related to restructuring by the end of the year.
Shares of Plug Power were down 2 cents at $2.57.
Katherine Hunt
kh/vj
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