Plug Power lays off 22 workers
LATHAM Fuel cell manufacturer Plug Power laid off 22 full-time employees last Thursday, according to a filing submitted to the U.S. Securities and Exchange Commission last week.
The company, which has its headquarters at 968 Albany-Shaker Road, estimates savings of $3 million to $4 million from its annual expenses as a result of the cuts.
Plug Power researches, develops and commercializes fuel cells for the automotive, electric lift truck and back-up, residential and remote power markets. At the core of its business is the GenDrive power unit, an alternative to lead-acid batteries for electric lift trucks.
The layoffs will “improve organizational efficiency and conserve working capital needed to support the growth of the GenDrive business,” according to the SEC filing signed by Plug Power President and CEO Andrew Marsh.
About $600,000 will be paid out in severance and related costs over the next few months.
In October, the company announced it was looking at alternatives to fix falling bid prices of its common stock in order to remain on the NASDAQ Stock Market after receiving notice it was not in compliance with NASDAQ rules. The bid price of its common stock had closed below the required $1 minimum per share for 30 consecutive business days.
Since then, bid prices have continued to fall. As of Tuesday, Plug Power’s bid price hovered around $0.62.