Plug Power Welcomes Jose Luis Crespo as Chief Executive Officer

Crespo’s commercial and operational expertise positions Plug for disciplined growth and execution

SLINGERLANDS, N.Y., March 03, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, welcomes Jose Luis Crespo as Chief Executive Officer, marking the start of the Company’s next phase of disciplined growth and focused execution. Crespo assumed the role on March 2, 2026.

Crespo brings more than 12 years of leadership experience at Plug, most recently serving as President and Chief Revenue Officer, where he drove growth through cost discipline, margin expansion, and capital efficiency. He led Plug’s commercial organization during a period of significant scale, helping grow revenue from approximately $27 million in 2013 to more than $700 million in 2025. During his tenure, he built and expanded the company’s global commercial platform, developing a revenue pipeline exceeding $8 billion in strategic opportunities across Plug solutions.

Under Crespo’s leadership, Plug deepened strategic partnerships with global customers including Amazon, Walmart, Home Depot, Galp and Iberdrola while advancing hydrogen fuel cell and electrolyzer deployments across multiple industries. He worked closely with operations and finance teams to ensure commercial growth translated into measurable performance, reinforcing accountability, execution rigor, and a clear path toward sustained profitable growth.

The leadership transition reinforces continuity in Plug’s strategy that concentrates on electrolyzers, fuel cells, and hydrogen generation assets that make hydrogen energy accessible for commercial and industrial applications globally. The strategy also includes our previously communicated financial objectives, including targeting: positive EBITDAS by the end of 2026, positive operating income by the end of 2027, and full profitability by the end of 2028, while still growing the Company substantially and in line with the 2025 year over year growth rate.

“Plug has built a differentiated hydrogen platform with operating assets, scaled deployments, and long-term customer relationships,” said Jose Luis Crespo, CEO of Plug. “We are entering our next phase with clear priorities: disciplined execution, margin improvement, capital efficiency to achieve sustainable profitable growth. Our focus is on converting our commercial strength into consistent financial performance while scaling responsibly across our integrated ecosystem.”

With this transition, Plug moves forward with an established global customer base, active deployments across product lines, operating hydrogen production plants, commercial electrolyzer projects, fueling infrastructure, and more than 74,000 fuel cell systems deployed worldwide. The company’s strategy remains centered on operational excellence, financial discipline, and scalable growth as Plug advances its integrated hydrogen platform globally towards profitability.

Crespo succeeds longtime CEO Andy Marsh, who has transitioned to Chairman of Plug’s Board of Directors, consistent with the leadership transition plan announced in October 2025.

“Leading Plug has been the privilege of my career,” said Andy Marsh, Chairman of the Board. “We built a company operating across the full hydrogen ecosystem, with production assets, deployed infrastructure, and customers relying on our proven solutions every day. Jose Luis has been instrumental in scaling our commercial and operational capabilities, and I have full confidence in his leadership as Plug continues to execute.”

About Plug Power
Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation—enabling the global hydrogen economy. A first mover in the industry, Plug has built its business around electrolyzers, fuel cells, and hydrogen production plants, serving customers across material handling, industrial applications, and energy markets, and advancing energy resilience and industrial decarbonization.

Plug’s GenEco electrolyzer spans five continents, while more than 74,000 GenDrive fuel cell systems operate worldwide across 280+ hydrogen-powered material handling sites. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply. Production facilities are currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of 40 tons per day.

With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.