Plug Power Hires Benjamin Haycraft as VP Strategy & Business Development Europe

Rhea-AI Summary

Plug Power has announced the appointment of Benjamin Haycraft as Vice President of Strategy and Business Development for Europe, aiming to boost its growth in the region. With prior experience as a Santander banker, where he facilitated joint ventures with major European companies, Haycraft will spearhead the execution of Plug Power's European strategy. The company has over a decade of experience in hydrogen solutions and plans to enhance its presence in commercial mobility and green hydrogen markets, signaling a strong commitment to a sustainable future.

Positive

• Appointment of Benjamin Haycraft expected to accelerate growth opportunities in Europe.
• Haycraft's previous work facilitated joint ventures with major companies like Renault and Acciona.
• Plug Power's extensive experience in hydrogen solutions provides a strong foundation for expansion.

Negative

• Concerns about continuity and experience gaps due to management changes.

The appointment of Benjamin Haycraft to this strategic position confirms Plug Power's ambition to accelerate its development in Europe.

LATHAM, N.Y. and BOULOGNE-BILLANCOURT, France, May 20, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announces Benjamin Haycraft as the Company’s newest Vice President of Strategy and Business Development, Europe. This appointment confirms Plug Power's desire to accelerate its development opportunities in Europe.

Before joining Plug Power, Benjamin Haycraft advised the Company as a Santander banker, resulting in the announcement of the joint-venture projects at the start of 2021 with European leaders including the Renault Group in France and Acciona in the Iberian Peninsula. Located in France, Benjamin Haycraft will be responsible for executing the European Plug Power strategy, sourcing external growth opportunities, acting as commercial interface between Plug Power and its partners, and deploying green hydrogen generation and distribution infrastructure on a large scale across Europe.

Plug Power has been providing hydrogen and fuel cell solutions in Europe for more than 10 years often in partnership with key European companies like Carrefour, IKEA, BMW and GAUSSIN. Plug Power has strong development ambitions in Europe and is aligned to significantly strengthen its presence in the coming months in fuel cell-powered on-road commercial mobility, green hydrogen generation and distribution and large scale electrolyzer markets.

Mr. Haycraft will report to Sanjay Shrestha, Chief Strategy Officer at Plug Power and general manager of the Energy Solutions division. “It’s undeniable. Europe will play a key role in the emergence of a green hydrogen economy,” said Mr. Shrestha. “I am delighted for Benjamin to join the Plug Power team. I believe he has already seen first-hand that Plug Power is unique because it can connect the entire hydrogen value chain to deploy turnkey and competitive solutions today. His strategic skill set will only help open doors to further European commercialization."

On the back of a broad international experience (New York, Madrid, Paris), Benjamin Haycraft had recently taken on the responsibility of the ESG Corporate Finance group for the Santander Bank, after having built the bank’s expertise on hydrogen over the past three years. He has spent more than ten years in finance and investment banks and focused on clean mobility and renewable energy topics.

About Plug Power Inc.

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

Safe Harbor Statement
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. ("PLUG"), including but not limited to statements about PLUG's plans in Europe and its expectations regarding its ability to strengthen its presence in fuel cell-powered on-road commercial mobility, green hydrogen generation and distribution and large scale electrolyzer markets, and PLUG’s belief that Europe will play a key role in the emergence of a green hydrogen economy. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2020. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.

SOURCE: PLUG POWER

Media North America: Ian Martorana - plugpowerpr@bulleitgroup.com 
Media Europe : Emilie de Chezelles - plugpower@clai2.com 

FAQ

What is the significance of Benjamin Haycraft's appointment at Plug Power?

Benjamin Haycraft's appointment is significant as it aims to accelerate Plug Power's growth in Europe, enhancing its strategic capabilities in the hydrogen market.

What role will Benjamin Haycraft play in Plug Power?

Haycraft will be responsible for executing Plug Power's European strategy and seeking growth opportunities, acting as a commercial interface with partners.

How does Plug Power plan to expand its presence in Europe?

Plug Power plans to expand its presence in Europe through increased focus on fuel cell-powered commercial mobility, green hydrogen generation, and large-scale electrolyzer markets.

Why is Europe important for Plug Power's strategy?

Europe is viewed as a key region for the emergence of a green hydrogen economy, aligning with Plug Power's goals for sustainability and growth.