SK Group Executive, Kyungyeol Song, Joins Plug Power Board Of Directors

Rhea-AI Summary

Plug Power Inc. (NASDAQ: PLUG) has appointed Kyungyeol Song as a Class III director on its Board of Directors. Dr. Song currently leads Quantum Growth at SK E&S and has extensive experience in renewable energy and energy transition, notably in hydrogen and energy storage systems. His background includes roles at McKinsey and advising the Korean government on energy policy. CEO Andy Marsh emphasized Dr. Song’s ability to enhance Plug Power's growth in Asian markets. Dr. Song holds a Ph.D. from MIT, positioning him to support the company's expansion in the hydrogen economy.

Positive

• Appointment of Kyungyeol Song expected to enhance growth strategies in Asian markets.
• Dr. Song's extensive background in energy solutions and government advisory roles adds valuable expertise.

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• None.

LATHAM, N.Y., March 25, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, has appointed Kyungyeol Song to Plug Power’s Board of Directors (the “Board”) as a Class III director. Dr. Song currently serves as Head of Quantum Growth for SK E&S Co., Ltd., a member of the SK Group.

Dr. Song has a career built on finding and bringing new energy solutions to market. In his current position, he leads a special task force identifying new energy sectors in renewables and energy transition, such as hydrogen and energy storage systems (ESS). He has led business development teams responsible for combining renewable energy, ESS and AI/big data/IoT technologies.

Prior to working for the SK Group, Dr. Song served as Director of McKinsey Energy Center. There, he led the Electric Power Practice and Energy and Chemical Practice at McKinsey’s Korea Office. Dr. Song brought strong growth strategies regarding renewable energy and clean tech including investment decisions for electric vehicle battery businesses, M&A deals for front of the meter ESS business, and entry strategies for microgrid and other ESS related businesses. Dr. Song also supported the Ministry of Trade, Industry, Energy (MOTIE) of Korea as an Advisory Committee Member for Energy Policy. Here, he provided counseling and support for the Korean government on national energy policy, such as renewable energy policy, national energy basic plan.

“Dr. Song’s experience in the energy industry spans the public to private sides of the energy landscape,” said Andy Marsh, CEO of Plug Power. “As Plug Power pursues accelerating the growth of hydrogen economy in Asian markets, there is no better advocate we can place on our board of directors to enhance our current core competencies.”

“Plug Power has powerful hydrogen and fuel cell solutions and a distinguished business model,” said Dr. Kyungyeol Song. “The acceleration of Plug Power’s global growth is inevitable, and I look forward to supporting the Board of Directors and Company on this journey.”

Dr. Song holds a Ph.D. in Aeronautics & Astronautics from Massachusetts Institute of Technology, and a M.S./B.S. in Aerospace Engineering from Seoul National University in Seoul, Korea.

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell 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 meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell 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. Learn more at www.plugpower.com.

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 expectations regarding its multi-year investment and growth , PLUG’s clean hydrogen technology and fuel cell solutions playing a critical role in achieving climate and decarbonization goals, deepening of relationships with key stakeholders, and acceleration of demand and adoption of hydrogen technology . 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, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 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 Contact
Ian Martorana
The Bulleit Group
‪(415) 237-3681
plugpowerpr@bulleitgroup.com

FAQ

Who is Kyungyeol Song and what is his role at Plug Power?

Kyungyeol Song has been appointed as a Class III director on Plug Power's Board and leads Quantum Growth at SK E&S.

What experience does Kyungyeol Song bring to Plug Power?

Dr. Song has experience in renewable energy, energy transition, and has previously worked at McKinsey, advising on energy policy.

How will Kyungyeol Song's appointment impact Plug Power's growth?

His appointment is expected to enhance Plug Power's growth strategies, particularly in Asian markets focused on hydrogen solutions.

What is Plug Power's focus in the energy sector?

Plug Power focuses on building a hydrogen economy and providing innovative hydrogen fuel cell solutions.