Plug Power CEO Andy Marsh will take 50% of his 2025 salary in company stock in a bid to signal confidence in the hydrogen firm’s future amid widening losses and a plunging stock price.
The move is hoped to counter scepticism around the company’s ability to turn a profit by directly tying the boss’ financial interest more tightly to the company’s performance.
Plug’s stock has dropped from over $3.50 a year ago to $1.58 as of March 20.
“Aligning my compensation with our company’s outlook, both short and long-term, is a demonstration of my confidence in our vision, our team and the value we are creating for shareholders,” Marsh said in a statement.
It comes after Plug logged a $2.1bn loss in 2024 – seeing its accumulated deficit rise to $6.6bn. A large portion of this was tied to over $970m worth of non-cash impairments from assets, equipment and power purchase agreements.
Marsh appeared keen to stress the company’s focus on turning a profit during its most recent investor call, where he said it would only pursue opportunities “tied to profitability or cash generation.”
Earlier this week, Plug announced it had raised $268m from the sale of shares to an unnamed single institutional investor to help fund “working capital and general corporate purposes.”
Amid the financial turbulence, Plug recently revealed further cost reduction measures such as job cuts and limiting CAPEX to near-term “critical investments.”
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