Plug Power announced layoffs as part of a "strategic expense reduction plan" that's designed to save the hydrogen energy company more than $75 million annually. The company did not say how many employees will lose their jobs.
The layoffs surface less than one month after the company was getting close to finalizing a $1.6 billion loan from the U.S. Department of Energy, while also cutting spending to shore up the balance sheet, Bloomberg reported on January 23, 2024.
In addition to layoffs, the company plans to "optimize its supply chain management, curtail discretionary spending, and leverage automation and digital technologies to enhance operational efficiency," the company said.
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