Plug Power Inc (NASDAQ:PLUG) announced the appointment of Chris Hutter as chief financial officer effective November 6, 2014. He will take over the responsibilities from Dave Waldek, who served as interim CFO since April last year.
Hutter joins Plug Power from PowerSecure
According to Power Plug Inc. (NASDAQ:PLUG), Hutter has 20 years of experience managing financial growth strategies, and he has the skills needed to guide and propel the sales and profitability of the company.
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Prior to joining Plug Power Inc (NASDAQ:PLUG), Hutter served as executive vice president and CFO of PowerSecure International, Inc. (NYSE:POWR), a provider products and services to electric utility companies and their commercial, institutional and industrial customers.
During his tenure at PowerSecure, Hunter managed to triple the size of the company through sales growth and acquisitions.
Hutter expected to help accelerate Plug Power’s business growth
Plug Power Inc (NASDAQ:PLUG) is confident that Hutter’s experience in the energy sector, investor knowledge and industry-specific analysis will add value and accelerate its business growth.
The company noted that Hutter developed a proven strategy around disciplined planning, forecasting and business review process that result to strong balance sheets, excellent bank relations and enhanced relationships with shareholders.
In a statement, Andy Marsh, CEO of Plug Power Inc (NASDAQ:PLUG) said, “Chris has displayed the proven qualifications to positively expedite Plug Power’s growth. The addition of Chris to Plug Power’s developing management team adds an additional level of strength as we invest in prepping the business to handle larger levels of success.”
On the other hand, Hutter said, “The energy industry is very dynamic, and I’m excited by the unique growth opportunities that lie ahead for Plug Power.” He added that the company has clearly established itself as a leader in the hydrogen fuel cell space and proved itself as the frontrunner in the material handling power market.
“I look forward to being a significant contributor to helping Plug Power become a global powerhouse in the fuel cell industry,” said Hutter.
Plug Power 2Q financial results
Last month, Plug Power Inc (NASDAQ:PLUG) reported that its second-quarter revenue increased three-fold to $17.3 million from $7.5 million in the same period a year earlier. Its net income was $3.8 million or $0.02 per share.
During the quarter, the company shipped 687 GenDrive fuel cell units to clients including Wal-Mart Stores, Inc. (NYSE:WMT), P&G and Central Grocers. The company said its gross margin on GenDrive products was 17%.
In June, Plug Power Inc (NASDAQ:PLUG) announced that it will deliver 15GSE fuel cells to the airport hub location of FedEc Corporation (NYSE:FDX) in Memphis in the fourth-quarter of this year. The following month, the company announced that Wal-Mart Stores, Inc. (NYSE:WMT) expanded its order to install hydrogen refueling stations.