Plug Power CEO Andy Marsh plans to buy up to $30,000 of shares of the fuel cell manufacturer's stock in the next year.
On or around March 7, Marsh will adopt a stock trading plan to buy shares of Plug’s common stock, according to a company blog post. The announcement is keeping Marsh's promise to shareholders after a business update in early January.
Under the proposed plan, a broker will buy up to $30,000 of shares of the company’s common stock at market price with a maximum price per share of $10 between March 11, 2019 and March 6, 2020. The transactions will be reported to the U.S. Securities and Exchange Commission.
The blog post said additional details will be provided in March.
Plug Power (Nasdaq: PLUG) makes fuel cells used to power forklifts in warehouses and distribution centers. Fuel cells are seen as an alternative to lead-acid batteries. The company has shipped more than 25,000 fuel cell units to dozens of customers including Amazon.com Inc. (Nasdaq: AMZN), Walmart Inc. (NYSE: WMT) and Nike (NYSE: NKE).
Plug is one of the largest manufacturers in the area and is one of the area's few public companies, employing more than 600 engineers, researchers and technologists.
Marsh has spent the last few years mapping out what the future of Plug Power will look like: Expanding into on-road delivery vehicles, working more with the telecom industry, fueling autonomous vehicles and potential partnerships in China. Plug has been working with FedEx (NYSE: FDX), putting its technology into vans delivering packages to Albany area residents.
He is projecting revenues between $235 million and $245 million in 2019, and says the company is on track to turn a profit for the first time.
Marsh plans to host a live Reddit Ask Me Anything (AMA) Session next week on Tuesday, Feb. 5 at 2 p.m. The Q&A will give people the opportunity to ask questions on anything they want to know about Plug Power.
Plug Power's stock closed at $1.39 on Wednesday afternoon.
