Plug Power Inc. Appoints Jose Luis Crespo as New CEO

Crespo’s ascension to CEO follows a successful tenure as President and Chief Revenue Officer at Plug Power, where he played a pivotal role in scaling the company's operations. Over the past 12 years, Crespo has been instrumental in driving significant revenue growth, escalating from approximately $27 million in 2013 to over $700 million in 2025. His leadership in developing a robust global commercial platform has resulted in a revenue pipeline exceeding $8 billion in strategic opportunities.

Under Crespo’s guidance, Plug Power has deepened its relationships with key global customers, including retail giants such as Amazon, Walmart, and Home Depot, as well as energy leaders like Galp and Iberdrola. This approach has not only enhanced Plug's market position but has also facilitated the deployment of hydrogen fuel cells and electrolyzers across various industries. Crespo has emphasized the importance of translating commercial growth into measurable performance, ensuring that accountability and rigorous execution remain at the forefront of Plug’s operational strategy.

The transition to Crespo’s leadership aims to maintain continuity in Plug’s strategic emphasis on electrolyzers, fuel cells, and hydrogen generation assets, making hydrogen energy accessible for a wide range of commercial and industrial applications globally. The company has set ambitious financial objectives, targeting positive EBITDAS by the end of 2026, positive operating income by 2027, and full profitability by the end of 2028, all while sustaining substantial growth aligned with the 2025 year-over-year growth rate.

Crespo articulated his vision for the company, stating, “Plug has built a differentiated hydrogen platform with operating assets, scaled deployments, and long-term customer relationships. Our focus is on converting our commercial strength into consistent financial performance while scaling responsibly across our integrated ecosystem.”

Plug Power’s robust infrastructure includes active hydrogen production plants, commercial electrolyzer projects, and fueling infrastructure, with more than 74,000 fuel cell systems deployed globally. The company’s operational capabilities span five continents, servicing major clients in various sectors, including material handling and industrial applications.

Crespo succeeds Andy Marsh, who has served as CEO since the company's inception and now transitions to Chairman of the Board. Marsh expressed confidence in Crespo’s capabilities, stating, “Jose Luis has been instrumental in scaling our commercial and operational capabilities, and I have full confidence in his leadership as Plug continues to execute.”

As Plug Power embarks on this new phase of leadership under Crespo, the company is well-positioned to capitalize on its established global customer base and expansive operational footprint. The focus on disciplined execution, operational excellence, and financial discipline will be critical as Plug Power aims to lead the charge towards a sustainable hydrogen economy.

With a clear strategic vision and a commitment to innovation, Plug Power is set to redefine the landscape of hydrogen energy in the coming years.