Plug Power Poaches Tesla Gigafactory Exec For Help With Global Manufacturing

Hydrogen fuel cell manufacturer Plug Power Inc. PLUG has roped in a key executive to strengthen its global manufacturing operation.

What Happened: Latham, New York-based Plug Power said Thursday it has appointed David Mindnich as EVP, global manufacturing.

Mindnich has about 15 years of leadership experience in manufacturing and has led EV giant Tesla, Inc.'s TSLA Gigafactory operations, the company said.

Mindnich was with Tesla for the last five years, and his last role with the EV maker was senior director of operations, where he oversaw a team of 5,000 employees at the world's largest battery and powertrain manufacturing facility.

Related Link: Why This Plug Power Analyst Is Bullish On Hydrogen Stock's Growth Potential

At Plug Power, Mindnich will report directly to CEO Andy Marsh. The former Tesla exec, the company said, will lead modernization efforts of its manufacturing operations by creating process efficiencies and transforming its operations.

Additionally, Mindnich will be responsible for optimizing the performance of Plug Power's global manufacturing facilities by tapping his experience with high-volume global manufacturing, process improvement and automation.

"As a leader on Plug Power's management team, I'll work to strategically grow the company's manufacturing operations, transitioning from mid to high volume through automation, to cater to this increasing demand," Mindnich said in a statement. 

Why It's Important: Modernizing the operations will drive profitability and further the company's reputation as a best-in-class fuel cell technology provider, Plug Power said.

Mindnich will manage 450 global employees while continuing to build out the team, anticipated to exceed 1,000 employees within two years, the company added.

Plug Power has announced several global partnerships, as it focuses on building the green hydrogen economy on a global basis.

PLUG Price Action: Plug Power shares were down 2.89% at $27.24 at last check Thursday. 

Related Link: Why This Analyst Thinks Plug Power Stock Deserves Elevated Valuation

Photo: a Plug Power hydrogen delivery truck. Courtesy photo.