Fund Manager Appointed to Plug Power Board of Directors

Tag: Power Supply Plug

Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable on-site energy products, today announced the appointment of Michael McGuire to the Company's board of directors.

"Michael's experience as a fund manager operating in Russia and other developing markets combined with his knowledge of business management, growing revenue streams and entrepreneurship will add considerable value to the Plug Power board of directors," said George McNamee, Chairman of the board of directors of Plug Power.

McGuire is the Founder and Managing Partner of Triple Trunk Capital LLC, which provides liquidity to second-tier corporate clients and second-tier banks in the Russian market through the use of structured trade finance, structured finance and asset-backed lending strategies.

Prior to founding Triple Trunk, McGuire was the founder and managing director of ARIA Worldwide, Inc., where he executed more than $500 million in transactions, which focused on commodity trading and structured trade finance in Russia and Slavic republics of the CIS. McGuire started his career at Manufacturers Hanover Trust Co., (now JPMorgan Chase).

He is also the chairman of ITP Foundation, a non-profit a (501 c 3) organization dedicated to increasing the awareness of a rare bleeding disorder (Immune Thrombocytopenic Purpura). McGuire is a graduate of Babson College in Wellesley, MA.

McGuire was appointed director by Smart Hydrogen, Inc. to replace Sergey Polikarpov who is departing as part of the deal whereby Vladimir Potanin's interest in Smart Hydrogen, the holder of all Plug Power's Class B Capital Stock, has increased to 50% (the other 50% of shares are owned by Russian mining company MMC Norilsk Nickel). Under terms of the Class B Capital Stock, Smart Hydrogen is currently entitled to appoint up to four of the Company's eleven directors.

"As an industry leader, Plug Power is still a key piece of Smart Hydrogen's broader strategy to invest in the hydrogen fuel cell industry in the United States and elsewhere. We have consistently purchased additional Plug Power stock through our top-up rights in order to maintain a 35% stake in the Company," said Sergey Batekhin, Managing Director of Interros Holding Company, an entity entirely controlled by Mr. Potanin.

About Plug Power

Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and deployment of clean, reliable on-site energy solutions, integrates fuel cell technology into backup, motive and continuous power products for telecommunications, material handling, utility and uninterruptible power supply applications. The Company is actively engaged with private and public customers in targeted markets throughout the world, including North America, Europe, the Middle East, Russia, South Africa and South America. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner.