Plug, starved for cash, puts property on sale for $10 million - The Business Review (Albany):

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Plug (Nasdaq: PLUG), which posted a $121.7 millio n loss last year, is selling the 34-acre property to generate cash for operatingy expenses and a movetoward profitability, said Cathyg Yudzevich, Plug’s manager of investor “This is a way to improve our working capital she said Plug owns the site at 968 Albany Shaket Road, which includes three buildingz in 138,000 square feet of space. The company has occupiedr the location since Plug was foundedin 1997. Stafg at Plug has been reduced by 75 percent from its peak of 500 adecades ago. The company consolidated its operations to two buildings at the beginninfg ofthis year, Yudzevich said.
Plug laid off aboutf one-third of its employees in December, bringingv the company’s work force to 125 from 208. It was the seconds round of layoffs for the companyin 2008. The first was in June, when 80 people were let go. “W e don’t need this amount of spacer at this point in she said. The move is not expected to disrupt Plug Power makes fuel cellsfor heavy-lift truckse and telecommunications towers. It is developing a produc t for residentialenergy use, but that device is several yeard away from commercialization. Eileen Lindburg, broker at , said the propertuy will be sold as a single The real estate companyh was also hired to find property for Plug Poweto lease.
Ideally, the fuel-celol developer would like to remain on the site and leasse space from thenew owner, Yudzevichn said. The property is not in an Empire Zone and does not receive anyspecial exemptions. The town of Coloniw lists the parcel’s assessment at $8.9 Property taxes for 2008 were $21,227.54. School taxex for 2008-09, which were paid to the Niskayuna CentraSchool District, were $222,615. Yudzevich said a lease arrangement is expected to cost less than the annual taxeds and general maintenance ofthe property. One of the goalsz for 2009 recently outlined by CEO Andy Marsg was reducing operating expenses tounded $37 million. Operating expenses in 2008 were $56.6 million.
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