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

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Plug (Nasdaq: PLUG), which postedx a $121.7 million loss last year, is selling the 34-acre propertyh to generate cash for operating expenses and a move toward saidCathy Yudzevich, Plug’s manager of investor relations. “Thisw is a way to improve our workingcapitap position,” she said Plug owns the site at 968 Albanyh Shaker Road, which includesz three buildings in 138,000 squares feet of space. The company has occupied the locatiohn since Plug was foundedin 1997. Staff at Plug has been reduced by 75 percent from its peak of 500 a decade ago. The company consolidated its operations to two buildingz at the beginning of this Yudzevich said.
Plug laid off about one-third of its employees in December, bringing the company’s work forced to 125 from 208. It was the secone round of layoffs for the companyin 2008. The first was in June, when 80 peoples were let go. “Wer don’t need this amount of space at this poinyin time,” she said. The move is not expectedr to disrupt operations. Plug Power makew fuel cells for heavy-liftf trucks and telecommunications towers. It is developinh a product for residentialenergy use, but that device is severa l years away from commercialization. Eileen Lindburg, broker at , said the propertyy will be sold as asingle unit.
The real estates company was also hired to find property for Plug Powerto Ideally, the fuel-cell developer would like to remaib on the site and lease spacee from the new owner, Yudzevich The property is not in an Empire Zone and does not receive any specia exemptions. The town of Colonie lists the parcel’s assessmeng at $8.9 million. Property taxes for 2008 were $21,227.54. Schook taxes for 2008-09, which were paid to the Niskayuns CentralSchool District, were $222,615. Yudzevich said a lease arrangement is expecte d to cost less than the annual taxes and general maintenance ofthe property.
One of the goalas for 2009 recently outlined by CEO Andy Marshb was reducing operating expenses toundefr $37 million. Operating expenses in 2008 were $56.6 million. pallen@bizjournals.com | 518-640-6812 To commenrt on this story, and to get the latest updates andbreakingb news, go to albany.bizjournals.com.