Plug Power, Inc. (NASDAQ:PLUG) announced plans to cut its annual operational expenses by over $75 million through layoffs, supply chain optimization, and other cost-reduction measures. The company aims to streamline processes and enhance operational efficiency with automation and digital technologies. Despite the layoffs, affected employees will receive severance packages and career transition support. Plug Power also highlighted recent achievements, including the delivery of liquid hydrogen refuelers and the production of liquid green hydrogen at its Georgia plant, marking it as the largest in the U.S. market. Additionally, Plug Power has secured a contract in Europe for a 500 MW electrolyzer project. Shares of Plug Power rose 2.10% to $4.25.