Chief executive Roger Saillant said the money would allow Latham-based Plug to become a force in the worldwide fuel-cell industry.

"What we're really going to do is, we're going to think very carefully," Saillant said. "This is like a global chess game."

Plug manufactures so-called proton exchange membrane fuel cells that are powered by hydrogen and are expected to replace batteries and generators. The devices and related systems are sold to telecommunications companies, utilities and governments, although Plug eventually wants to target residential customers and the automotive market.

Its new investors include Vladimir Potanin, a wealthy Russian industrialist and philanthropist who runs Interros Holding Co., a massive conglomerate based in Moscow. Potanin and others associated with Interros and its mining subsidiary, Norilsk Nickel, made the investment in Plug through a new entity called Smart Hydrogen Inc.

As part of the deal, which is expected to officially close today, Hydrogen will get four seats on Plug's board, which is being increased from 10 members to 11.

Plug officials also said Gregory Silvestri, the company's chief operating officer, was named president. Saillant, who remains CEO, previously held that position.

Saillant will have more time to devote to Plug's long-term vision and goals, while Silvestri will focus on day-to-day operations and execution of the growing company's business plan.

"I believe we do that today," Silvestri said of the company's execution. "And we'll be doing that in the future on a larger stage. It's executing for a worldwide global presence."

The changes come as Plug is still working on full-scale commercialization of its products; it had $51 million in losses last year, mostly from research and development expenses.

Plug has sold more than 650 fuel-cell systems worldwide since its inception in the late 1990s, but has ambitious plans to sell between 500 and 750 of the systems this year alone.

Saillant said its one factory in Latham is capable of producing between 6,000 and 9,000 fuel cells a year, giving it plenty of capacity for the near future. But the company is also considering the possibility of adding manufacturing facilities overseas, including in Russia, to get closer to customers, Saillant said.

Plug expects Russia will become a key market because of its new investors, who are already providing technical expertise on fuel-cell technology, a major focus of energy research and development in that country.

"They've been (researching) fuel cells since the space program in the '60s," Saillant said after the meeting, which was held at the Nasdaq Stock Market's offices in Times Square.

The new board members appointed by Smart Hydrogen include Sergey Polikarpov, director of Smart Hydrogen, and Sergei Batekhin, one of the directors of Interros. A third appointment is Joel Gross, who will serve as an independent director not affiliated with the company. Gross said he was an independent investor and consultant from New Jersey, but declined to discuss specifics.

"I've been looking at the company for a long time, and I think they've got great prospects," he said of Plug.

None of the Russian investors or their board appointments attended the shareholders meeting. Their fourth board appointment is expected to take place at a later date.

Only a handful of shareholders attended the annual meeting, but seemed optimistic about the company. One of them was John Clarke of South Hadley, Mass., who said he has owned Plug stock for three or four years and now has 2,000 shares.

"I think they have a fabulous company," he said. "Latham, New York, to me is a faraway place but doing very exciting stuff. It's right at the beginning of what's going to be the future of energy."