# EDGAR Filing Document

**Accession Number:** 0001093691
**File Stem:** 0001104659-25-113437
**Filing Date:** 2025-11
**Character Count:** 38644
**Document Hash:** 13e72e2e53565f6be3442b0d57e194b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113437.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001104659-25-113437

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20251118

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLUG POWER INC
- **CENTRAL INDEX KEY:** 0001093691
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 223672377
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34392
- **FILM NUMBER:** 251492808

**BUSINESS ADDRESS:**
- **STREET 1:** 125 VISTA BOULEVARD
- **CITY:** SLINGERLANDS
- **STATE:** NY
- **ZIP:** 12159
- **BUSINESS PHONE:** 5187827700

**MAIL ADDRESS:**
- **STREET 1:** 125 VISTA BOULEVARD
- **CITY:** SLINGERLANDS
- **STATE:** NY
- **ZIP:** 12159

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): November 18, 2025

**Plug Power Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-34392** | **22-3672377** |
| (State or other jurisdiction | (Commission File | (IRS Employer |
| of incorporation) | Number) | Identification No.) |

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| | |
|:---|:---|
| **125 Vista Boulevard,<br> Slingerlands, New York** | **12159** |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: **(518) 782-7700**

**N/A**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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Securities registered pursuant to 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which<br> registered** |
| Common Stock, par value $0.01 per share | PLUG | The Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure** |

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Plug Power Inc. (the "Company") will host its seventh annual Plug Symposium at its Vista manufacturing facility in Slingerlands, New York starting at 9:00 a.m. Eastern Time on November 18, 2025. This year's theme, "Strengthening Energy Independence," underscores hydrogen's critical role in enhancing global energy security. During the symposium, the Company's senior leadership team, including Andrew J. Marsh, the Chief Executive Officer (the ''CEO''), Jose Luis Crespo, the President and Chief Revenue Officer, and Paul B. Middleton, the Chief Financial Officer, will present on the Company's strategic vision and role in the hydrogen economy and provide a financial update. The symposium will include panel discussions with third-party partners and customers, as well as a fireside chat between Mr. Marsh and Mr. Crespo regarding the Company's strategy and leadership transition, as Mr. Marsh prepares to transition the CEO role to Mr. Crespo in March 2026.

Topics to be addressed include the Company's Project Quantum Leap initiatives to streamline the business and strengthen the balance sheet, operational milestones, energy grid challenges and Plug's energy management solutions, scaling operations at the Vista manufacturing facility, and engineering and technology developments. The symposium will highlight the Company's electrolyzer deployment milestones and pipeline, hydrogen production network, hydrogen plant design and execution, and key partnerships and customer projects. A copy of the presentation materials that will be used at the symposium is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. A recording of the webcast will be available on the Company's website for a period of time following the symposium.

In connection with the foregoing, the Company also issued a press release. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.

The information included in this Item 7.01, Exhibit 99.1 and Exhibit 99.2 of this Current Report on Form 8-K is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall this item, Exhibit 99.1 or Exhibit 99.2 be incorporated by reference into the Company's filings under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, except as expressly set forth by specific reference in such future filing.

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|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit<br> Number** | **Title** |
| [99.1](tm2531530d1_ex99-1.htm) | [Presentation of Plug Power Inc., dated November 18, 2025.](tm2531530d1_ex99-1.htm) |
| [99.2](tm2531530d1_ex99-2.htm) | [Press Release of Plug Power Inc., dated November 18, 2025.](tm2531530d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Plug Power Inc. | Plug Power Inc. |
| Date: November 18, 2025 | By: | /s/ Paul B. Middleton |
|  | Name: | Paul B. Middleton |
|  | Title: | Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1** 

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 November 18, 2025 Plug Power, CEO Andy Marsh |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Disclaimer The presentation materials, remarks, discussions, Q&A sessions, and other content provided during the 2025 Plug Symposium (collectively, the "Materials") contain "forward-looking statements" about Plug Power Inc. ("Plug" or the "Company"). Plug intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to significant risks and uncertainties and include, but are not limited to, (i) Plug's long-term hydrogen strategy and multi-year growth roadmap; (ii) anticipated timelines and expectations relating to electrolyzer deployments, hydrogen production facilities, plant commissioning, manufacturing capacity, supply chain initiatives, technology development and performance; (iii) expected operational and financial milestones, including revenue targets, gross margin objectives, EBITDAS and operating income expectations, profitability timelines, cash flow improvements, cost reductions, capital expenditure plans, balance sheet initiatives, and financing strategies; (iv) expectations regarding customer contracts, strategic partnerships, commercial initiatives, project pipelines, market adoption, demand drivers, and related multi-gigawatt opportunities; (v) expectations regarding the growth, competitiveness, economics, cost curves, and policy landscape of the global hydrogen, renewable energy, and clean fuels markets; and (vi) any other statements of belief, intention, or future expectations disclosed in the Materials or during the live symposium. Forward-looking statements are based on the Company's current expectations, estimates, assumptions, and projections, and are not guarantees of future performance. These statements are subject to a number of risks, uncertainties, and assumptions, many of which are beyond the Company's control, that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others: general economic, market, and geopolitical conditions; changes in laws, regulations, incentives, and government policies applicable to hydrogen, renewables, energy storage, or clean fuels; customer demand, project timing, and purchasing decisions; the availability, cost, and reliability of equipment, components, and raw materials; manufacturing, scale-up, and supply chain challenges; the ability to achieve cost reductions and operational efficiencies, including the Company's ability to successfully implement Project Quantum Leap and achieve anticipated operational and financial benefits; the Company's ability to maintain relationships with key customers and partners; risks related to the Company's liquidity and ability to fund operations; the Company's ability to design, develop, and manufacture hydrogen solutions at scale; market acceptance of hydrogen solutions; risks related to technology development and performance; permitting, siting, and construction delays; competition; and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. In addition, financial projections which are included in the Materials are based on assumptions and analyses made by management based on its experience and perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. There is no assurance that the financial projections will be realized. Projections, assumptions and estimates of Plug's future performance and the future performance of the markets in which Plug competes are subject to a high degree of uncertainty and risk due to a variety of factors. The Materials also contain projections regarding renewable power deployment, hydrogen costs, and market development, which are based on third-party forecasts and industry assumptions, and no assurance can be given that hydrogen will become cost-competitive with natural gas or that the renewable power trends described in the Materials will occur as projected. These and other factors could cause results or outcomes to differ materially from those expressed in this presentation. Certain portions of the 2025 Plug Symposium include presentations, testimonials, case studies, remarks, videos, panel discussions, and Q&A sessions featuring customers, partners and other third parties. Any statements, data, assumptions, assessments, forecasts, views, or opinions expressed by third-party participants are solely those of the individuals or organizations making them and do not necessarily reflect the views of the Company. The Company does not warrant, endorse, adopt, confirm, or assume responsibility for the accuracy, completeness, or reliability of any third-party statements or information presented during the symposium, whether in prepared materials or made during live discussions or Q&A. You should not place undue reliance on any forward-looking statements. The forward-looking statements contained in the Materials and the symposium discussions speak only as of the date they are made, and the Company undertakes no obligation to update such statements, whether as a result of new information, future developments, or otherwise, except as required by law. No statement made during the symposium or included in the Materials should be interpreted as a commitment, assurance, or guarantee of future performance or results. |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 - Customer Testimonials: - Amazon - Floor & Décor - Uline - Arcadia - Energy Partners: - Allied Green Ammonia - Edgewood - Hy24 - Hy2Gen - Plug Experts Discuss: - Energy Grid Urgency - Our Know-How Building a Hydrogen Plant - Engineering and Technology Developments Let's Start the Real Conversations at Plug Symposium: Plug is a hydrogen energy leader Expanding market opportunity Strong financial discipline Sales funnel to support path to profitability Customer and third-party validation Scalable tech & operational excellence |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Over the Years |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 2008 ~$1M in Commercial Revenue Revenue 2025 Targeting $700M in Commercial Revenue And Projecting Continuous Growth over the Coming Years Targets represent internal management 's current estimates and are subject to significant uncertainties. Actual revenue may differ materially due to market conditions, customer demand, competitive pressures, and other factors. These are management's estimates and not formal financial guidance. |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 2008 Approximately 25 units operating in the field • No Plug Fueling Stations • An Unproven Value Proposition • No Pedestal Customers 2025 Over 72,000 units operating in the field • 285 Plug Fueling Stations • Enable customers to move > 8% goods/hour • Great Customer List – Amazon, Walmart, Home Depot, BMW and the list goes on Material Handling |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stack Strategy 2008: 2025: Plug PEM Stacks for Fuel Cells and Electrolyzers Most stacks provided by 3rd party |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrolyzers 2008: Today: Grew Revenue from $5M in 2023 to Approximately $200M in 2025 • Deploy over 230MW of Products and Growing • Customers like Iberdola-BP, Galp, Carlton Power, Allied Green No Business Activity 5MW GenEco Array 10MW GenEco Array Revenue and deployment figures represent management's current estimates and targets. Actual results may differ materially. No assurance can be given that the Company will achieve approximately $200M in electrolyzer revenue in 2025 or successfully deploy the targeted MW capacity.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 2025: Plug Hydrogen Plant Network Georgia Live Capacity: 15TPD Louisiana Live Capacity: 15TPD Tennessee Live Capacity: 10TPD 2008: No one dreamed that Plug could generate our own hydrogen! |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 2025: Cryogenic Equipment The Capability allows us to Expand Into Blue Liquid Fuels 2008: This was not on our radar screen. |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 We have a logistic network today delivering 25TPD of liquid hydrogen – about half of our customer's usage. 34 Liquid Hydrogen Trailers 89 Gaseous Hydrogen Trailers |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 We Built Manufacturing to Support the Activity Plus, global fabrication network in Vietnam, UAE, Europe, USA! Plus, 368,000 sq ft for trailer business! 2008 175,000 Sq Ft Latham, NY 2025 407,000 sq ft Slingerlands, NY 156,000 sq ft Rochester, NY  |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Material handling sites Stationary power sites 2025: We are Deploying Products Around the World GenEco Electrolyzer Locations GenDrive and GenSure Fuel Cell Locations Largest network of H2 refueling stations in the USA Execution (manufacturing) Installation Electrolyzer Sites Comissiong Electrolyzer Sites Operations |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And We are Only Starting – Quantum Leap Supports Rapid Growth and Margin Improvements |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Electrolyzers Strategic Priorities: Exiting 2026: EBITDAS Positive Exiting 2027: Operating Income Positive Exiting 2028: Overall Profitability Plug Doing Real Things YE 2025: Gross Margin Neutral Business Focus 15 Material Handling Equipment (MHE) Hydrogen Plants (1) Represents targets from Project Quantum Leap. Such amounts represent management's targets. No assurance can be given that Project Quantum Leap will yield such results, when anticipated, or at all. Execution and Growth Targets(1) |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Cost Effective, Ubiquitous Hydrogen is the Key The Future  |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 • Renewables are projected to supply ~73% of Europe's power generation by 2035 • Europe could reach a ~95% clean power system by 2035 under advanced renewable-buildout scenarios • In Germany, renewables are forecast to produce ~628 TWh by 2035, representing ~83% of the national power mix • In May 2025, Germany saw 130 hours of negative day-ahead prices, about 17.5% of the month Energy Institute – New Energy World: European renewable generation outlook (2035). Ember Climate – Clean power system feasibility analysis (2035 scenarios). Energy Global – Germany renewable generation forecast (2035). pv magazine International – Negative day-ahead price data (May 2025). Keys to Hydrogen – Renewable Power Zero Cost Power Unlocks Competitive Hydrogen |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Electrolyzers can Become Flexible Industrial Loads Hydrogen Could be Lower Cost than Natural Gas Usages • Replacement of Grey Hydrogen • Liquid Fuels • Hydrogen for Powering the Grid |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 "The Role of Underground Hydrogen Storage in Europe." H2eart Project, January 2024. Pujades, E., Orlic, B., et al. "Technical Potential of Underground Hydrogen Storage in Europe." PMC (PubMed Central), 2023. GIE (Gas Infrastructure Europe). "European Gas Storage – Conversion Potential for Hydrogen." Industry Assessment, 2023. NREL (National Renewable Energy Laboratory). Underground Hydrogen Storage Technical Assessments. NREL Docs+1. • Europe-wide study projects ~9.1 TWh of working underground hydrogen storage by 2030 • Pipeline plans expand to ~22.1 TWh by 2040, signaling rapid scale-up • Technical potential: • Salt caverns: up to ~49 TWh • Aquifers: up to ~40 TWh • Existing natural gas storage sites across Europe can be converted for hydrogen, unlocking further capacity. Storage is Critical Hydrogen Storage can be .10 - .15 per kw-hr. |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 • The European Hydrogen Backbone (EHB)—driven by Europe's major TSOs—proposes a dedicated, cross-continent hydrogen pipeline network using significant portions of repurposed natural-gas infrastructure. • By 2040, the network is targeted to reach ~50,000–60,000 km (with some updates citing ~58,000 km). • Interim milestone: ~11,600 km by 2030, reflecting early rollout and regional build-outs. • Infrastructure reuse is central—about 60%+ of the future network is expected to come from converted natural-gas pipelines, reducing cost and accelerating deployment. Hydrogen Pipelines are Critical The Roadmap to Low Cost, Ubiquitous Hydrogen And there are lots of opportunities for Plug during this journey. EHB / European TSOs – European Hydrogen Backbone initiative (natrangroupe.com; EHB; OGE). Gas Infrastructure Europe – Pipeline length forecasts and conversion potential. Hydrogen Europe – 2040 network expansion analyses and scenario updates. |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 10% - 22% of World's Energy Needs can come form Hydrogen The Future of Hydrogen Sources – McKinsey, IEA Net Zero Scenarios, IRENA Scenario |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 Our Next CEO will be central to driving Plug's profitable growth and shaping the industry's future. Proudly Introducing Jose Luis Crespo |

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&nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img023.jpg)<br>

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copyright 2022, Plug Power Inc. Profitability Driven by Growth Jose Luis Crespo, President & CRO November 18, 2025 |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution Profitability Customer Success |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 Continue executing on Quantum Leap to drive a path to profitable growth: • Streamline the business to focus on the highest-value markets • Improve cost structure and cash efficiency • Strengthen the Balance Sheet |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 Electrolyzers Strategic Priorities: Exiting 2026: EBITDAS Positive Exiting 2027: Operating Income Positive Exiting 2028: Overall Profitability Plug Doing Real Things YE 2025: Gross Margin Neutral Business Focus 27 Material Handling Equipment (MHE) Hydrogen Plants (1) Represents targets from Project Quantum Leap. Such amounts represent management's targets. No assurance can be given that Project Quantum Leap will yield such results, when anticipated, or at all. Execution and Growth Targets(1) |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+$8B Global Funnel Execution Opportunity |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 : GenDrive Material Handling Growth Driven by: • Strong Value Proposition based productivity • Investment Tax Credit renewed starting in Jan 2026 • Pedestal Customer expanding capacity • Fleet Refreshes • Plug's Improved Financial performance |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 • Regulation and government support • Replacement of Grey H2 by Green H2 and e-Fuels: eSaf, Green Ammonia • Our funnel has been developed over the last 3 years and is the highest quality funnel that we have ever had GenEco ELX: Largest Growth Market Driven by: |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 ELX customers pick Plug because we do real things. Plug's record-setting Georgia H2 production plant our best GenEco sales tool. |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 Plug Wins: 25MW with Iberdrola and BP (Spain) Represents customer selections, awarded projects, or non-binding agreements. Project scope, timing, and commercial terms are subject to final agreements, regulatory approvals, financing, permitting and other conditions. No assurance can be given that the projects will proceeds as currently anticipated. |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 Plug Wins: 100MW with GALP (Portugal) |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 Plug Wins: 55MW with Carlton Power (UK) |

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| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 Plug Wins: With Allied Green Ammonia • 3GW in Australia • 2GW in Uzbekistan • 3GW in UAE |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 It is an exciting time to be at Plug. Plug is in the pole position to capitalize on profitable growth. |

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&nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img037.jpg)<br>

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copyright 2022, Plug Power Inc. Financial Roadmap Paul Middleton, CFO Copyright 2025, Plug Power Inc. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 Electrolyzers Strategic Priorities: Exiting 2026: EBITDAS Positive Exiting 2027: Operating Income Positive Exiting 2028: Overall Profitability Plug Doing Real Things YE 2025: Gross Margin Neutral Business Focus 39 Material Handling Equipment (MHE) Hydrogen Plants (1) Represents targets from Project Quantum Leap. Such amounts represent management's targets. No assurance can be given that Project Quantum Leap will yield such results, when anticipated, or at all. Execution and Growth Targets(1) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Project Quantum Leap Increase Market Focus Improve Profitability & Cash Flows Improve the Balance Sheet |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 Keys to Gross Margin Target for Q4 2025 Q3 25 Adjusted Gross Margin Q4 25 Gross Margin B/E Sales/Volume & Mix Service Costs Fuel Costs Mfg Efficiencies & Other Represents management's targets based on current assumptions. Actual results may differ materially from these targets due to various factors, including market conditions, operational challenges, supply chain disruptions, customer demand, competitive pressures, ability to achieve planned cost reductions and efficiencies, and other risks described in the Company's SEC filings. No assurance can be given that the Company will achieve gross margin neutrality by year-end 2025 or that the assumptions underlying the analysis will prove accurate. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 Represents management's targets based on current assumptions. Actual results may differ materially from these targets due to various factors, including market conditions, operational challenges, supply chain disruptions, customer demand, competitive pressures, ability to achieve planned cost reductions and efficiencies, and other risks described in the Company's SEC filings. No assurance can be given that positive EBITDAS, revenue targets, or gross margin targets will be achieved by the end of 2026 or at all. Keys to Positive EBITDAS Target Q4 2026 Targeting ~$300M in Revenues & 15% Gross Margin B/E Q3 25 Adjusted Gross Margin Q4 26 Gross Margin Sales/Volume & Mix Supply Chain Fuel Costs Mfg Efficiencies & Other Service Costs Engineering Design |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 Improving the Balance Sheet Increasing Leverage • Reduced Cash Burn • Reduced CAPEX • Monetizing Assets • Increasing Working Capital Leverage Liquidity Outlook • Robust Liquidity Position • Trending Towards Positive Cash Flow  |

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&nbsp;&nbsp;![GRAPHIC](tm2531530d1_ex99-1img044.jpg)<br>

## Exhibit 99.2

**Exhibit 99.2**

**Plug Power Hosts Seventh Annual Symposium Highlighting Hydrogen's Role in Energy Independence**

**SLINGERLANDS, N.Y., Nov. 18, 2025** -- Plug Power Inc. (NASDAQ: PLUG), a global leader in hydrogen solutions for the hydrogen economy, is hosting its seventh annual Plug Power Symposium at the Company's headquarters and manufacturing facility in Slingerlands N.Y., centered on the theme "Strengthening Energy Independence."

Earlier this year, Plug Power announced Project Quantum Leap, its initiative to streamline operations, enhance cash efficiency, and focus on high-value markets including material handling, electrolyzers, and hydrogen plants. At the Symposium, CEO Andy Marsh and President and Chief Revenue Officer Jose Luis Crespo will discuss Plug's strategic path forward, highlighting near-term priorities, key projects, and recent milestones.

Throughout the day, panel discussions will showcase Plug Power's progress to date and its vision for the future, complemented by dynamic conversations with industry leaders. The event brings together key customers and partners to explore real-world projects, applications, and emerging opportunities in the hydrogen economy.

Featured participants include material handling customers from Floor & Decor, Amazon, Uline, and FreezPak, as well as electrolyzer partners Hy2Gen, Hy24, GALP, and Arcadia.

**Program Highlights Include:**

&nbsp;&nbsp;&nbsp;&nbsp;· GenDrive Technology Proven for Customers Today

&nbsp;&nbsp;&nbsp;&nbsp;· Plug's Energy Management Advantage

&nbsp;&nbsp;&nbsp;&nbsp;· Scaling Green Ammonia: Plug and Allied Green's Multi-GW Vision

&nbsp;&nbsp;&nbsp;&nbsp;· Scaling Smarter at Vista

&nbsp;&nbsp;&nbsp;&nbsp;· GenDrive Fuel Cells at Scale: Customer Testimonials

&nbsp;&nbsp;&nbsp;&nbsp;· Energy Production at Scale

&nbsp;&nbsp;&nbsp;&nbsp;· Hydrogen Meets Renewable Fuels at Scale

&nbsp;&nbsp;&nbsp;&nbsp;· GenEco Electrolyzers at Scale

&nbsp;&nbsp;&nbsp;&nbsp;· From Design to Delivery: How Plug Builds Hydrogen Plants That Work

&nbsp;&nbsp;&nbsp;&nbsp;· Engineering and Technology Developments

**How to Join the 2025 Plug Power Symposium:** 

We invite all stakeholders to join us virtually for this important industry event. Register now at: <u>https://event.on24.com/wcc/r/5070165/A1DAC0191D73E6E705452AA4D133B5D8</u>

A playback of the call will be available online for a period of time following the event.

**About Plug Power**

Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.

With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The Company has deployed over 72,000 fuel cell systems and 285 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing 40 tons per day.

With employees and state-of-the-art manufacturing facilities across the globe, Plug Power serves global leaders like Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit <u>www.plugpower.com</u>.

**Forward-Looking Statements** 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements regarding Plug Power's plans, objectives, strategies, expectations, operational initiatives, including Project Quantum Leap, cost-reduction and cash-efficiency efforts, projected operational improvements, business prospects, market opportunities, anticipated benefits of partnerships and collaborations, future demand for green hydrogen, opportunities in the hydrogen economy, expansion of the generation network, hydrogen production capacity, and the Company's role in building the global hydrogen economy.

Forward-looking statements are based on current expectations, estimates, assumptions, and projections, and are not guarantees of future performance. Actual results may differ materially from those expressed or implied by such forward-looking statements due to a variety of risks and uncertainties, including, among others: the Company's ability to successfully implement Project Quantum Leap and achieve anticipated operational and financial benefits; risks related to the development of hydrogen markets and the Company's ability to compete in such markets; the Company's ability to maintain relationships with key customers and partners; risks related to the Company's liquidity and ability to fund operations; the Company's ability to design, develop, and manufacture hydrogen solutions at scale; technological and operational challenges; supply chain disruptions; regulatory and policy changes affecting the hydrogen industry; market acceptance of hydrogen solutions; and other risks and uncertainties set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Plug Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

MEDIA CONTACT

Teal Hoyos

media@plugpower.com