New York, Jan 23, 2026, 10:56 ET — Regular session
- Plug shares dipped a bit following a steep rise the previous day
- Investors are zeroing in on the Jan. 29 vote, which might increase the capacity for issuing shares
- Company signals plans for a 100-MW electrolyzer setup in Portugal, aiming for early commissioning
Shares of Plug Power Inc slipped 0.2% to $2.59 in late morning trading Friday, following a 16.7% surge the day before on heavy volume. The hydrogen firm’s market cap stood near $1.8 billion, with the stock still over 40% off its 52-week peak, according to MarketWatch data. (MarketWatch)
This move is significant as Plug seeks shareholder approval to make it easier to raise capital through stock issuance — a sensitive issue for investors wary of cash-draining clean-energy firms. At a special meeting set for Jan. 29, Plug is asking shareholders to update its voting rules and double its authorized shares from 1.5 billion to 3.0 billion, according to details on its special-meeting site. Authorized shares represent the maximum number a company can issue under its charter. (Plug Power)
CEO Andy Marsh took to Reddit for an “Ask Me Anything” session to push the proposal, arguing that under the current charter, non-votes count as blocks. He warned of a fallback plan: “We will have no other alternative but to do a reverse stock split if proposal does not pass,” he wrote. A reverse split reduces the number of shares while boosting the price per share; companies typically use it to create space under authorized-share limits or meet listing requirements. (Reddit)
Marsh informed investors that proxy advisers ISS and Glass Lewis “strongly support these three proposals.” He noted that the company’s largest institutional shareholders were voting in favor and that some had even recalled shares from loan to cast their votes. Plug requested the share increase following advice from proxy and legal advisers. (Reddit)
Separately, Plug and Walmart have agreed to cancel a 2017 warrant that would have let the retailer purchase over 55 million Plug shares, according to a Times Union report. The deal could have issued more than 42 million shares, the report noted. Walmart gave up both vested and unvested portions of the warrant. In return, Plug struck a technology licensing agreement with Walmart, though the fee details were redacted in the SEC filing. (Times Union)
On Friday, Plug announced it had finished installing 100 megawatts of its GenEco electrolyzers at Galp’s Sines refinery in Portugal, with commissioning set for the coming months. These electrolyzers use electricity to split water into hydrogen. Once operational, the system is expected to generate up to 15,000 tons of renewable hydrogen annually, replacing roughly 20% of the refinery’s “grey” hydrogen—hydrogen usually produced from fossil fuels—while reducing emissions. “This installation demonstrates that large-scale green hydrogen is not just possible, it’s happening today,” said Plug President and Chief Revenue Officer Jose Luis Crespo. Galp executive board member Ronald Doesburg described it as “closer to producing green hydrogen at an industrial scale.” (Plug Power)
The debate right now isn’t focused on engineering feats but zeroes in on the balance sheet and cap table. Plug says a rejected proposal means a reverse split is coming. If shareholders greenlight the plans, all eyes will be on how fast the company uses its expanded share capacity — and the prices it fetches.
