New York, Jan 23, 2026, 10:56 ET — Regular session
- Plug shares slipped slightly after surging sharply the day before
- Investors are focused on the Jan. 29 vote that could raise the share issuance limit
- Company plans to commission a 100-MW electrolyzer setup in Portugal in the near term
Plug Power Inc shares dipped 0.2% to $2.59 late Friday morning, after jumping 16.7% the previous day on heavy volume. The hydrogen company’s market cap hovered around $1.8 billion, with the stock still down more than 40% from its 52-week high, MarketWatch data showed. 1
Plug is pushing for shareholder approval to ease capital raising via stock issuance—a touchy topic for investors cautious about clean-energy companies burning through cash. At a special meeting on Jan. 29, the company plans to ask shareholders to revise its voting rules and double its authorized shares from 1.5 billion to 3.0 billion, per information on its special-meeting site. Authorized shares set the cap on how many shares a company can issue under its charter. 2
CEO Andy Marsh turned to Reddit for an “Ask Me Anything” session to rally support for the proposal, pointing out that non-votes currently count as blocks under the charter. He issued a stark warning: “We will have no other alternative but to do a reverse stock split if proposal does not pass,” he said. A reverse split cuts the number of shares while raising the price per share, a move companies often use to stay within authorized-share limits or keep their listings. 3
Marsh told investors that proxy advisers ISS and Glass Lewis “strongly support these three proposals.” He pointed out that the company’s biggest institutional shareholders were backing the measures, with some even recalling shares from loan to vote. Plug sought the share increase after consulting proxy and legal advisers. 4
Separately, Plug and Walmart have scrapped a 2017 warrant that would have allowed the retailer to buy more than 55 million Plug shares, according to a Times Union report. The warrant could have issued upwards of 42 million shares, the report said. Walmart surrendered both vested and unvested portions of the warrant. In exchange, Plug agreed to a technology licensing deal with Walmart, though the SEC filing redacted the fee details. 5
On Friday, Plug revealed it had completed installing 100 megawatts of its GenEco electrolyzers at Galp’s Sines refinery in Portugal, with commissioning expected in the coming months. These electrolyzers use electricity to split water into hydrogen. Once up and running, the system should produce up to 15,000 tons of renewable hydrogen annually, cutting about 20% of the refinery’s “grey” hydrogen—typically made from fossil fuels—and lowering 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 called it a step “closer to producing green hydrogen at an industrial scale.” 6
The debate isn’t about engineering breakthroughs anymore; it’s squarely on the balance sheet and cap table. Plug warns that a rejected proposal signals a reverse split is on the horizon. Should shareholders approve the plans, attention will shift to how quickly the company taps into its expanded share capacity—and at what prices.
