A Critical Vote Looms for Plug Power’s Financial Future

Plug Power US72919P2020

While Plug Power achieves a significant operational milestone in Europe, its financial flexibility hangs in the balance. The company faces a pivotal shareholder vote on February 17, which will determine its ability to raise capital and fund ambitious projects.

Operationally, Plug Power is making tangible progress. On February 4, the company successfully completed the first-ever filling of the 32-kilometer hydrogen pipeline operated by Hynetwork in Rotterdam. This infrastructure project, which links the port to key industrial centers, is slated to become part of the broader European hydrogen network.

For this milestone, Plug Power supplied 32 tons of RFNBO-certified green hydrogen along with the necessary offloading infrastructure. The hydrogen originated from Hy2Gen's RFNBO-certified Atlantis facility, whose entire production output is controlled by Plug Power through a tooling agreement. The transport was executed using 40-foot MEGC trailers, each with a capacity exceeding 1,000 kg.

This follows a previous European delivery in October 2025, where the company supplied over 44 tons of renewable hydrogen to the German salt cavern storage facility, H2CAST. These developments signal the concrete advancement of Plug Power's European expansion strategy.

Shareholder Decision Deferred, High Stakes Remain

This operational progress contrasts with a critical unresolved governance matter. An extraordinary general meeting held on February 5, 2026, failed to reach a decision on two proposed charter amendments. According to SEC filings, the required majority of all outstanding shares was not achieved for either proposal.

The results showed only 39.63% of outstanding shares voted in favor of Proposal 1, which involved adjustments to voting rules. Proposal 2, seeking to increase authorized common stock from 1.5 billion to 3 billion shares, received support from 49.40% of outstanding shares. The meeting has been adjourned to February 17 to solicit more votes, with previously submitted proxies remaining valid. Management requires a majority of all outstanding shares to pass the proposals—a notably high threshold.

The implications of the upcoming vote are substantial:

• Should Proposal 2 fail, Plug Power has indicated it will pursue a reverse stock split to free up authorized shares.
• The company's options for future capital raising are directly tied to the outcome of this ballot.
• Concurrently, the company is facing class-action lawsuits related to allegedly misleading statements concerning a $1.66 billion loan guarantee from the Department of Energy. The deadline related to this class action is April 3, 2026.

The February 17 vote will ultimately reveal whether Plug Power secures the financial flexibility needed to support its infrastructure ambitions or is forced to resort to alternative measures like a reverse split.

@ boerse-global.de | US72919P2020 CRITICAL