Plub Power 8K

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): September 15, 2011

PLUG POWER INC.

(Exact name of registrant as specified in charter)

Delaware	1-34392	22-3672377
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

968 Albany Shaker Road, Latham, New York 12110
(Address of Principal Executive Offices) (Zip Code)

(518) 782-7700
(Registrant’s telephone number, including area code)

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

Plug Power Inc. has updated its standard investor presentation a copy of which is attached to this report as Exhibit 99.1 and incorporated herein by reference. The Reconciliation of Non-GAAP Measures table is referenced as Exhibit 99.2

The information set forth in this Item 7.01, including Exhibit 99.1 and 99.2 attached hereto, is intended to be furnished and shall not be deemed “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 it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Title

99.1		Slide presentation dated September 2011
99.2		Reconciliation of Non-GAAP Measures

SIGNATURES

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.

	PLUG POWER INC.



Date: September 15, 2011	By: /s/ Andrew Marsh
	Andrew Marsh
	Chief Executive Officer

NASDAQ: PLUG

September 2011

The content of this presentation is PLUG POWER INC. PROPRIETARY AND CONFIDENTIAL. No part of this publication may be reproduced, stored in a retrieval

system, or transmitted in any form or by any means - electronic, mechanical, photocopying, recording or otherwise - without the permission of Plug Power Inc.

Plug Power Inc. Safe Harbor Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation

Reform Act of 1995, including but not limited to expectations regarding revenues and product orders and shipments

for 2011. These statements are based on current expectations that are subject to certain assumptions, risks and

uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to

differ materially from the expectations in our forward-looking statements including, but not limited to: the risk that we

continue to incur losses and might never achieve or maintain profitability, the risk that the additional capital we

expect we will need to raise to fund our operations beyond the first quarter of 2012 may not be available; our lack of

extensive experience in manufacturing and marketing products may impact our ability to manufacture and market

products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or

converted to revenue, in whole or in part; the risk that pending orders may not convert to purchase orders, in whole

or in part; the risk that our continued failure to comply with NASDAQ’s listing standards may severely limit our ability

to raise additional capital; the cost and timing of developing, marketing and selling our products and our ability to

raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our

products; the actual net cash used for operating expenses may exceed the projected net cash for operating

expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our

GenDrive systems; our ability to establish and maintain relationships with third parties with respect to product

development, manufacturing, distribution and servicing and the supply of key product components; the cost and

availability of components and parts for our products; our ability to develop commercially viable products; our ability

to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to

improve system reliability for our GenDrive systems; competitive factors, such as price competition and competition

from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of

complying with current and future federal, state and international governmental regulations; and other risks and

uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended

December 31, 2010, filed with the Securities and Exchange Commission ("SEC") on March 31, 2011, and the

reports we file from time to time with the SEC. Plug Power does not intend to, and undertakes no duty to update

any forward-looking statements as a result of new information or future events.

Executive Summary

Plug Power is the marketshare leader in

alternative energy solutions for the Material

Handling market

First mover advantage - 85% market share

for fuel cell powered lift trucks

Proven value proposition with compelling

financial return

Customers include leading Fortune 500

Revenue guidance growth of 80-100% for

both 2011 and 2012

GenDrive

Value

Proposition

More Power.

More Productivity.

More of the Time.

Greenfield

IRR Payback

Reduce

Increase

< 1 yr

carbon

productivity

~$3M in

footprint up

up to 15%

savings*

to 80%

*Brownfield IRR >15% with payback <2 years; >$1M in savings typically

Global TAM for Class 1 – 5 Fuel Cell Powered Forklift Trucks

$19.9 Billion Market

Class 1

Class 2

Class 3

Sit-down Lift Trucks

Stand-up Reach Trucks

Rider Pallet Trucks

Customer Base is Building

Customer Success

3 sites on 100% hydrogen by end of Q3 2011 -

Houston, Front Royal and Philadelphia

Commitment for 5 additional sites - Boston,

Long Island, San Antonio, Los Angeles, and

Riverside

No battery infrastructure

Multi-distribution center commitment

Investigating opportunities for using fuel cells

with refrigerated trucks

Operates 100+ DCs with over 11,000 forklift

trucks

Customer Success

Three sites with over 300 forklift trucks powered

by Plug Power

Eliminated need to change out lead acid

batteries

Expected GHG reduction up to 72%, compared

to batteries charged from the grid

Negotiating future deals in North America

Operates 100+ DCs with close to 20,000 forklift

trucks; Future site expansion planned

Customer Success

Site Success

•

Greer, South Carolina: 86 units

•

Mix of Class-1, -2 and -3

•

First BMW plant to use fuel cell-powered forklift

trucks

New facility built without battery infrastructure

Entire fleet deployed with GenDrive

fuel cell

power units

Affirming global commitment to sustainability

Adjacent 1.2M sq. ft. facility with 300+ trucks with

opportunity for conversion to fuel cells

Commercial Progress: Hydrogen Refueling and GenDrive

By End of 2011 (Projected):

~3,000 GenDrive units deployed

20,000-30,000 kg of Hydrogen dispensed weekly

1,200 GenDrive products deployed

6,000-10,000 refuelings each week

Over 95% of all NA refuelings are being done with

Plug Power products

Financial Milestones

Gross Margin Improvement

2011 - Gross margin positive

2012 - Gross margin - 20% plus

Standardized

Improved

Reduction

componentry

leverage with

in materials

across

suppliers

product lines

Conclusion

First mover advantage - 85% marketshare

Global market of $19.9B

Revenue growth guidance 80-100% in 2011

and 2012

Tripled Product/Service revenue year over

year

Record 2010 and Q1 2011 orders with Q2

having largest backlog in company history

Expected profitability in 2012

30%+ gross margin potential

Significant decrease in operating expenses

from $58M to $16M

Compelling customer experience with

Fortune 500 client list

Reconciliation of Non-GAAP measures

Plug Power Inc.

Reconciliation of Non-GAAP financial measures to GAAP equivalent

(in millions)

2010

2011

2012

EBITDAS*

(39.1)

(20.0)

0.0

Interest

0.5

0.2

Taxes

0.0

Depreciation & amortization

(7.2)

(4.3)

Non-cash stock based compensation

(1.1)

(2.5)

Net Income

(46.9)

(26.6)

(6.6)

*EBITDAS used for this table was the lowest point in the range provided

EBITDAS is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and charges

for equity compensation. EBITDAS is a non-GAAP measure of our financial performance and should not be considered as alternatives to net

income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a

measure of our liquidity.

While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are

limitations associated with the use of these non-GAAP financial measures. These measures are not prepared in accordance with GAAP

and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of

calculation.