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<title>Plug Power Form 8-K</title>


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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:Times New Roman;margin-bottom:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>UNITED STATES</b></p>

<p style='margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:Times New Roman;margin-bottom:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:24.0pt;margin-left:0in;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;margin-bottom:12.0pt'>Washington, D.C. 20549</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;'>_______________________________</p>

<p style='margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:Times New Roman;margin-left:0in; margin-right:0in; margin-top:0in'><b>&nbsp;</b></p>

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<font size="4">FORM 8&#8209;K</font></b></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:24.0pt;margin-left:0in;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;margin-bottom:12.0pt'>CURRENT REPORT</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:24.0pt;margin-left:0in;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;margin-bottom:12.0pt'>Pursuant to Section 13 or
15(d) of the<br>
Securities Exchange Act of 1934</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;'><i>__________________________________</i></p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>Date of Report (Date
of earliest event reported):&nbsp; <b><u>May 25, 2010</u></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>
	<font style="font-size: 14.0pt; text-decoration:underline">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLUG POWER INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;margin-bottom:.25in'><font style="font-size: 10.0pt">(Exact
name of registrant as specified in charter)</font></p>

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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center;border:none;
  padding:0in'><b>Delaware</b></p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center;border:none;
  padding:0in'><b>0-27527</b></p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center;border:none;
  padding:0in'><b>22-3672377</b></p>
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 </tr>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>(State or Other
  Jurisdiction<br>
  of Incorporation)</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>(Commission File
  Number)</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>(IRS Employer<br>
  Identification No.)</p>
  </td>
 </tr>
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<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;margin-top:.25in'><u>968
Albany Shaker Road, Latham, New York 12110<br>
</u><font style="font-size: 10.0pt">(Address of Principal Executive
Offices)&nbsp; (Zip Code)</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;margin-top:.25in'><u>(518)
782-7700<br>
</u><font style="font-size: 10.0pt">(Registrant&#146;s telephone number,
including area code)</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt'>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 (<i>see </i>General
Instruction A.2. below):</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt; text-indent:0.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font face="Wingdings">o</font>&nbsp;&nbsp; Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt; text-indent:0.25in; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

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<font face="Wingdings">o</font>&nbsp;&nbsp; Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt; text-indent:0.25in; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt; text-indent:0.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font face="Wingdings">o</font>&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt; text-indent:0.25in; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

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<font face="Wingdings">o</font>&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;line-height:13.0pt'>&nbsp;</p>

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<div style='page:Section2;'>

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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>Item 2.05 Costs Associated with Exit or Disposal
Activities</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>On May 25, 2010, Plug Power Inc.
(the &#147;Company&#148;) adopted a restructuring plan to focus and align the Company on
its GenDrive&trade; business.&nbsp; As part of this plan, Plug Power is consolidating all
operations to its Latham, New York headquarters.&nbsp; In doing so, 117 positions
will be eliminated in its Canada, India and US facilities. This workforce
reduction was substantially complete on May 27, 2010. The consolidation of
operations will take place over the next several months.&nbsp; As a result of the
restructuring, the Company&#146;s annual cash burn rate is expected to decrease by
$12 to 15 million, providing necessary capital to help accelerate market
adoption. </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>The Company currently estimates
that it will incur pre-tax restructuring charges resulting from the
restructuring of approximately $8.3 million. The estimated restructuring costs
include approximately $5.4 million of costs related to the consolidation of
facilities and lease and contract cancellations, and approximately $2.9 million
for severance pay expenses and related cash expenditures. The Company expects
to pay the majority of the restructuring charges within the next six months.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>On May 27, 2010 the Company
issued a press release announcing the restructuring plan.&nbsp; A copy of the press
release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>This Current Report on Form 8-K contains
forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including but not limited to
statements regarding anticipated revenue as a result of the restructuring plan.
We believe that it is important to communicate our future expectations to our
investors. However, there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results to differ
materially from the expectations we describe in our forward-looking statements,
including, without limitation, statements regarding the
risk that the restructuring results in greater restructuring charges or lower
cost savings than anticipated; the risk that unit orders will not ship,
be installed and/or convert to revenue, in whole or in part; the cost and
timing of developing our products and our ability to raise the necessary
capital to fund such development costs; our ability to achieve the forecasted
gross margin on the sale of our products; our 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 and GenSys 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 both GenDrive and
GenSys; competitive factors, such as price competition and competition from
other traditional and alternative energy companies; our ability to manufacture
products on a large-scale commercial basis; our ability to protect our
intellectual property; the cost of complying with current and future
governmental regulations; the impact of deregulation and restructuring of the
electric utility industry on demand for Plug Power's energy products; and other
risks and uncertainties discussed under &quot;Item IA-Risk Factors&quot; in our
annual report on Form 10-K for the fiscal year ended December 31, 2009, filed
with the Securities and Exchange Commission (&quot;SEC&quot;) on March 16,
2010, and the reports we file from time to time with the SEC. We do not intend
to and undertake no duty to update the information contained in this
communication.</p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>

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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

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<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>Item 9.01 Financial Statements and Exhibits.</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>(d)&nbsp;Exhibits.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="93%"
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  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>Exhibit&nbsp;Number</b></p>
  </td>
  <td width="0%" valign=bottom style='width:.68%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>&nbsp;</b></p>
  </td>
  <td width="80%" valign=bottom style='width:80.08%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>Title</b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign=top style='width:19.24%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="0%" valign=bottom style='width:.68%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="80%" valign=top style='width:80.08%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign=top style='width:19.24%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>99.1</p>
  </td>
  <td width="0%" valign=bottom style='width:.68%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="80%" valign=top style='width:80.08%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>Press Release of Plug Power Inc. dated May 27, 2010</p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>2</p>

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<div style='page:Section3;'>

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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'>&nbsp;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:24.0pt;margin-left:0in;text-align:center;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;'>SIGNATURES</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;text-indent:10.5pt;font-size:10.0pt;font-family:"Times New Roman";text-indent:.5in'><font style="font-size: 12.0pt">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.</font></p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;text-indent:10.5pt;font-size:12pt;font-family:"Times New Roman";text-indent:.5in'>&nbsp;</p>

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		<td width="50%">&nbsp;</td>
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<p style='margin-top:0;margin-right:0in;margin-bottom:0;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman";page-break-after:auto'>PLUG POWER
INC.</p>

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		<td width="50%">&nbsp;</td>
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		<td width="50%">Date:&nbsp; May 27, 2010</td>
		<td width="50%">

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0;margin-right:0in;margin-bottom:
0in;margin-bottom:0;'>By: <u>/s/ Andrew Marsh&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u> </p>

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<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0;margin-right:0in;margin-bottom:
0in;margin-bottom:0;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andrew
Marsh</p>

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<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0;margin-right:0in;margin-bottom:
0in;margin-bottom:0;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President
and Chief Executive Officer</p>

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[{"type": "8-K", "sequence": "1", "filename": "esplugpower8k.htm", "secsgml_size_bytes": 26007}]
{"company-data": {"conformed-name": "PLUG POWER INC", "cik": "0001093691", "assigned-sic": "3620", "irs-number": "223672377", "state-of-incorporation": "DE", "fiscal-year-end": "1210"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34392", "film-number": "10863350"}, "business-address": {"street1": "968 ALBANY-SHAKER ROAD", "city": "LATHAM", "state": "NY", "zip": "12110", "phone": "5187827700"}, "mail-address": {"street1": "968 ALBANY-SHAKER ROAD", "city": "LATHAM", "state": "NY", "zip": "12110"}}
Plug Power Form 8-K
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):
May 25, 2010
PLUG POWER INC.
(Exact
name of registrant as specified in charter)
Delaware
0-27527
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 2.05 Costs Associated with Exit or Disposal
Activities
On May 25, 2010, Plug Power Inc.
(the "Company") adopted a restructuring plan to focus and align the Company on
its GenDrive™ business.  As part of this plan, Plug Power is consolidating all
operations to its Latham, New York headquarters.  In doing so, 117 positions
will be eliminated in its Canada, India and US facilities. This workforce
reduction was substantially complete on May 27, 2010. The consolidation of
operations will take place over the next several months.  As a result of the
restructuring, the Company's annual cash burn rate is expected to decrease by
$12 to 15 million, providing necessary capital to help accelerate market
adoption.
The Company currently estimates
that it will incur pre-tax restructuring charges resulting from the
restructuring of approximately $8.3 million. The estimated restructuring costs
include approximately $5.4 million of costs related to the consolidation of
facilities and lease and contract cancellations, and approximately $2.9 million
for severance pay expenses and related cash expenditures. The Company expects
to pay the majority of the restructuring charges within the next six months.
On May 27, 2010 the Company
issued a press release announcing the restructuring plan.  A copy of the press
release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
This Current Report on Form 8-K contains
forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including but not limited to
statements regarding anticipated revenue as a result of the restructuring plan.
We believe that it is important to communicate our future expectations to our
investors. However, there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results to differ
materially from the expectations we describe in our forward-looking statements,
including, without limitation, statements regarding the
risk that the restructuring results in greater restructuring charges or lower
cost savings than anticipated; the risk that unit orders will not ship,
be installed and/or convert to revenue, in whole or in part; the cost and
timing of developing our products and our ability to raise the necessary
capital to fund such development costs; our ability to achieve the forecasted
gross margin on the sale of our products; our 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 and GenSys 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 both GenDrive and
GenSys; competitive factors, such as price competition and competition from
other traditional and alternative energy companies; our ability to manufacture
products on a large-scale commercial basis; our ability to protect our
intellectual property; the cost of complying with current and future
governmental regulations; the impact of deregulation and restructuring of the
electric utility industry on demand for Plug Power's energy products; 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, 2009, filed
with the Securities and Exchange Commission ("SEC") on March 16,
2010, and the reports we file from time to time with the SEC. We do not intend
to and undertake no duty to update the information contained in this
communication.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
Title
99.1
Press Release of Plug Power Inc. dated May 27, 2010
2
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:  May 27, 2010
By:
/s/ Andrew Marsh
Andrew
Marsh
President
and Chief Executive Officer