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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";margin-bottom:12.0pt;text-align:center'><b><font style="font-size: 13.5pt">&nbsp;</font></b></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";line-height:1.0pt'>&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";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-align:center'><b><font style="font-size: 13.5pt">UNITED STATES</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-align:center'><b><font style="font-size: 13.5pt">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-align:center'><b>Washington,
D.C. 20549</b></p>

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

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-align:center'><b><font style="font-size: 18.0pt">FORM 8&#8209;K</font></b></p>

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-align:center'><b>Pursuant
to Section 13 or 15(d) of the<br>
Securities Exchange Act of 1934</b></p>

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>&nbsp;</b></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; January 24, 2012</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>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=72 valign=top style='width:.75in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td width=504 valign=top style='width:5.25in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">PLUG POWER INC.</font></b></p>
  </td>
  <td width=63 valign=top style='width:47.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:0pt;border-collapse:collapse' width="90%">
 <tr>
  <td width=174 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>Delaware</b></p>
  </td>
  <td width=213 valign=top style='width:34%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>1-34392</b></p>
  </td>
  <td width=182 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>22-3672377</b></p>
  </td>
 </tr>
 <tr>
  <td width=174 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>(State or Other <br>
  Jurisdiction<br>
  of Incorporation)</p>
  </td>
  <td width=213 valign=top style='width:34%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>(Commission File
  Number)</p>
  </td>
  <td width=182 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <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>
</table>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:.25in;text-align:center'><b><u>968
Albany Shaker Road, Latham, New York&nbsp; 12110<br>
</u></b><b><font style="font-size: 10.0pt">(Address of Principal Executive
Offices)&nbsp; (Zip Code)</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:.25in;text-align:center'><b><u>(518)
782-7700<br>
</u></b><b><font style="font-size: 10.0pt">(Registrant&#146;s telephone number,
including area code)</font></b></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:200%; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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:200%; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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:200%; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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:200%; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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";'>&nbsp;</p>

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<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";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry into a Material Definitive
Agreement.</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>&nbsp;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>On January 24, 2012, Plug Power Inc. (the &#147;Company&#148;)
entered into a Master and Shareholders&#146; Agreement (the &#147;Master Agreement&#148;) with Axane, S.A. pursuant to which the Company and Axane will form a joint venture
company based in France under the name Hypulsion (the &#147;JV&#148;).&nbsp; The principal purpose
of the JV will be to develop and sell hydrogen fuel cell systems for the
European material handling market.&nbsp; The Master Agreement provides that upon the
formation of the JV, the Company and the JV will enter into a Contribution and
License Agreement (the &#147;License Agreement&#148;) and a Supply and Engineered
Services Agreement (the &#147;Supply Agreement&#148;).&nbsp; The completion of the JV
formation and the execution of the License Agreement, the Supply Agreement and
various related agreements are subject to the satisfaction of certain closing
conditions.&nbsp; The Master Agreement will terminate if the closing has not
occurred by April 30, 2012.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>Master Agreement</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>The Master Agreement provides that Axane will contribute
5.5 million Euro to the JV over two years, and the Company will contribute to
the JV, in lieu of any cash contributions, a royalty-free license, exclusive as
to the European Union, to the Company&#146;s technology and&nbsp; intellectual property
rights in the field of integrated hydrogen fuel cell systems for the material
handling market.&nbsp; In exchange for these contributions, Axane will receive 55%
and the Company will receive 45% of the equity interests in the JV.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>The Master Agreement provides that for so long as such
party holds an equity interest in the JV, neither the Company nor Axane may
directly or indirectly engage, in the Territory (defined below), in any
development and/or sales activity that directly competes with the JV.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>Under the Master Agreement, the Company has two call
options to purchase a portion of Axane&#146;s equity interests in the JV, one
exercisable in 2016 (the &#147;2016 Option&#148;) and one exercisable in 2018 (the &#147;2018
Option&#148;).&nbsp; The 2016 Option and the 2018 Option entitle the Company to purchase
equity interests from Axane such that the Company&#146;s ownership of the JV equals
65% and 80%, respectively, on a fully-diluted basis.&nbsp; The 2018 Option is
exercisable only if the Company has exercised the 2016 Option.&nbsp; The purchase
prices to be paid by the Company for the JV interests subject to the 2016
Option and the 2018 Option are based on multiples of the JV&#146;s cash flow.&nbsp; If
the Company exercises either the 2016 Option or the 2018 Option, Axane will
have the right to require the Company to purchase the remainder of its equity
interests in the JV (the &#147;Put Option&#148;), which Put Option is exercisable by
Axane one year after the closing of the relevant option.&nbsp; The purchase price to
be paid by the Company for the JV interests subject to the Put Option is based
on the greater of (a) the value paid for such JV interests and (b) a multiple
of the JV&#146;s cash flow for the preceding year.&nbsp; </p>

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

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</b></div>

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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: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";'>&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-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>Axane has two additional put options that would require
the Company to purchase all of Axane&#146;s equity interests in the JV.&nbsp; Axane may
exercise the first of such put options in the event that, prior to December 31,
2012, a third party makes a claim that the intellectual property licensed by
the Company to the JV infringes such party&#146;s rights and Axane and the Company
are unable to reach an agreement regarding such claim.&nbsp; The purchase price to be
paid by the Company for all of Axane&#146;s JV interests will be the amount paid
into the JV by Axane for such interests.&nbsp; The Company may, at its option,
prevent the exercise of such put option by indemnifying Axane and the JV
against the third party claim.&nbsp; The second put option is exercisable by Axane
in September 2013 and the purchase price to be paid by the Company for all of
Axane&#146;s JV interests is one Euro.&nbsp; If Axane exercises either of these put
options and/or the Company exercises its call options, the parties are required
to take certain actions to terminate Axane&#146;s arrangements with the JV
(including sublease, operational&nbsp; services, cooperation, guaranty and similar
arrangements) and have the Company take on such obligations, as necessary. </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>The Master Agreement includes customary representations,
warranties and covenants for agreements of this type, including restrictions on
the transfer of JV interests, and provides for the governance and management of
the JV.&nbsp; The JV Board of Directors will be comprised of five members, with
three of such members being appointed by the party holding a majority of the
equity interests in the JV.&nbsp; Initially, Axane will appoint three directors and
the Company will appoint two directors. </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>License Agreement</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>Under the terms of the License Agreement, the Company will
grant to the JV a royalty-free license to certain copyrights, patents,
know-how, software and documentation in the field of integrated hydrogen fuel
cell systems for the material handling market defined as material handling
products in Classes 1&#8209;5 (the &#147;License&#148;).&nbsp; The License is exclusive as to
the territories of Albania, Austria, Belgium, Bosnia and Herzegovina, Bulgaria,
Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece,
Hungary, Iceland, Ireland, Italy, Liechtenstein, Luxemburg, Republic of
Macedonia, Malta, Montenegro, the Netherlands, Norway, Poland, Portugal,
Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United
Kingdom (the &#147;Territory&#148;).&nbsp; If the Company sells its entire equity interest in
the JV, the License becomes non-exclusive one year after such sale.&nbsp; Further,
the License becomes non-exclusive, and the Company may terminate the License,
upon any bankruptcy or dissolution of the JV.&nbsp; Under the License Agreement, the
Company receives a royalty-free license back to certain copyrights, patents,
know-how, software and documentation of the JV in the field of integrated
hydrogen fuel cell systems for the material handling market defined as material
handling products in Classes 1&#8209;5 outside of the Territory.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>The initial term of the License expires on June 30, 2013.&nbsp;
The term automatically extends to February 28, 2014 upon Axane&#146;s payment of its
contribution to the JV in 2013 pursuant to the Master Agreement.&nbsp; Upon Axane&#146;s
contribution to the JV in 2014 under the Master Agreement, the term of the
License will extend until the expiration of the last item of licensed
intellectual property or ninety-nine years, whichever is longer.&nbsp; The License
terminates in the event that Axane fails to make any required contribution to
the JV under the Master Agreement.&nbsp;&nbsp; </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>Supply Agreement</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>Under the Supply Agreement, the Company agrees to supply
fuel cell systems to the JV and grants to the JV the exclusive right to market,
distribute and sell such systems to customers in the Territory.&nbsp; The JV&#146;s right
to market, distribute and sell becomes non-exclusive in the event that the
License under the License Agreement becomes non-exclusive.&nbsp; Without the
Company&#146;s prior consent, the JV may not distribute or sell products outside of
the Territory or appoint any sub-distributor. Further, the JV may not sell any
products to certain competitors of the Company.&nbsp; Under the Supply Agreement,
the Company will also provide engineering and product development services and
technical service support to the JV.&nbsp; </p>

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

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</b></div>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>The initial term of the Supply Agreement is ten (10)
years, with automatic one-year renewals thereafter unless either party gives
notice to the other prior to the renewal.&nbsp; The Supply Agreement terminates upon
any termination of the License Agreement.&nbsp; Further, either party may terminate
the Supply Agreement in the event of a breach by or bankruptcy of the other
party, or if the parties are unable to agree on annual pricing for the
products. </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;font-size:12.0pt;font-family:"Times New Roman";' align="center">
4</p>

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</b></div>

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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: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";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:24.0pt;text-align:center'><b>SIGNATURES</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:6.0pt;text-indent:.5in'>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.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:6.0pt;text-indent:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>

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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:13.65pt'>PLUG POWER INC.</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:13.65pt'>&nbsp; </p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:13.65pt'>&nbsp; </p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>Date:&nbsp; January 30, 2012</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:13.65pt'>By: <u>&nbsp;&nbsp;&nbsp;/s/
	Andrew Marsh&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:36.35pt'>&nbsp;Andrew Marsh</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:36.35pt'>&nbsp;Chief Executive Officer.</p>
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[{"type": "8-K", "sequence": "1", "filename": "esplug8-k.htm", "secsgml_size_bytes": 28605}]
{"company-data": {"conformed-name": "PLUG POWER INC", "cik": "0001093691", "assigned-sic": "3620", "irs-number": "223672377", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34392", "film-number": "12555416"}, "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):  January 24, 2012
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 1.01        Entry into a Material Definitive
Agreement.
On January 24, 2012, Plug Power Inc. (the "Company")
entered into a Master and Shareholders' Agreement (the "Master Agreement") with Axane, S.A. pursuant to which the Company and Axane will form a joint venture
company based in France under the name Hypulsion (the "JV").  The principal purpose
of the JV will be to develop and sell hydrogen fuel cell systems for the
European material handling market.  The Master Agreement provides that upon the
formation of the JV, the Company and the JV will enter into a Contribution and
License Agreement (the "License Agreement") and a Supply and Engineered
Services Agreement (the "Supply Agreement").  The completion of the JV
formation and the execution of the License Agreement, the Supply Agreement and
various related agreements are subject to the satisfaction of certain closing
conditions.  The Master Agreement will terminate if the closing has not
occurred by April 30, 2012.
Master Agreement
The Master Agreement provides that Axane will contribute
5.5 million Euro to the JV over two years, and the Company will contribute to
the JV, in lieu of any cash contributions, a royalty-free license, exclusive as
to the European Union, to the Company's technology and  intellectual property
rights in the field of integrated hydrogen fuel cell systems for the material
handling market.  In exchange for these contributions, Axane will receive 55%
and the Company will receive 45% of the equity interests in the JV.
The Master Agreement provides that for so long as such
party holds an equity interest in the JV, neither the Company nor Axane may
directly or indirectly engage, in the Territory (defined below), in any
development and/or sales activity that directly competes with the JV.
Under the Master Agreement, the Company has two call
options to purchase a portion of Axane's equity interests in the JV, one
exercisable in 2016 (the "2016 Option") and one exercisable in 2018 (the "2018
Option").  The 2016 Option and the 2018 Option entitle the Company to purchase
equity interests from Axane such that the Company's ownership of the JV equals
65% and 80%, respectively, on a fully-diluted basis.  The 2018 Option is
exercisable only if the Company has exercised the 2016 Option.  The purchase
prices to be paid by the Company for the JV interests subject to the 2016
Option and the 2018 Option are based on multiples of the JV's cash flow.  If
the Company exercises either the 2016 Option or the 2018 Option, Axane will
have the right to require the Company to purchase the remainder of its equity
interests in the JV (the "Put Option"), which Put Option is exercisable by
Axane one year after the closing of the relevant option.  The purchase price to
be paid by the Company for the JV interests subject to the Put Option is based
on the greater of (a) the value paid for such JV interests and (b) a multiple
of the JV's cash flow for the preceding year.
2
Axane has two additional put options that would require
the Company to purchase all of Axane's equity interests in the JV.  Axane may
exercise the first of such put options in the event that, prior to December 31,
2012, a third party makes a claim that the intellectual property licensed by
the Company to the JV infringes such party's rights and Axane and the Company
are unable to reach an agreement regarding such claim.  The purchase price to be
paid by the Company for all of Axane's JV interests will be the amount paid
into the JV by Axane for such interests.  The Company may, at its option,
prevent the exercise of such put option by indemnifying Axane and the JV
against the third party claim.  The second put option is exercisable by Axane
in September 2013 and the purchase price to be paid by the Company for all of
Axane's JV interests is one Euro.  If Axane exercises either of these put
options and/or the Company exercises its call options, the parties are required
to take certain actions to terminate Axane's arrangements with the JV
(including sublease, operational  services, cooperation, guaranty and similar
arrangements) and have the Company take on such obligations, as necessary.
The Master Agreement includes customary representations,
warranties and covenants for agreements of this type, including restrictions on
the transfer of JV interests, and provides for the governance and management of
the JV.  The JV Board of Directors will be comprised of five members, with
three of such members being appointed by the party holding a majority of the
equity interests in the JV.  Initially, Axane will appoint three directors and
the Company will appoint two directors.
License Agreement
Under the terms of the License Agreement, the Company will
grant to the JV a royalty-free license to certain copyrights, patents,
know-how, software and documentation in the field of integrated hydrogen fuel
cell systems for the material handling market defined as material handling
products in Classes 1‑5 (the "License").  The License is exclusive as to
the territories of Albania, Austria, Belgium, Bosnia and Herzegovina, Bulgaria,
Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece,
Hungary, Iceland, Ireland, Italy, Liechtenstein, Luxemburg, Republic of
Macedonia, Malta, Montenegro, the Netherlands, Norway, Poland, Portugal,
Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United
Kingdom (the "Territory").  If the Company sells its entire equity interest in
the JV, the License becomes non-exclusive one year after such sale.  Further,
the License becomes non-exclusive, and the Company may terminate the License,
upon any bankruptcy or dissolution of the JV.  Under the License Agreement, the
Company receives a royalty-free license back to certain copyrights, patents,
know-how, software and documentation of the JV in the field of integrated
hydrogen fuel cell systems for the material handling market defined as material
handling products in Classes 1‑5 outside of the Territory.
The initial term of the License expires on June 30, 2013. 
The term automatically extends to February 28, 2014 upon Axane's payment of its
contribution to the JV in 2013 pursuant to the Master Agreement.  Upon Axane's
contribution to the JV in 2014 under the Master Agreement, the term of the
License will extend until the expiration of the last item of licensed
intellectual property or ninety-nine years, whichever is longer.  The License
terminates in the event that Axane fails to make any required contribution to
the JV under the Master Agreement.
Supply Agreement
Under the Supply Agreement, the Company agrees to supply
fuel cell systems to the JV and grants to the JV the exclusive right to market,
distribute and sell such systems to customers in the Territory.  The JV's right
to market, distribute and sell becomes non-exclusive in the event that the
License under the License Agreement becomes non-exclusive.  Without the
Company's prior consent, the JV may not distribute or sell products outside of
the Territory or appoint any sub-distributor. Further, the JV may not sell any
products to certain competitors of the Company.  Under the Supply Agreement,
the Company will also provide engineering and product development services and
technical service support to the JV.
3
The initial term of the Supply Agreement is ten (10)
years, with automatic one-year renewals thereafter unless either party gives
notice to the other prior to the renewal.  The Supply Agreement terminates upon
any termination of the License Agreement.  Further, either party may terminate
the Supply Agreement in the event of a breach by or bankruptcy of the other
party, or if the parties are unable to agree on annual pricing for the
products.
4
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:  January 30, 2012
By:
/s/
	Andrew Marsh
Andrew Marsh
Chief Executive Officer.
5