<SEC-DOCUMENT>0001104659-21-108050.txt : 20220419
<SEC-HEADER>0001104659-21-108050.hdr.sgml : 20220419
<ACCEPTANCE-DATETIME>20210820130136
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-108050
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLUG POWER INC
		CENTRAL INDEX KEY:			0001093691
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				223672377
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		968 ALBANY-SHAKER ROAD
		CITY:			LATHAM
		STATE:			NY
		ZIP:			12110
		BUSINESS PHONE:		5187827700

	MAIL ADDRESS:	
		STREET 1:		968 ALBANY-SHAKER ROAD
		CITY:			LATHAM
		STATE:			NY
		ZIP:			12110
</SEC-HEADER>
<DOCUMENT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Mark Rakip&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Andrew Blume&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Manufacturing&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C.&nbsp; 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; font: bold 10pt Times New Roman, Times, Serif">RE:</TD>
    <TD STYLE="width: 95%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Plug Power Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Form 10-K for Fiscal Year Ended December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Filed May 14, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Form 8-K filed November 9, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">File No.001-34392</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr.&nbsp;Rakip and Mr.&nbsp;Blume:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter is being submitted on behalf of Plug Power Inc. (the &ldquo;Company,&rdquo;
 &ldquo;Plug,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo;) in response to the comments of the staff of the Division
of Corporation Finance (the &ldquo;Staff&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;) as set
forth in your letter to the Company dated July&nbsp;16, 2021. For your convenience, the Staff&rsquo;s comments and the responses thereto
are set forth sequentially below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2020</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Explanatory Note</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Restatement Background, page&nbsp;3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>We note that you restated your unaudited consolidated financial statements as of and for the first three quarterly periods in each
of 2020 and 2019 as a result of misstatements and that the financial statements included in your prior quarterly reports on Form&nbsp;10-Q
for the respective periods should no longer be relied upon due to such misstatements. Your prior quarterly reports on Form&nbsp;10-Q included
additional information about the quarterly periods, such as management&rsquo;s discussion and analysis. Please tell us whether any of
the misstated additional information included in the prior quarterly reports that is not addressed in this Form&nbsp;10-K is material
and how you considered that in the disclosure provided in this filing. For example, explain if the misstatements result in different trends
from what was included within your previous results of operations discussions and whether that represents material information that should
be disclosed.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with preparing the Form&nbsp;10-K, the Company reviewed
the required quarterly disclosures (including Management&rsquo;s Discussion and Analysis) in the Form&nbsp;10-Qs for the first three quarters
in each of 2019 and 2020 and made an assessment as to what misstated information should be addressed in the Form&nbsp;10-K. Based on that
review, the Company does not believe that any misstated additional information included in the prior quarterly reports that is not addressed
in our Form&nbsp;10-K is material. In considering whether any such misstated additional information should be disclosed in the Form&nbsp;10-K,
examples of what the Company considered include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>The misstatements did not have a material impact on revenue in any of the quarterly periods from prior quarterly reports on Form&nbsp;10-Q.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>Net loss attributable to common stockholders did not change materially in any quarterly periods from prior quarterly reports on Form&nbsp;10-Q,
with the exception of the quarter ended September&nbsp;30, 2020. As a result of the restatement, net loss attributable to common stockholders
for the quarter ended September&nbsp;30, 2020 decreased approximately $25.8 million, primarily the result of an additional provision for
loss accrual of approximately $20.8 million and an additional bonus expense accrual of approximately $5.3 million. The Company believes
these two items were appropriately disclosed in the Form&nbsp;10-K in the restated quarterly financial information included in Note 3
to the consolidated financial statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>Trends in gross profit (loss) for the quarterly periods from prior quarterly reports on Form&nbsp;10-Q did not change materially as
a result of the misstatement. For example, the trend in total gross profit (loss) for each of the first three quarters in 2020 as compared
to the comparable 2019 quarterly periods did not change. This is because the primary impact to gross profit (loss) from the restatement
was the reclassification of R&amp;D expense to cost of sales and this reclassification impacted all periods presented by comparable amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As a result, the Company determined that the misstated additional
information included in the prior quarterly reports that is not addressed in Form&nbsp;10-K is not material to the previously filed interim
financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note your response to comment 2. Please provide us with additional information regarding the nature and key terms of your sale/leaseback
and sale of future service revenue contracts with third-party financial institutions. For example, tell us if these items are negotiated
together, how repayment allocations are specified in the contract, and the specific business purpose for the sale of revenue component.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company negotiates a sale/leaseback with a financial institution
that includes the sale of equipment and future service revenue to be received from the end customer via a monthly Power Purchase Agreement
(PPA) payment. These items are negotiated together as evidenced by a single contractual agreement and there is typically one amount in
the contract that covers both the sale of equipment and the future service revenue. The payment from the financial institution for the
future service revenue is classified on the Company&rsquo;s consolidated balance sheet as a finance obligation, as opposed to deferred
revenue, primarily because that portion of the contract does not represent a sale. Additionally, the Company has significant continuing
involvement in the generation of cash flows that are due to the financial institution from the end customer contract and the financial
institution&rsquo;s rate of return is limited by the terms of the transaction (ASC 470-10-25-2). The proceeds from the financial institution
are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of
the equipment and service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The investment in the equipment is eligible for an investment tax credit
(ITC). However, the Company is unable to realize the benefit of the ITC itself as it does not have taxable income. The Company monetizes
a portion of the ITCs through sale/leaseback transactions with financial institutions. The financial institution receives the ITC in a
sale/leaseback transaction and the amount of the ITC is calculated based on the full amount paid for the equipment and the future services.
Accordingly, the specific business purpose for including the future services revenue component in the sale/leaseback transactions is to
maximize the economic benefit to the Company from the transfer of the ITC to the financial institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Internal Control Considerations, page&nbsp;4</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>You disclose that management identified a material weakness in your internal control over financial reporting (&ldquo;ICFR&rdquo;),
resulting in the conclusion that your ICFR and disclosure controls and procedures (&ldquo;DCP&rdquo;) were not effective as of December&nbsp;31,
2020. You also disclose on page&nbsp;66 that certain of the identified deficiencies resulted in material misstatements that were identified
and corrected in the consolidated financial statements as of and for each of the three years in the period ended December&nbsp;31, 2020
and other historical periods. Please tell us whether the identified material weakness existed for reporting periods prior to fiscal 2020,
and if so, how far back it existed.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company performed assessments of its ICFR as of December&nbsp;31,
2019 and 2018 and did not identify any material weaknesses at those points in time. In connection with the Form&nbsp;10-K, the Company
performed the required assessment of its ICFR as of December&nbsp;31, 2020, but did not reassess its ICFR for any prior periods. Given
that there were material misstatements identified and corrected for the years ended December&nbsp;31, 2018 and 2019 as noted in Item 9A
of the Form&nbsp;10-K, the Company believes that a reasonable inference can be made that the material weakness in its ICFR identified
as of December&nbsp;31, 2020 also existed during all or some portion of the years ended December&nbsp;31, 2018 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Critical Accounting Estimates</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Impairment of Long-Lived Assets and PPA Executory Contract Considerations,
page&nbsp;61</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Please address the following comments related to your power purchase agreements (&ldquo;PPA&rsquo;s):</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>You disclose that you expect to recognize losses on your PPA arrangements and that you have not recognized a provision for the
expected future losses under these revenue arrangements since they are considered &ldquo;executory contracts&rdquo;. Since you identify
one of the &ldquo;primary&rdquo; sources of the losses as the maintenance component of the PPA agreements, clarify how you determined
loss provisions should not be recognized pursuant to ASC 605-20-25-6. In helping us understand your accounting, tell us the specific products
and/or services you offer to end users in PPA arrangements. Also, tell us if you account for your PPA arrangements with end users under
ASC 842 or ASC 606 and explain in detail how you arrived at your determination. If the contracts are recognized under ASC 842 as indicated
in your response to comment 4 in a previous letter dated May&nbsp;8, 2019, clarify why your disclosures suggest the PPA&rsquo;s are revenue
arrangements under ASC 606. If the contracts are recognized under ASC 606, advise why this appears to contradict your earlier response
letter.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our PPA arrangements with customers require the Company to provide
power to a customer&rsquo;s forklift trucks. These are not a product maintenance contracts. In order to provide power to the customers&rsquo;
forklift trucks, we provide fuel cell and hydrogen infrastructure equipment to a customer site and also provide service to ensure that
this equipment is functioning. Customers pay a monthly fee to Plug for providing the equipment and service. The equipment deployed in
providing these services is owned by the financial institution, not the PPA customer. This monthly fee is not separately priced by product
or service, and the PPA is not considered an agreement to perform certain agreed-upon services to maintain a product for a specified period
of time. As such, ASC 605-20-25-6 does not apply. Since the PPA&rsquo;s are executory contracts, no provision for expected future losses
is recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company accounts for PPA arrangements with end users under ASC
606 and not under ASC 842. The equipment used to provide power to customers is not considered to be leased to those customers as the Company
has substantive substitution rights. That is, individual units used in the PPA arrangements can be moved and used at different customer
sites. The Company has both the practical ability to substitute other fuel cells and it can be economically beneficial for the Company
to do so. The Company has a history of substituting individual units at different customer locations. As a result, the equipment used
in the PPAs are not considered to be leases due to the Company&rsquo;s substantive substitution rights. We acknowledge that we disclosed
to the Staff in response to prior comments letters that we account for PPA&rsquo;s under ASC 842. During our recent restatement process,
we determined that PPA&rsquo;s should be accounted for under ASC 606. Other than the amended disclosures in our most recently filed Form&nbsp;10-K,
there was no impact to the revenue recognized in our historical consolidated financial statements as both ASC 606 and ASC 842 resulted
in the Company recognizing revenue on a straight-line basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>We note your disclosure on page&nbsp;60 that &ldquo;assets deployed for certain PPA arrangements are not recoverable based on the
undiscounted estimated future cash flows of the asset group&rdquo; and that &ldquo;the estimated fair value of the assets in the asset
group equal or exceed the carrying amount of the assets or otherwise limit the amount of impairment that would have been recognized.&rdquo;
Explain to us in sufficient detail why you do not appear to have recognized any impairment losses related to assets with carrying values
exceeding undiscounted estimated future cash flows. In doing so, clarify how you determine the PPA &ldquo;asset group,&rdquo; as defined
in ASC 360-10-20, when performing your impairment assessments under ASC 360-10-35-17. If assets are not tested at the individual PPA level,
please explain how your determined asset group represents the lowest level for which identifiable cash flows are largely independent of
the cash flows of other groups of assets.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The asset group was determined to be at the warehouse/ customer site
level, which management believes represents the lowest level for which the Company tracks financial operating information related to a
group of long-lived assets and considers whether the asset group is capable of generating cash flows largely independent of other assets
groups. This group of assets includes the right-of-use (ROU) assets resulting from leased back assets from financial institutions and
certain Plug owned assets (whether deployed or pending deployment). In certain instances, assets sold to and leased back from one financial
institution are deployed to multiple customer sites under a single PPA. In those cases, the related ROU asset balance associated with
the leaseback from the financial institution is allocated to different customer sites based on the net cash flows generated by the specific
assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When an asset group fails the recoverability test,
an impairment loss is recognized if the carrying amount of the asset group exceeds its fair value. However, individual assets within an
asset group should not be written down below their fair value per ASC 360-10-35-28. The fair value of an ROU asset is the amount that
a market participant would pay to have the use of that underlying asset for the remaining lease term without the obligation to make lease
payments. Similarly, the fair value of fixed assets used to support these arrangements is the amount a market participant would pay for
those assets (i.e., the exit price).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The ROU assets are recorded at lease commencement and amortized over
their useful life. Plug owned assets used for the PPA arrangements and included in this analysis are recorded at cost at inception and
amortized over the useful life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To determine whether the fair value of these assets has decreased below
their individual carrying value, the Company developed a model to monitor sales transactions for similar or the same equipment (direct
sales and sale/leaseback transactions with financial institutions), which is indicative of the fair of the assets. These selling prices
have a direct relationship with the associated ROU assets&rsquo; and fixed assets&rsquo; fair value assessment, i.e., the current transactions
and trends represent what market participants are paying for these assets. The Company believes this is the best approach for assessing
fair value given the nature of these assets and how they are used in this developing market as it maximizes the use of observable data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company analyzed selling prices during the period from 2018 through
2020 and believes the pricing realized is within a reasonable range over that period and indicates no significant decline in values for
certain deployed assets. Based on this analysis, the Company determined that there was no impairment for certain deployed PPA assets as
of December&nbsp;31, 2020. For deployed assets that did indicate a decline in selling prices, an impairment charge was recorded in 2020.
In addition, the Company recorded an impairment charge in 2020 for certain other equipment that was not currently deployed under a PPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to Consolidated Financial Statements</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>18. Warrant Transaction Agreements, page&nbsp;F-76</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>5.</B></TD><TD><B>We note that on December&nbsp;31, 2020 you waived the remaining vesting conditions of the Amazon warrants, resulting in an additional
$399.7 million reduction to revenue during fiscal 2020. Please address the following comments related to the immediate vesting of these
warrants:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>You disclose on page&nbsp;F-77 that you recognized the revenue reduction during fiscal year 2020 because you &ldquo;concluded such
amount was not recoverable from the margins expected from future purchases by Amazon under the Amazon Warrant, and no exclusivity or other
rights were conferred to the Company in connection with the December&nbsp;31, 2020 waiver.&rdquo; Clarify for us what you mean by this
statement and cite specific authoritative accounting guidance you relied upon in determining the timing of the vesting charge.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
vesting charge represented the fair value of warrants from the third tranche of the Amazon warrants (the &ldquo;Third Tranche&rdquo;)
that either had yet to be expensed or were deferred as an asset because of a committed purchase of service.</FONT> This amount represents
consideration payable to the customer (Amazon) and does not meet the definition of an asset pursuant to Concept Statement 6. Since the
amount did not meet the definition of an asset under Concept Statement 6, the Company determined that the amount should be recognized
immediately in the Company&rsquo;s income statement as a reduction to revenue. The waiver of the remaining vesting conditions did not
change the fact that the Third Tranche still represents consideration payable to a customer (that was not received in exchange for a distinct
good or service). As such, the Company considered the following guidance in ASC 606-10-32-27, which states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>32-27</I></B></FONT><I>
Accordingly, if consideration payable to a customer is accounted for as a reduction of the transaction price, an entity shall recognize
the reduction of revenue when (or as) the later of either of the following events occurs:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><I>a.</I></TD><TD STYLE="text-align: justify"><I>The entity recognizes revenue for the transfer of the related goods or services to the customer.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><I>b.</I></TD><TD STYLE="text-align: justify"><I>The entity pays or promises to pay the consideration (even if the payment is conditional on a future
event). That promise might be implied by the entity&rsquo;s customary business practices.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above recognition guidance is based on the
premise that the consideration payable to a customer relates to a current contract(s)&nbsp;(or probable contract(s)) with that customer
and that the revenue reduction associated with the customer payment is recoverable under the contract(s). The waiver agreement was explicit
that in exchange for the waiver, Amazon had no obligation to make any future purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company estimated probable future payments
as of December&nbsp;31, 2020 from Amazon for the purchase of goods and services to be $124.4 million for purposes of accounting for the
modification of a share based payment award, which included the evaluation of the number of warrants that were probable of vesting immediately
prior to the waiver (i.e. a probable-to-probable Type I modification) versus the number that were not deemed probable of vesting (i.e.
an improbable-to-probable Type III modification). Therefore, the Company considered whether any basis exists to support recognizing the
fair value measure of the Third Tranche as an asset based on this probability assessment. In doing so, the Company considered the following
guidance from FASB Concept Statement 6 (par. 25), which states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>25. Assets are probable future economic
benefits obtained or controlled by a particular entity as a result of past transactions or events.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, while not explicit in the paragraph
above, the Company believes that the asset would need to be recoverable in the same manner in which contract acquisition costs are analyzed
for recovery pursuant to ASC 340-40-25-5. Meaning, an entity should consider its margin (as opposed to gross revenue) to determine whether
there is a basis to recognize an asset under Concept Statement 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
waiver of the remaining vesting conditions with Amazon </FONT>did not contemplate any exclusivity between Amazon and the Company, nor
did it require any new purchase orders or purchase commitments. Therefore, in contemplating probable future economic benefits, the Company
believes it is appropriate to limit such amounts to the $124.4 million amount referenced previously. The Company considered its historical
gross margin (loss) on these types of contracts with Amazon, which varies for sales of infrastructure and service contracts, and determined
that the estimated margin is not sufficient to recover such amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, for illustrative, the Company evaluated
the amount of future purchases that would be necessary to recover the cost of the Third Tranche warrant. Based on the estimated fair value
measure of the Third Tranche and the historical gross margins for Amazon revenues, the Company calculated the breakeven amount of anticipated
revenue that would be needed to recover the cost of the Third Tranche. See table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif; margin-right: 5in">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">Sales of Fuel Systems</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,577,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Estimated Margin (25%)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">394,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Services Revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">323,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Estimated Margin (1%)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,230,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Warrants Fair Value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">399,688,048</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Margin (-) Fair Value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">Total Breakeven Revenue</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,900,000,000
plus</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated margins represent the middle of the range of the historical Amazon margins for the respective reven</FONT>u<FONT STYLE="font-family: Times New Roman, Times, Serif">e
st</FONT>r<FONT STYLE="font-family: Times New Roman, Times, Serif">eams. In addition, the sales mix between fuel syste</FONT>m<FONT STYLE="font-family: Times New Roman, Times, Serif">s
and services (83%/17%) is the average sales mix for 2017</FONT>-<FONT STYLE="font-family: Times New Roman, Times, Serif">2019 consolidated
revenue amounts. Under these assumptions, the breakeven amount of anticipated revenue necessary to breakeven on t</FONT>h<FONT STYLE="font-family: Times New Roman, Times, Serif">e
cost of the Third Tranche is in excess of $1.9 bill</FONT>ion. This illustration further supports the notion that the cost of the Third
Tranche cannot reasonably be supported as an asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on this fact pattern and the lack of explicit guidance in ASC 606 related to the recoverability of consideration payable to a customer
in scenarios where there is not a current contract or anticipated purchases from the customer that would represent a probable future benefit,
the Company considered, by analogy, the interpretive guidance related to accounting for the timing of recognition of upfront payments
to a customer, including TRG Paper 59, TRG Paper 60 (TRG Paper 59, Question 1: How Should an Entity Account for Upfront Payments to a
Customer? And TRG Paper 60, Topic 3: Payments to Customers)</FONT>, and KPMG Question 5.7.50 <I>How should an entity account for a nonrefundable
up-front payment to a customer or potential customer? </I>These sources acknowledge that there may be fact patterns when an upfront payment
to a customer may be appropriately recognize immediately in the income statement. However, such accounting is not a policy election and
is based on the facts and circumstances of the transaction, including understanding the following: the reasons for the payment, the rights
and obligations resulting from the payment (if any), the nature of the promise(s)&nbsp;in the contract (if any), and other relevant facts
and circumstances for each arrangement when determining the appropriate accounting. The Company believes this framework is appropriate
to consider by analogy given the Third Tranche could be viewed as an upfront payment given to a customer when no revenue contract is received
in exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To address these factors, the Company applied
the framework included <U>i</U>n a speech at the 2016 AICPA Conference on Current SEC and PCAOB Developments by Ruth Uejio, professional
accounting fellow in the OCA, who provided the following commentary on accounting for payments to customers<B>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>From my perspective, a company must
first determine what the payment was made for. The following are some of the questions that OCA staff may focus on to understand the nature
and substance of the payment:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>1. What are the underlying economic
reasons for the transaction? Why is the payment being made?</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:
</B></FONT>Key factors in the Company approaching the waiver of the remaining vesting conditions was (1)&nbsp;the belief that that the
warrants are not driving Amazon&rsquo;s current spending patterns with the Company and (2)&nbsp;although the Company does not have purchase
commitments (e.g., binding purchase orders) for $400 million of future revenue from Amazon, in effect, the Company anticipates eventually
receiving future revenue of approximately $400 million associated with Amazon (albeit with a likelihood of less than &lsquo;probable&rsquo;).
The Company believes these factors align with its view that by entering into the Waiver, the Company did not transfer any incremental
value to Amazon that Amazon would not have received under the original terms. That is, the waiver of remaining vesting conditions does
not result in any practical economic cost to the Company as the Company is accelerating what it already expected to happen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>2. How did the company communicate
and describe the nature of the payment to its investors?</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:
</B></FONT>The Company communicated the nature of the Third Tranche vesting as designated to end the rebate program with Amazon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>3. What do the relevant contracts
governing the payment stipulate? Does the payment secure an exclusive relationship between the parties? Does the payment result in the
customer committing to make a minimum level of purchases from the vendor?</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:
</B></FONT>The waiver of remaining vesting conditions did not secure any incremental commitment or exclusivity from Amazon in exchange.
The waiver of remaining vesting conditions did not represent any inducement between the Company and Amazon. The Company acknowledges one
could take the alternative view that although not explicit, the waiver of remaining vesting conditions could be viewed as an incentive
to secure business related to deployment of the Company&rsquo;s GenKey fuel cell technology at additional Amazon distribution centers.
However, Amazon is under no commitment as a result of the waiver of remaining vesting conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>4. What is the accounting basis for
recognizing an asset, or recognizing an upfront payment immediately through earnings?</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:
</B></FONT>The entire fair value measure of the Third Tranche should be recognized immediately through earnings (i.e., View B in TRG Paper
60 and KPMG Q&amp;A 5.7.50) as the payment did not secure any additional binding purchase orders by Amazon and the probable future economic
benefit amount associated with Amazon is not sufficient to recover the cost of the Third Tranche. That is, the Third Tranche fair value
measure does not meet the definition of an asset pursuant to Concept Statement 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Once a company has determined the
substance of the payment,&nbsp;I believe a company should account for the payment using an accounting model that is consistent with the
identified substance of the payment and relevant accounting literature. Additionally, companies should establish accounting policies that
are consistently applied. I&rsquo;d highlight that there should be a neutral starting point in the accounting evaluation for these types
of arrangements. I believe that registrants must carefully evaluate all of the facts and circumstances in arriving at sound judgments,
and should perform the analysis impartially. Additionally, in my view &ldquo;matching&rdquo; is not a determinative factor to support
asset recognition.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:
</B></FONT>Given the considerations documented above, the Company believes application of &ldquo;View B&rdquo; as discussed in TRG Paper
60 (Topic 3) is a reasonable application of the relevant accounting literature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the factors above, the Company
also considered the following additional points of consideration in evaluating whether it is appropriate to recognize an asset (referred
to as &ldquo;View A&rdquo; below) or recognize immediately in the income statement (referred to as &ldquo;View B&rdquo;) from KPMG&rsquo;s
Question 5.7.50 <I>How should an entity account for a nonrefundable up-front payment to a customer or potential customer?</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Concepts Statement 6 defines assets as &ldquo;probable
future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.&rdquo; As such, based
on the SEC speech, the TRG discussion, the definition of an asset and framework in Subtopic 340-40, we believe the following are factors
(not exhaustive) that may indicate that View A is appropriate.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>1. <B>The payment is recoverable through the initial contract
and/or future anticipated renewals. </B>In order to meet the definition of an asset, the entity must be able to recover the asset through
future cash flows. Furthermore, the entity needs to obtain or control those particular benefits. By entering into the initial contract,
the entity obtained the control of an asset. However, in some instances the entity may only expect to recover the payment through future
anticipated contracts. If the payment relates to initial and future anticipated contracts, the asset could be recoverable through cash
flows related to both. While payments to customers are not in the scope of Subtopic 340-40, this concept is similar to the notion underlying
costs to obtain contracts with customers. As such, we believe entities could look to both the initial and future anticipated renewals
to assess the recoverability of the asset.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Analysis:
</I></B></FONT>As stated above, the waiver does not secure any incremental commitment or exclusivity from Amazon in exchange. While the
Company has identified probable revenue amounts, the associated margins for such amounts do not provide a basis to recover the payment
to Amazon (via the Third Tranche), and therefore, an asset doesn&rsquo;t exist. <B>This indicates View A is not appropriate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>2. <B>The entity secures an exclusivity agreement and
it is probable that the customer will make purchases sufficient to recover the payment. </B>If the payment secures an exclusive relationship
between the entity and its customer and it is probable the customer will order a sufficient number of goods or services to recover the
payment, the payment would meet the definition of an asset as the entity has obtained a right that it controls and would benefit from
that relationship.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Analysis:
</B></FONT>The Company did not secure an exclusivity agreement as a result of the Waiver, nor is it probable Amazon will make purchases
sufficient to produce margins to recover the fair value of the Third Tranche. <B>This indicates View A is not appropriate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>3. <B>History of renewals/average customer life. </B>If
the entity has a history or renewals with similarly situated customers, an average customer life longer than the initial contract term
might indicate the payment relates to future expected renewals. Unless, as noted in (1)&nbsp;below, the payment only relates to the current
contract.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Analysis:
</B></FONT>The Company does not have a significant history or renewals with Amazon or similarly situated customers. The Company acknowledges
it entered into a similar warrant arrangement with Walmart. However, similar to Amazon, Walmart has not entered into exclusivity agreements
or binding purchase orders. That is, while the Company does anticipate ongoing revenue from both Walmart and Amazon, the Company has not
obtained, nor does it control any related benefits. <B>This indicates View A is not appropriate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>4. <B>Underlying reason for the payment. </B>An entity
should also consider its customary business practices and reason for making the payment. If the payment is a one-time expenditure at the
beginning of a new contract (new customer, new product line,&nbsp;etc.) to secure a relationship, that payment may meet the definition
of an asset because the payment obtained the contract with the customer.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Analysis:
</B></FONT>As noted previously, a key factor in the Company approaching Amazon about the waiver of remaining vesting conditions was the
Company&rsquo;s belief that the Warrants are not driving Amazon&rsquo;s current spending patterns with the Company. That is, given the
relatively massive scale of Amazon&rsquo;s operations, the Company does not view the Warrants as continuing to incentivize Amazon&rsquo;s
decision to execute new purchase orders with the Company. Further, the vesting of the Third Tranche did not secure a relationship given
there is no promise of exclusivity or minimum guaranteed purchases from Amazon in exchange. <B>This indicates View A is not appropriate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>In contrast, we believe the following may indicate that View B is
appropriate:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>1. <B>The payments are recurring and commensurate with
the subsequent payments upon renewal. </B>If the entity makes payments at the beginning of each contract and subsequent renewal, it would
indicate that the payment only relates to the current contract.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Analysis:
</B></FONT>For each installment, there is a fixed number of warrants eligible for Amazon to receive. That is, the warrants for each installment
could be viewed as commensurate for Amazon&rsquo;s &ldquo;contract renewal&rdquo; of entering into additional revenue contracts. Further,
there is no evidence that the Company controls or has obtained the benefit of any future revenue contracts. <B>This indicates View B is
appropriate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>2. <B>The entity does not obtain any contractual assurance
(e.g. exclusivity or a customer contract) that future contracts will be obtained. </B>If the entity does not obtain any contract (even
if short-term) or exclusivity agreement, the entity may not have an asset that it controls.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Analysis:
</B></FONT>As stated previously, the Company did not obtain any contractual assurance in the form of exclusivity or minimum purchase contract.
Therefore, the Company does not have an asset (sufficient to recover the fair value of the Third Tranche) that it controls as a result
of the Waiver. <B>This indicates View B is appropriate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>3. <B>The entity is entering into a new market or selling
new products or services. </B>If the entity does not have a history to suggest that it will be successful in recovering the payment through
the current or future anticipated contracts, it may be inappropriate to defer and amortize the payment longer than the current contract.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Analysis:
</B></FONT>The Company has been selling to Amazon hydrogen cell batteries (and related infrastructure) for since 2017. However, the Company
doesn&rsquo;t have sufficient evidence to demonstrate the ability to recover the fair value of the Third Tranche via the margins associated
with the probable revenue from Amazon. <B>This indicates View B is appropriate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the additional analysis above of the
factors in the KPMG Question, the Company concludes its conclusion to not record an asset is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>Explain how you considered the guidance in ASC 606-10-32-27 in determining the timing of the vesting charge. In particular, clarify
why the warrant charges should not be recognized as you recognize revenues for the transfer of the related goods and services to Amazon.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above,</FONT> the waiver agreement was explicit that in exchange for the waiver, Amazon had no obligation to make any future purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><U>Form&nbsp;8-K filed November&nbsp;9,
2020</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><U>Exhibit&nbsp;99.1, page&nbsp;1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>We note your response to comment 3. Based on your description of &ldquo;gross billings,&rdquo; it is not clear to us how you determined
this amount. Please provide us with an example that clearly illustrates the difference between the amounts: i) invoiced to customers,
ii) recognized as revenue, and iii) presented as gross billings. In addition, explain to us how you concluded that gross billings is a
metric rather than a non-GAAP measure.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assume the following revenue amounts for a specific fiscal year:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>Equipment of $100 million (fully invoiced in that year)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>Service of $20 million ($1 million invoiced in the current year as part of new service contracts and $19 million invoiced in prior
years and recognized as revenue over future years over the service contract term)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>Provision for warrants of $3 million</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further assume that the Company invoiced and collected $30 million
in the current year from new service contracts, only $1 million of which was recognized as revenue in the current year (per above). The
remaining $29 million will be recognized in future years over the term of the service contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In this example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>$130 million is invoiced to customers ($100 million of equipment + $30 million of service).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>$117 million is recognized as revenue ($100 million of equipment + $20 million of service - $3 million of warrants)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD>$120 million is presented as gross billings ($117 million of recognized revenue + $3 million of warrants).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We determined that gross billings is a metric rather than a non-GAAP
measure based on prior discussions with the Staff during, and the results of, a comment letter process that commenced in September&nbsp;2018
and ultimately concluded in July&nbsp;2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, the Company received a comment letter from the Staff
dated September&nbsp;5, 2018 and the resolution of comment #1 in that letter led to the Company&rsquo;s use of gross billings and its
treatment of gross billings as a metric. Comment #1 is copied below along with the relevant response from the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with resolving the comment letter, in October&nbsp;and
December&nbsp;2018, the Company had two conference calls with the Staff, primarily to discuss comment #1. In those calls, the Company
and the Staff discussed the Company&rsquo;s proposed revised disclosure approach in regard to comment #1. The October&nbsp;2018 conference
call led to the Company providing a draft response to the Staff on November&nbsp;28, 2018. The December&nbsp;2018 conference call included
a discussion of the Company&rsquo;s draft response and led to the Company&rsquo;s formal response filed on December&nbsp;27, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The only change to the Company&rsquo;s response regarding gross billings
from the November&nbsp;28, 2018 draft response to the December&nbsp;27, 2018 formal response was to change &ldquo;gross sales&rdquo; to
 &ldquo;gross billings.&rdquo; That change was made as a result of a comment from the Staff on the December&nbsp;conference call to not
use the term &ldquo;sales&rdquo; and on that call the Staff reacted favorably to the Company&rsquo;s possible use of the term &ldquo;gross
billings&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following the December&nbsp;27, 2018 response, the Staff did not convey
any further comments or questions with respect to the gross billings issue. The comment letter was closed in July&nbsp;2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the discussions with the Staff relating to gross billings,
the Company&rsquo;s December&nbsp;27, 2018 response letter, and the final resolution of the comment letter process without further comments
or questions on gross billings, the Company concluded that the Staff concurred with the Company&rsquo;s use of gross billings as a metric
rather than a non-GAAP measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is an excerpt from the Company&rsquo;s December&nbsp;27, 2018
response letter that includes comment #1 and the portion of the Company&rsquo;s response to comment #1 that relates to gross billings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Comment #1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Throughout this filing, you present and discuss revenue and
gross profit/(loss) on a gross basis excluding the effects of the provision for the fair value of warrants issued as sales incentives.
Tell us how you considered Question 100.04 of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures when presenting
these measures. That guidance indicates that it is not appropriate to present non-GAAP measures that substitute individually tailored
revenue recognition and measurement methods for those of GAAP. This comment also applies to similar presentation within your non-GAAP
measures included in your August&nbsp;9, 2018 Form&nbsp;8-K earnings release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Company Response:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As noted in the Company&rsquo;s initial response in the letter
dated September&nbsp;19, 2018, the Company plans to present non-GAAP measures in future earnings releases. However, the Company intends
to revise the presentation of certain measures as described in this response. As noted in the previous response, the Company does not
plan on using non-GAAP measures in its Form&nbsp;10-Q or Form&nbsp;10-K filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The non-GAAP measures and operating metrics to be presented
going forward and the Company&rsquo;s definitions of each measure are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Gross Billings</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company&rsquo;s objective in presenting Gross Billings
is to present an operating metric that conveys commercial growth over time. The Company intends to present Gross Billings based on the
invoice value of equipment deployed and services rendered. Invoice value of equipment will be measured on a relative basis using cash
value within contracts with customers and it will be attributed to the period in which equipment is deployed. To that amount, the Company
will add the invoice value for services rendered in the period. These services include fuel provided, extended warranty contracts serviced,
power provided under Power Purchase Agreements,&nbsp;etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company believes Gross Billings as constructed is an
operating metric that is not within the scope of Regulation G as pursuant to Reg G <B>&sect;244.101 </B>operating measures are not non-GAAP
financial measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">**************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you should have any questions concerning this matter, please contact
me at 518-738-0319 or Gerard L. Conway,&nbsp;Jr. at 518-738-0281.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLUG POWER INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paul B. Middleton</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul B. Middleton</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cc:</FONT></TD>
    <TD STYLE="width: 97%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gerard L. Conway,&nbsp;Jr.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert P. Whalen,&nbsp;Jr., Goodwin Procter LLP</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asad Chaudry, KPMG LLP</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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