<SEC-DOCUMENT>0001104659-24-105827.txt : 20241105
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<ACCEPTANCE-DATETIME>20241003160104
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ACCESSION NUMBER:		0001104659-24-105827
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLUG POWER INC
		CENTRAL INDEX KEY:			0001093691
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				223672377
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		125 VISTA BOULEVARD
		CITY:			SLINGERLANDS
		STATE:			NY
		ZIP:			12159
		BUSINESS PHONE:		5187827700

	MAIL ADDRESS:	
		STREET 1:		125 VISTA BOULEVARD
		CITY:			SLINGERLANDS
		STATE:			NY
		ZIP:			12159
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;3, 2024</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">Ms.&nbsp;Beverly Singleton&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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Plug
                                            Power Inc.</B></FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: justify"><B>Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2023</B></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: justify"><B>Form&nbsp;10-Q for the Quarterly Period Ended June&nbsp;30,
                                        2024</B></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: justify"><B>Response dated September&nbsp;11, 2024</B></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: justify"><B>File No.&nbsp;001-34392</B></TD></TR>
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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">Dear Ms.&nbsp;Singleton 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 September&nbsp;23, 2024. 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, 2023&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Inventory, page&nbsp;F-20</U></P>

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

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<TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>We note your response to prior comment 2. Although we note your statement that much of the inventory associated with your lower
of cost or net realizable value charge has longer production times and had yet to turn, please also provide an explanation regarding why
the excess and obsolescence reserve did not have further reductions as the inventory was sold or written off.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Company
Response</U></FONT>:</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">The Company
respectfully acknowledges the Staff&rsquo;s comment and confirms that the excess and obsolescence charge recorded in 2023 primarily relates
to inventory that was considered slow moving based upon our accounting policy or inventory on hand in quantities in excess of what is
needed for our current sales demand or committed backlog. In accordance with </FONT>ASC 330-10-35-14,&nbsp;if a product's cost is written
down below its cost, this reduced amount will be the carrying amount or new &quot;cost&quot; of the product for all subsequent periods.
There was not a significant amount of this excess and obsolete inventory which was sold by December&nbsp;31, 2023 in light of the excess
inventory quantity; accordingly, the inventory was still on hand in our warehouses as of December&nbsp;31, 2023.</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>Note 21. Commitments and Contingencies, page&nbsp;F-53</U></P>

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

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<TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note your response to prior comment 5, including your statement that you &ldquo;continued to be unable to determine at the time
of the filing of most recent Quarterly Form&nbsp;10-Q if there was at least a reasonable possibility that a loss may be incurred in connection
with the legal proceedings.&rdquo; Please note that the term &ldquo;reasonably possible,&rdquo; as defined under ASC 450-20&mdash;20,
represents any chance more than remote but less than likely. Therefore, unless you view the chance of an unfavorable event occurring to
be remote, please confirm you will comply with ASC 450-20-50-4(b)&nbsp;by disclosing an estimate of the possible range of loss or statement
that an estimate cannot be made.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Company
Response</U></FONT>:</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">The Company
respectfully acknowledges the Staff&rsquo;s comment and confirms that the Company will disclose in future filings an estimate of the possible
loss or range of loss, or state that such an estimate cannot be made and the reasons why an estimated range of loss cannot be made, pursuant
to ASC 450-20-50-4(b), if there is at least a reasonable possibility that a loss </FONT>may be incurred in connection with a legal proceeding.</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">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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 44%; 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>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cc:</FONT></TD>
    <TD STYLE="text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Gerard L. Conway,&nbsp;Jr.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Jason Lewis, DLA Piper LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Audrey S. Leigh, Goodwin Proctor LLP</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Tehan, Deloitte&nbsp;&amp; Touche LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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