SCHEDULE: BlackRock Boosts Plug Power Stake to 8.3%

BlackRock, Inc. has reported an 8.3% beneficial ownership stake in Plug Power Inc., holding 98,183,530 shares of common stock as of September 30, 2025.

Summary

• BlackRock, Inc. beneficially owns 98,183,530 shares of Plug Power Inc. common stock.
• This ownership represents 8.3% of the total outstanding common stock of Plug Power Inc.
• BlackRock, Inc. holds sole voting power over 95,615,875 shares.
• BlackRock, Inc. holds sole dispositive power over all 98,183,530 shares.
• No shared voting or dispositive power is reported.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Plug Power Inc.
• BlackRock, Inc. has identified several subsidiary entities that beneficially own 5% or greater of the outstanding shares of the security class, including BlackRock Life Limited and BlackRock Fund Advisors.

Sentiment

Score: 6

Explanation: The filing indicates a significant and stable institutional ownership by BlackRock, which is generally viewed as a positive signal for the company, though it provides no new operational or financial performance data.

Positives

• A significant 8.3% ownership stake by a major institutional investor like BlackRock, Inc. can signal confidence in Plug Power Inc.'s long-term prospects.
• The acquisition of shares in the ordinary course of business suggests a strategic investment rather than an activist position, which can provide stability.

Risks

• The filing does not detail specific risks related to Plug Power Inc.'s operations or financial performance, as it is primarily a disclosure of beneficial ownership.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Plug Power Inc.'s future performance or strategic direction.

Management Comments

• BlackRock, Inc. certifies that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

BlackRock, Inc. is one of the world's largest asset managers, and its significant stake in Plug Power Inc. reflects ongoing institutional interest in companies operating in the hydrogen and fuel cell technology sector, which is a key area within the broader renewable energy transition.

Stakeholder Impact

• Shareholders may view the significant institutional ownership by BlackRock, Inc. as a positive indicator of long-term value and stability.
• The filing does not directly impact employees, customers, suppliers, or creditors of Plug Power Inc.

Key Dates

Recommendation

The filing primarily discloses a significant institutional ownership stake by BlackRock, Inc., which can be a positive signal for market confidence. However, it lacks the comprehensive financial or operational details typically required for a strong buy or sell recommendation. Therefore, a 'hold' recommendation is appropriate, acknowledging the institutional interest without new fundamental performance data.

Keywords

Plug Power, BlackRock, Beneficial Ownership, Common Stock, Institutional Investor, Hydrogen, Fuel Cell, Renewable Energy, SEC Filing, Schedule 13G