Plug Power Successfully Raises $370 Million From Warrant Inducement Transaction With the Potential to Receive an Additional $1.4 Billion in Gross Proceeds if New Warrants are Fully Exercised

Warrant Exercise by Existing Institutional Investor Improves Plug Power's Financial Position and Accelerates Its Growth Initiatives October 08, 2025 08:47 ET | Source: Plug Power, Inc. SLINGERLANDS, N.Y., Oct. 08, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG) (“Plug Power” or the “Company”), a global leader in comprehensive hydrogen solutions for the hydrogen economy announced that it has entered into a warrant inducement agreement with a single existing institutional investor for the immediate exercise of the entirety of the Company’s outstanding warrants issued in March 2025 (the “Existing Warrants”) to purchase 185,430,464 shares of common stock at the original exercise price of $2.00 per share. The gross proceeds to Plug Power, before deducting estimated transaction expenses and fees, are expected to be approximately $370 million. Upon the immediate exercise in full of the Existing Warrants, the investor will receive (i) 31,000,000 shares of common stock and (ii) in lieu of common stock, pre-funded warrants to purchase up to 154,430,464 shares of its common stock. In consideration of the warrant exercise, the investor will receive new warrants to purchase a total of 185,430,464 shares of common stock (the “New Warrants”). The New Warrants will have an exercise price of $7.75, representing a premium of approximately 100% to Plug Power’s last closing stock price on October 7, 2025. The New Warrants will be exercisable upon the Company’s receipt of stockholder approval to increase its authorized shares of common stock and will expire on March 20, 2028. The Company has not reserved shares of common stock underlying the New Warrants and does not expect to effect any exercise of the New Warrants unless and until the Company receives stockholder approval or effects a reverse stock split to increase its authorized shares of common stock. The New Warrants may be cash settled after February 28, 2026, if common stock is not then available to satisfy exercises. The offering is expected to close on or about October 9, 2025, subject to customary closing conditions. If the New Warrants are fully exercised on a cash basis, Plug Power has the potential to raise approximately $1.4 billion in additional gross proceeds. No assurance can be given that any of the New Warrants will be exercised. Plug Power intends to use the net proceeds from this offering for working capital and general corporate purposes. Oppenheimer & Co. Inc. is acting as the lead financial advisor for the transaction. BTIG LLC, Clear Street LLC, Craig-Hallum Capital Group LLC, H.C. Wainwright & Co. and Roth Capital Partners are acting as co-advisors for the transaction. The securities described are being offered by Plug Power pursuant to an automatic shelf registration statement on Form S-3ASR that was previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on May 27, 2025. A prospectus supplement related to the offering has been filed with the SEC. Before you invest, you should read the prospectus supplement and the accompanying prospectus in that registration statement and other documents filed with the SEC for more information about Plug Power and this offering. You may obtain these documents free of charge by visiting the SEC’s website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad St., 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com. This press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any offer, solicitation or sale of such securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Plug Power Plug Power is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug Power provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications and energy producers—advancing energy independence and decarbonization at scale. With electrolyzers deployed across five continents, Plug Power leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug Power is rapidly expanding its generation network to ensure reliable, domestically produced hydrogen supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing 40 tons per day. With employees and state-of-the-art manufacturing facilities across the globe, Plug Power powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP. Cautionary Language Concerning Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, statements regarding the warrant inducement transaction, the excepted exercise of the Existing Warrants, the issuance of shares of common stock and/or pre-funded warrants and the New Warrants, the timing and terms of the offering, the amount and anticipated use of the net proceeds from the offering, the expectations regarding the impact of the net proceeds on the company’s business, and the timing of the closing of the offering, are forward-looking statements. These forward-looking statements are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Plug Power’s control. Plug Power’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks related to the offering and uncertainties related to market conditions. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Plug Power’s filings and reports with the SEC, including the Annual Report on Form 10-K for the year ended December 31, 2024, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, as well as other filings and reports that are filed by Plug Power from time to time with the SEC. These forward-looking statements should not be relied upon as representing Plug Power’s views as of any date subsequent to the date of this press release, and you should not place undue reliance on such statements. Except as required by law, Plug Power undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Media Contact Teal Hoyosmedia@plugpower.com

Plug Power Successfully Raises $370 Million From Warrant Inducement Transaction With the Potential to Receive an Additional $1.4 Billion in Gross Proceeds if New Warrants are Fully Exercised

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