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plug_sc13g.txt

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No.   )*


                                Plug Power Inc.
                                (Name of Issuer)

                      Common Stock, par value $0.01 per share
                          (Title of Class of Securities)

                                    72919P202
                                 (CUSIP Number)

                                December 31, 2016
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b)

[ ] Rule 13d-1(c)

[ ] Rule 13d-1(d)

  *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

Page 1 of 8 Pages




CUSIP No. 72919P202                  13G                  Page 2 of 8 Pages
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     (1)    NAMES OF REPORTING PERSONS

            Hudson Bay Capital Management, L.P.

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     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [ ]
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     (3)    SEC USE ONLY
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     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION

            Delaware
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NUMBER OF      (5)   SOLE VOTING POWER
                     0
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)   SHARED VOTING POWER
                     20,045,678 shares of Common Stock (including 9,825,678
                     shares of Common Stock issuable conversion of convertible
                     preferred shares) (see Item 4)*

OWNED BY       --------------------------------------------------------------

EACH           (7)   SOLE DISPOSITIVE POWER
                     0
REPORTING      --------------------------------------------------------------

PERSON WITH:   (8)   SHARED DISPOSITIVE POWER
                     20,045,678 shares of Common Stock (including 9,825,678
                     shares of Common Stock issuable conversion of convertible
                     preferred shares) (see Item 4)*

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     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
            20,045,678 shares of Common Stock (including 9,825,678 shares of
            Common Stock issuable conversion of convertible preferred shares)
            (see Item 4)*

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     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES
                                                                          [ ]
-----------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
            9.99% (see Item 4)*
-----------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON
            PN
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* As more fully described in Item 4, these shares of Common Stock are issuable
upon conversion of convertible preferred shares that are subject to a 9.99%
blocker and the percentage set forth on row (11) and the number of shares of
Common Stock set forth on rows (6), (8) and (9) give effect to such blockers.




CUSIP No. 72919P202                  13G                 Page 3 of 8 Pages
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     (1)    NAMES OF REPORTING PERSONS

            Sander Gerber
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [ ]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
            United States
-----------------------------------------------------------------------------
NUMBER OF      (5)   SOLE VOTING POWER
                     0
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)   SHARED VOTING POWER
                     20,045,678 shares of Common Stock (including 9,825,678
                     shares of Common Stock issuable conversion of convertible
                     preferred shares) (see Item 4)*

OWNED BY       --------------------------------------------------------------

EACH           (7)   SOLE DISPOSITIVE POWER
                     0
REPORTING      --------------------------------------------------------------

PERSON WITH:   (8)   SHARED DISPOSITIVE POWER
                     20,045,678 shares of Common Stock (including 9,825,678
                     shares of Common Stock issuable conversion of convertible
                     preferred shares) (see Item 4)*

-----------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            20,045,678 shares of Common Stock (including 9,825,678 shares of
            Common Stock issuable conversion of convertible preferred shares)
            (see Item 4)*

-----------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES
                                                                          [ ]
-----------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
            9.99% (see Item 4)*
-----------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON
            IN
-----------------------------------------------------------------------------

* As more fully described in Item 4, these shares of Common Stock are issuable
upon conversion of convertible preferred shares that are subject to a 9.99%
blocker and the percentage set forth on row (11) and the number of shares of
Common Stock set forth on rows (6), (8) and (9) give effect to such blockers.





CUSIP No. 72919P202                  13G                 Page 4 of 8 Pages
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Item 1.

(a)   Name of Issuer

           Plug Power Inc., a Delaware company (the "Company")

(b)   Address of Issuer's Principal Executive Offices

           	968 Albany Shaker Road
		Latham, New York 12110

Item 2(a).  Name of Person Filing

 This statement is filed by Hudson Bay Capital Management, L.P. (the
"Investment Manager") and Mr. Sander Gerber ("Mr. Gerber"), who are
collectively referred to herein as "Reporting Persons."

Item 2(b).  Address of Principal Business Office or, if none, Residence

      The address of the principal business office of each of the Reporting
      Persons is:

      777 Third Avenue, 30th Floor
      New York, NY 10017

Item 2(c).  Citizenship

      Citizenship is set forth in Row (4) of the cover page for each Reporting
Person hereto and is incorporated herein by reference for each such Reporting
Person.

Item 2(d)   Title of Class of Securities

      	Common Stock, par value $0.01 per share (the "Common Stock")


Item 2(e)   CUSIP Number

      	72919P202
CUSIP No. 72919P202                  13G                   Page 5 of 8 Pages
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Item 3.     If this statement is filed pursuant to ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:

(a) [ ]   Broker or dealer registered under Section 15 of the Act (15 U.S.C.
          78o).

(b) [ ]   Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ]   Insurance company as defined in Section 3(a)(19) of the Act (15
          U.S.C. 78c).

(d) [ ]   Investment company registered under Section 8 of the Investment
          Company Act of 1940 (15 U.S.C. 80a-8).

(e) [X]   An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);

(f) [ ]   An employee benefit plan or endowment fund in accordance with
          ss.240.13d-1(b)(1)(ii)(F);

(g) [X]   A parent holding company or control person in accordance with
          ss.240.13d-1(b)(1)(ii)(G);

(h) [ ]   A savings association as defined in Section 3(b) of the Federal
          Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ]   A church plan that is excluded from the definition of an investment
          company under Section 3(c)(14) of the Investment Company Act of
          1940 (15 U.S.C. 80a-3);

(j) [ ]   A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);

(k) [ ]   Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

If filing as a non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J),
please specify the type of institution: ____




Item 4.     Ownership

The information required by Items 4(a) - (c) is set forth in Rows (5)-
(11) of the cover page for each Reporting Person hereto and is incorporated
herein by reference for each such Reporting Person.

The percentage used in this Schedule 13G is calculated based upon an aggregate
of 190,831,759 shares of Common Stock, which are reported to be issued and
outstanding in the Company's Prospectus filed with the Securities and Exchange
Commission pursuant to Rule 424(b)(5) on December 21, 2016 following the
consummation of the offering described therein. The percentage set forth on
Row (11) and number of shares of Common Stock set forth on rows (6), (8) and
(9) of the cover page for each Reporting Person are based on the Company's
total number of outstanding shares of Common Stock and assume the conversion
of convertible preferred shares held by Hudson Bay Master Fund Ltd. (the
"Securities") subject to the 9.99% Blocker (as defined below).

Pursuant to the terms of the Securities, the Reporting Persons cannot convert
the Securities if the Reporting Persons would beneficially own, after such
conversion, more than 9.99% of the outstanding shares of Common Stock (the
"9.99% Blocker"). The percentage set forth on Row (11) and the number of shares
of Common Stock set forth on rows (6), (8) and (9) of the cover page for each
Reporting Person give effect to the 9.99% Blocker. Consequently, at this time,
the Reporting Persons are not able to convert all of the Securities due to the
9.99% Blocker.

The Investment Manager, which serves as the investment manager to Hudson Bay
Master Fund Ltd., in whose name the securities reported herein are held, may
be deemed to be the beneficial owner of all shares of Common Stock held by
Hudson Bay Master Fund Ltd. and all shares of Common Stock, subject to the
9.99% Blocker, underlying the convertible preferred shares held by Hudson Bay
Master Fund Ltd.  Mr. Gerber serves as the managing member of Hudson Bay
Capital GP LLC, which is the general partner of the Investment Manager.
Mr. Gerber disclaims beneficial ownership of these securities.

Item 5.     Ownership of Five Percent or Less of a Class

      Not applicable.

Item 6.     Ownership of More than Five Percent on Behalf of Another Person

      See Item 4.

Item  7.    Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding Company

      Not applicable.

Item 8.     Identification and Classification of Members of the Group

      Not applicable.

Item 9.     Notice of Dissolution of Group

      Not applicable.



CUSIP No. 72919P202                  13G                   Page 6 of 8 Pages
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Item 10.    Certification

By signing below each Reporting Person certifies that, to the best of his or
its knowledge and belief, the securities referred to above 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 and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose
or effect.







CUSIP No. 72919P202                   13G                  Page 7 of 8 Pages
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SIGNATURES

      After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information with respect to it set
forth in this statement is true, complete, and correct.

Dated: January 30, 2017


HUDSON BAY CAPITAL MANAGEMENT, L.P.

By: /s/ Sander Gerber
Name:	Sander Gerber
Title: Authorized Signatory


/s/ Sander Gerber
SANDER GERBER


CUSIP No. 72919P202                   13G                  Page 8 of 8 Pages
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EXHIBIT I

                             JOINT FILING AGREEMENT

	The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint filing agreements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained herein and
therein, but shall not be responsible for the completeness and accuracy of the
information concerning the others, except to the extent that he or it knows or
has reason to believe that such information is inaccurate

Dated: January 30, 2017

HUDSON BAY CAPITAL MANAGEMENT, L.P.

By: /s/ Sander Gerber
Name:	Sander Gerber
Title: Authorized Signatory


/s/ Sander Gerber
SANDER GERBER