Plug Power (PLUG) 8-K Regulation FD Disclosure

Exhibit 12.1

	Nine Months Ended September 30,						Years Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
	(in thousands)
Loss before income taxes	$	(38,668	)	$	(30,490	)	$	(55,690	)	$	(88,813	)	$	(63,080	)	$	(31,862	)	$	(27,454	)
Add-Fixed charges	6,382			1,202			2,089			675			475			256			13
Loss before income taxes before fixed charges	$	(32,286	)	$	(29,288	)	$	(53,601	)	$	(88,138	)	$	(62,605	)	$	(31,606	)	$	(27,441	)
Fixed Charges:
Interest	$	4,072		$	303		$	553		$	418		$	475		$	256		$	13
Other	2,310			899			1,536			257			—			—			—
Total fixed charges	$	6,382		$	1,202		$	2,089		$	675		$	475		$	256		$	13
Preference security dividends	$	78		$	78		$	105		$	156		$	121		$	—		$	—
Total fixed charges and preference security dividends	$	6,460		$	1,280		$	2,194		$	831		$	596		$	256		$	13
Ratio of earnings to fixed charges (1)	N/A			N/A			N/A			N/A			N/A			N/A			N/A

(1) We did not record earnings for the periods indicated in the table above. Accordingly, our earnings were insufficient to cover fixed charges for such periods and we are unable to disclose a ratio of earnings to fixed charges or a ratio of earnings to combined fixed charges for such periods.