Plug Power Inc (NASDAQ:PLUG) could be about to have a new largest shareholder, according to Bloomberg data. Air Liquide (EPA:AI) first invested in the company back in May, and now, thanks to Plug Power’s rapid increase in share price, that investment is worth 26 times more than it was then.

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Air Liquide invests $6.5 million

Last year’s investment by Air Liquide (EPA:AI)—the world’s second-largest industrial gas producer—was worth $6.5 million, with $2.6 million of that coming in the form of preferred stock. A filing with the Securities and Exchange Commission today reveals that as of May 8, those preferred shares will be able to be converted into nearly 11 million common shares.

When Air Liquide (EPA:AI) invested in Plug Power Inc (NASDAQ:PLUG), the stock was worth 24 cents a share. Analysts at Citron Research still believe Plug Power should be a penny stock, but now, it is trading at around $6 a share. That means the 10,431 preferred shares, if they were to be converted into 11 million common shares at today’s stock price, would be worth $68.1 million. In addition, the conversion would give Air Liquide a 9.4% stake in Plug Power, making it the company’s largest shareholder.

Currently, Capital Ventures International is Plug Power Inc (NASDAQ:PLUG)’s biggest shareholder, holding 10 million shares as of January.

Plug Power shares remain volatile

Shares of Plug Power Inc (NASDAQ:PLUG) have been rising steadily since the beginning of the year, as investors speculate that the company’s technology is the next big energy breakthrough. The stock has traded as high as $11 this month, just a couple of days before the company announced a big revenue beat. That beat sent shares climbing again, only to have them plunge a few days later, falling so far so quickly that they tripped the SEC’s short-sale circuit breaker.

Even today, Plug Power Inc (NASDAQ:PLUG) shares have been active, falling nearly 5% in afternoon trading as debate continues as far as what investors should do with this stock.