Plug Power

NASDAQ: PLUG

Copyright 2023,
2022, Plug Power Inc.
Cautionary Note on Forward Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power including but not
limited to statements about Plug Power's expectations regarding the effects of the recent acquisitions; expectations regarding the building of a fuel cell and electrolyzer stack Gigafactory; expectations regarding its
position and capabilities in hydrogen generation, liquefaction and distribution of green hydrogen fuel, and expectations regarding its servable addressable market. These forward-looking statements contain projections of
our future results of operations or of our financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as “anticipate,” “believe,” “could,”
“continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would,” “plan,” “projected” or the negative of such words or other similar words or phrases. We believe that it is important to communicate our future
expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in
our forward-looking statements. Investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a
result of various factors, including, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that we will need to raise additional capital to fund our operations and
such capital may not be available to us, the risk of dilution to our stockholders and/or stock price should we need to raise additional capital, the risk that our lack of extensive experience in manufacturing and marketing
products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis, the risk that unit orders may not ship, be installed and/or converted to revenue, in whole or in part,
the risk that a loss of one or more of our major customers, or if one of our major customers delays payment of or is unable to pay its receivables, a material adverse effect could result on our financial condition, the risk
that a sale of a significant number of shares of stock could depress the market price of our common stock, the risk that our convertible senior notes, if settled in cash, could have a material effect on our financial results,
the risk that our convertible note hedges may affect the value of our convertible senior notes and our common stock, the risk that negative publicity related to our business or stock could result in a negative impact on our
stock value and profitability, the risk of potential losses related to any product liability claims or contract disputes, the risk of loss related to an inability to maintain an effective system of internal controls, our ability to
attract and maintain key personnel, the risks related to the use of flammable fuels in our products, the risk that pending orders may not convert to purchase orders, in whole or in part, the cost and timing of developing,
marketing and selling our products, the risks of delays in or not completing our product development goals, our ability to obtain financing arrangements to support the sale or leasing of our products and services to
customers, our ability to achieve the forecasted gross margin on the sale of our products, the cost and availability of fuel and fueling infrastructures for our products, the risks, liabilities, and costs related to environmental,
health and safety matters, the risk of elimination of government subsidies and economic incentives for alternative energy products, market acceptance of our products and services, including GenDrive, GenSure and
GenKey systems, our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing, and the supply of key product components, the cost
and availability of components and parts for our products, the risk that possible new tariffs could have a material adverse effect on our business, our ability to develop commercially viable products, our ability to reduce
product and manufacturing costs, our ability to successfully market, distribute and service our products and services internationally, our ability to improve system reliability for our products, competitive factors, such as
price competition and competition from other traditional and alternative energy companies, our ability to protect our intellectual property, the risk of dependency on information technology on our operations and the failure
of such technology, the cost of complying with current and future federal, state and international governmental regulations, our subjectivity to legal proceedings and legal compliance, the risks associated with past and
potential future acquisitions, and the volatility of our stock price. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Moreover, we operate in a
very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can we assess the impact of all such risk factors on
our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from these contained in any forward-looking statements. While forward-looking statements reflect our
good faith beliefs, they are not guarantees of future performance. For additional disclosure regarding these and other risks faced by Plug Power, see disclosures contained in our public filings with the SEC including, the
“Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2020 as such risk factors may be updated from time to time in Quarterly Reports on Form 10-Q, Current Reports on Form 8-K
and other filings Plug Power makes with the SEC.These forward-looking statements speak only as of the date on which the statements were made. Except as may be required by applicable law, we do not undertake or
intend to update any forward-looking statements after the date of this presentation.

2
Plug is building an
end-to-end green
hydrogen ecosystem,
from production,
storage and delivery to
energy generation, to
help its customers
meet their business
goals and decarbonize
the economy.

3
Plug Power is uniquely positioned at the center of
the hydrogen economy
Hydrogen Fuel cells for transport

Aramco
2050E: USD 1.4tn
Woodside

Sinopec
Weichai Cummins Hyundai
Shell

2050E: USD 360bn

BP Toyota
Powercell
Air Sinohytec
Products Linde PLC

Ballard Honda

Ceres
ITM Nel
Power
Cockerill Jingli Fuelcell Energy
Mcphy Bloom Panasonic
Siemens
Peric
Tianjin Mainland
2050E: USD 215bn Doosan

Toshiba
ThyssenKrupp
2050E: USD 203bn

Electrolyzers Fuel cells for stationary

Market size (2050E) Company market cap

4
Source: Bloomberg and Bernstein analysis and estimates
Energy Solutions

5
Global Green Hydrogen Network
• Announced Green Hydrogen plant
locations in California, Georgia,
Tennessee, Louisiana, New York and
Texas
o Broke Ground on three Plants in
2021
o Six Plants by year-end 2023 with
EU and Global Network 200TPD
1,000+ TPD Globally by 2028
100+ TPD in Europe by 2028 • Announced 35TPD Green Hydrogen
plant location at Port of Antwerp-Bruges
• Expansion with JV partner Acciona,
including first Green Hydrogen plant
announced in Spain
North American Network
500 TPD by 2025 • Energy Solutions Business Revenue
projections (Inclusive of Cryo and
Liquefication)
o 2023: $285MM
o 2030: $3.9B
6
Hydrogen Plant Development Strategy
Planned Commissioning of 200+ TPD by YE 2023 and 500 TPD by YE 2025
2023
Commissioning to full production is ~6 months

200+ TPD
Construction Start
Site Land PPA Commissioning Target Full Production
Permits Construction
Georgia GH2: 2.5
1st 15 TPD – Q4 22/
Georgia 1st 15 TPD – Q2 ‘23

Georgia LH2: 15
Q1 23

Louisiana In discussion Q3 ‘23 Q4 ’23

Louisiana: 15
New York Q4 ‘23 1H ‘24

Texas: 45
Texas Q4 ‘23 1H ‘24

Other
New York: 60-75
Exploring production at multiple potential locations Early 2023 Q4 ‘23 1H ‘24
Projects

other projects: 45+

• Other projects represent mix of byproduct hydrogen and electrolytic hydrogen

7
Plug’s Transition from Nascent Player to Industry Leader
Making Green Hydrogen Economical, Easy, and Ubiquitous

2022 Production

8
The Impact of Plug’s
Green Hydrogen Strategy
Plug’s 2023 forecast includes average usage of
~65 tons per day of hydrogen

Baseline forecast includes plan for cost downs due to

hydrogen being sourced from Plug’s internal network
(~40%) and positive cost trends from expected decline
in natural gas prices

On a pro forma basis, if all hydrogen for

2023 was sourced from Plug’s wholly
owned network, it could generate
an additional ~$100M in gross margin.

9
Expanded Cryogenic Equipment H2 Offerings
Bringing Significant Revenue Growth
Adjacent
Liquefaction Systems LH2 Trailers
Applications
• Sold three 30 ton per day • Ramped up LH2 trailer • Storage tanks introduced
hydrogen liquefaction systems sales to market and for Q1 2023
in 2022 internal logistics use • Mobile refuelers ordered
• Most efficient and cost-effective • Second generation 18k in 2022 for 2023 delivery
liquefier system in the market gallon delivery asset;
• Targeting 60+TPD of sales in highest payload in the
near-term market
 Plug Business Units
Electrolyzer Solutions

Electrolyzer Solutions
Electrolyzer Solutions Business Outlook
• Electrolyzer backlog exceeding 2 GW
• Sales funnel of $30B+
o 50% Green Ammonia / Fertilizer
projects
o Significant demand acceleration
following the passage of the Inflation
Reduction Act

425 kg per day Container 2 Ton per Day System 4 Ton per Day Array • 1.5GW+ of annual electrolyzer capacity
Up to 1 MW input Up to 5 MW input Up to 10 MW input o Evaluating manufacturing expansion
Fully containerized solution (standard Includes full BoP for BoP custom-engineered to meet opportunities globally
40 ft. / 12.2 m ISO container) turnkey simplicity customer requirements
Scalable drop-and-play convenience Containerized solution for Efficient, scalable solution for • Electrolyzer Business Unit Projections
high demand applications high volume H2 plants
o 2026: $1.45B revenue
o 2030: $7.3B Revenue

12
World’s first PEM Technology Gigafactory
Driving Scale in Fuel Cell Technology

Annual Capacity

2.5+ 7M+ 2M+

Gigawatts MEAs Bi-Polar
output Plates

2+GW Green H2
Of Electrolyzers Onsite generation

60,000+ 100+MW
Manufacturing reaching this
Fuel Cell Stacks
capacity to build over 100
large electrolyzer stacks per
month in May

Gigafactory Virtual Tour: https://3d.zuant.com/experience/plug-

power/KJ66EE8SEe2i3O%2BCc7Lqpg/
Applications
 • Plug’s “GenDrive” fuel cell creates

Material Handling - GenDrive

significant productivity gains in high
volume warehouses and distribution
centers vs. battery alternatives
4M
Operating forklifts, U.S. and
5M
Operating forklifts, U.S. and
• 60,000+ Plug Fuel Cells installed
Europe, 2021 Europe, 2030 • Installed and operating the largest
Large Medium Small network of H2 refueling stations in the
world
15% 25% 60% o Over 200 locations dispensing 45tpd+
200+ unit fleet 60-200 unit fleets >60 unit fleets

15
Material Handling Expansion for 2023

80
New pedestal sites planned and
Channels Globally
targeting 3 new pedestal
accounts in North America

8 European Expansion
New sites in Europe planned and
STEF announced as new pedestal
customer
25% New Multisite Deals
Targeting mid-size offerings which
New Customers
increases the TAM by 25% or 1
million more forklifts

Cost Focus Continued Expansion

Plan for continued product cost
down and reliability improvements

16
Mobility & Stationary Power Solutions
Targeting Three Primary New Market Applications
With a robust technology platform established, trucks, planes,
and data centers are our logical progression.

Aerospace
Commercial Fleet Vehicles Stationary Power
UAV/Drones Decarbonize Airports
Class 3 – 8 Middle Mile Megawatt Scale Backup Applications
Regional Passenger
Last Mile Transit Bus Fleet Continuous Power Generation
Cargo/Commuter

17
ProGen Engines: Zero-Emission Transportation Solutions

Modular Power Enables Tailored Power Density

• Pre-engineered OEM platform

• “Plug and Play” system solution

• Includes all balance of plant

• Models can be used in series and parallel combinations

• Building block of Hyvia Master van

Modular Engines Provide Leverage and Enable Multiple Applications

15kW 30kW 85kW 125kW >1mW

 Stationary Business Reaching
Inflection in 2024
• Successfully Tested 3MW stationary
power unit for Data Centers Back Up
with Microsoft
• Plan for 20+ MW units to be
commissioned in 2023
• One of the biggest near-term
applications is materializing in battery
electric vehicle charging stations
o Available in 1-3 MW for Back Up
Power - Prime Power - Peak Power -
EV Charging
• 1MW unit uses 65kg of H2 per hour

Microsoft Alpha Test Unit at Latham, NY HQ

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Applications Business Outlook
• $1.6B+ of revenue in 2025
• ~$9B of Revenue in 2030
• Material Handling
o $1B of revenue in 2025
o Growing sites at 30% CAGR
• Stationary Power
o 2023: 20-30MW Shipped
o 2024: 200MW+ Shipped
• Mobililty
o HYVIA targeting 20,000 vehicles sold
in 2025, and 100,000 in 2030

20
Partnerships
 Partnerships Enable Green Hydrogen Leadership

 On October 6th, 2021 Plug Power and SK E&S, part of South  On February 16th, 2021, Plug Power and Acciona announced
Korea’s SK Group, formed a joint venture designed to accelerate plans to form a strategic partnership and joint venture
the use of hydrogen as an alternative energy source in Asian
 On June 3rd, 2021 Plug Power and Renault Group launched the
HYVIA JV
markets  The partnership aims for 20% market share of green hydrogen
in Iberia by 2030, with total investment over €2 billion
 This collaboration will provide hydrogen fuel cell systems,  Plug Power and Renault Group’s 50/50 JV Leading the Way to a
hydrogen fueling stations, electrolyzers and green hydrogen to the Complete Ecosystem of Fuel Cell Powered LCVs, Green Hydrogen  With a 10GW+ renewable power portfolio, Acciona is also
Korean and other Asian markets and Refueling Stations Across Europe Spain’s largest 100% renewable power retailer

 The partnership included a $1.6B strategic investment from SK  2021: beginning of commercialisation with pilot fleet deployments  The partnership looks to leverage Acciona’s strong relationships
Group into Plug Power in Iberia and Plug’s leading hydrogen technology

 The partnership will leverage SK’s leadership in chemicals,  30%: Targeting market share of fuel cell LCV market in Europe by  The partnership looks to accelerate the growth of the hydrogen
petroleum and energy as well as Plug’s leading hydrogen platform 2030 economy in the industrial, mobility and pipeline gas sectors

 On January 31, 2023 Plug Power and JM announced long-term strategic  On October 19, 2022 Plug Power and Olin launched a joint venture to begin
partnership to strengthen Plug’s supply chain and help meet growing demand with the construction of a 15-ton-per-day hydrogen plant in St. Gabriel,
for fuel cells and electrolyzers Louisiana

 JM will become an important strategic supplier of MEA components,  The JV, named Hidrogenii, will support reliability of supply and speed to
providing a substantial portion of Plug’s demand for catalysts, membranes, market for green hydrogen throughout North America, setting the foundation
and catalyst coated membranes (CCM) for broader collaboration Plug and Olin

 JM brings security of supply of precious metals, and unique recycling  Plug will be the exclusive marketer of the JV’s hydrogen and provide
capabilities logistical support for delivery, while Olin will provide reliable hydrogen supply
and operational expertise
 Plug and JM will co-invest in a 5GW (scaling to 10GW over time) CCM
manufacturing facility in the United States with production targeted to begin in 22
2025
Financials
2023 Goals Planned 2023 Sales Mix

$1.4B 10%
revenue gross margin

Electrolyzers Liquefiers
Tanks and Trailers Stationary and Mobility
MH Equipment Service and PPA
Fuel
 What will Plug financials look like in 2026 and 2030?

External
2026
Targets
Targets
$3B
$5B 1
in Annual Sales
17%+
30% Operating Income
20%+
17%EBITDA
in Annual Sales Gross Margin Operating Income Margin

External
2030
Targets
Targets
$3B 1
$20B
in Annual Sales
17%+
35% Operating Income
20%+
20%EBITDA
in Annual Sales Gross Margin Operating Income Margin

A Global Hydrogen Ecosystem Market Maker Poised for Continued Substantial Growth

Diversified Global Generating Differentiated

Technology Hydrogen Significant Market Position in
Company Solution Earnings & Cash Large Global
Platform Flows Markets
1: Not including Non-Consolidated JV revenue of 25
2026: $1.5B
2030: $5B
Director of Investor Relations
Roberto Friedlander
[email protected]

Corporate Headquarters
968 Albany Shaker Road,
Latham,
New York, 12110

plugpower.com