Slide 1: Five Year Plan: Growth Outlook
Five Year Plan: Growth Outlook Andy Marsh, CEO September 18, 2019
Slide 2: Cautionary Note on Forward Looking Statements
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 Powe
Slide 3: Plug Power
Plug Power We are the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market Unmatched Accomplishments 3
Slide 4: Fuel Cell Product Experience
Fuel Cell Product Experience 28,000 Units Deployed Operated over 270M hours • Over 1B Miles Leader in Powering Electric Vehicles 4
Slide 5: Hydrogen Systems Experience
Hydrogen Systems Experience Constructed 80+ Hydrogen Stations 22M+ fuelings Use 22T of Liquid H2/day *More than NASA Leader in Hydrogen Infrastructure 5
Slide 6: Technology Development
Technology Development Membrane: Largest US Stacks: Industry Leading ProGen: Complete Fuel Cell Skid: Modular Hydrogen System Manufacturer Technology Engine Rich Technology Set 6
Slide 7: Prestigious Customer List
Prestigious Customer List Walmart amazon aN Mercedes-Benz oO PaG a, 40 MICHELIN _ as Wegmans i | ULINE | LN colruyt Kroger) >LOGISTIC
Slide 8: 2024 Revenue Plan
2024 Revenue Plan Material Electric Stationary Handling Vehicles Targeting - Targeting - Targeting - $750M $200M $50M Potential Potential Potential TAM - $30B TAM - $200B TAM - $15B 2024 – Targeting $1B in Revenue 8
Slide 9: Offering – Material Handling
Offering – Material Handling Provider of Turn-Key Solutions 9
Slide 10: Material Handling Sales Strategy
Material Handling Sales Strategy Large Accounts • Amazon, Walmart European Expansion • BMW, IKEA, Daimler, Linde Global Partnerships • Engie Shipping 25,000 Systems Annually by 2024 10
Slide 11: Hydrogen Strategy
Hydrogen Strategy • By 2024: • 85T per day of hydrogen • 500+ fueling stations • Green hydrogen increases to 50%+ • Developing multiple scenarios to turn this into a meaningful cash flow opportunity A Significant Growth Opportunity for Plug Power 11
Slide 12: Stationary Power Value Proposition
Stationary Power Value Proposition • Smaller Footprint • Higher Power Density • Low TCO for 4G and 5G Base Stations • Noise Reduction Sold via Direct Sales and International Partners Demonstrated with the Southern Company – 500 sites deployed 12
Slide 13: Future Data Centers – Large Scale Backup Power
Future Data Centers – Large Scale Backup Power Value Proposition • Noise Pollution • Air Pollution • Reliability • Response Time Backup Power - up to 15MW for 48 hours Projected to be Competitive with Diesel Engines by 2024 13
Slide 14: Fuel Cell Electric Vehicles
Fuel Cell Electric Vehicles Attributes of Fuel Cells Applications 1. Energy Density is 10x BEVs 2. Asset Utilization 3. Sharing Economy 4. Fast Fueling 5. Range 6. Infrastructure Strong Value Proposition BEVs: battery electric vehicles 14
Slide 15: Market Size
Market Size Market Value (Billions) Market Opportunities $300 $250 $200 $150 $100 $50 $0 2019 2022 Medium Term Long Term Material Handling Equipment Medium Duty Vehicles Light Duty Vehicles ~$300B Market Opportunity 15
Slide 16: Street Scooter/DHL Deployment
Street Scooter/DHL Deployment Plug Power Delivering 100 Hydrogen Fuel Cell Systems for StreetScooter Vans • Delivery DHL will start in 2020 • Panel vans is based upon Ford Transit • No comparable production vehicle on the market worldwide Markus Reckling, Head of German operations at DHL Express • “
Slide 17: Other Electric Vehicle Applications
Other Electric Vehicle Applications Goal – Leader in Powering Electric Motors 17
Slide 18: Leverage Modular Products
Leverage Modular Products: Targeting Multiple Markets 15 - 30 kW: Airport GSE 30 kW: Light Duty Trucks, Small Transit Buses 60 - 100 kW: Trucks, Full size Hybrid Buses 80 - 100 kW: Small and Midsize Auto 150 – 250 kW: Heavy Duty 18
Slide 19: Continual Evolution of ProGen
Continual Evolution of ProGen Next-Gen ProGen Greater Efficiency; Lower Higher Cost Power We’ve already Density been through this loop 5 times. More Fewer Reliable Parts 19
Slide 20: Plug Power: Year 2024
Plug Power: Year 2024 Revenue: $1B Operating Income: $170M Adjusted EBITDA: $200M Now we will show you how we will execute this vision 20
Slide 21: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 22: Growth Opportunities and Value Propositions
Growth Opportunities and Value Propositions September 18, 2019 Copyright 2019, Plug Power Inc.
Slide 23: Material Handling
Material Handling Jose Luis Crespo, Vice President, Global Sales September 18, 2019
Slide 24: Market Opportunity
Market Opportunity $30 Billion Annual Global TAM More than 6M forklifts deployed 1.5M Forklifts sold annually Targeting 25,000 Fuel Cells and $750M in Revenue in 2024 3
Slide 25: Value Proposition
Value Proposition Battery Room $1M in savings per year Additional Trucks In sites with 200 Forklifts Productivity Battery Changing Continuous Gap Maintenance Reduction Maintenance Energy Energy Equipment Equipment Batteries Fuel Cells 4
Slide 26: Value Proposition
Value Proposition We achieve ROI’s of less than two years in Capital Purchases in Existing Sites AND Immediate ROI’s for New Construction and Leases 5
Slide 27: Drivers for growth
Drivers for growth Reduced Total Cost of Ownership Continued Improved Reliability Flexible Business Model H2 Strategy 6
Slide 28: Pillars For Growth
Pillars For Growth Channels Globally European Expansion $750M In New Multisite Deals New Customers 2024 Continued Expansion 7
Slide 29: Pillars for Growth
Pillars for Growth: Potential for multisite agreements In the NA and Europe Top Manufacturers Top Retailers 337 1020 Facilities Facilities in in NA and EU NA and EU Note: All quantities are estimated from publicly available information 8
Slide 30: Annual Gross Billings
2019 Annual Gross Billings: GenDrive Cumulative Deployments: $235/245M 30,000 2024 Annual Gross Billings: GenDrive Cumulative Deployments: >$750M 125,000 9
Slide 31: Market Expansion
Market Expansion Keith Schmid, COO September 18, 2019
Slide 32: Market Expansion: Key to Accelerating Growth
Market Expansion: Key to Accelerating Growth Our Foundation is Established and Best in Class Proven Technology Platform to Leverage in New Markets 11
Slide 33: Market Expansion: Key to Accelerating Growth
Market Expansion: Key to Accelerating Growth Our Foundation is Established and Best in Class 270 Million Run Hours Proven Technology Platform to Leverage in New Markets 12
Slide 34: Market Expansion: Key to Accelerating Growth
Market Expansion: Key to Accelerating Growth Our Foundation is Established and Best in Class 270 Million Run Hours Proven Technology Platform to Leverage in New Markets 13
Slide 35: Market Expansion: Key to Accelerating Growth
Market Expansion: Key to Accelerating Growth Our Foundation is Established and Best in Class 270 Million Run Hours ProvenTechnology Platform to Leverage in New Markets 14
Slide 36: Market Expansion: Key to Accelerating Growth
Market Expansion: Key to Accelerating Growth Our Foundation is Established and Best in Class 270 Million Run Hours Proven Technology Platform to Leverage in New Markets 15
Slide 37: Market Expansion: Key to Accelerating Growth
Market Expansion: Key to Accelerating Growth Low Share ….. Headroom for Growth In Material Handling $30B Groundwork in Place for European Expansion New Markets On Road Electric Vehicles $300B Port Applications Large Scale Stationary Social Trends & Regulations are a Market Catalyst New Markets Incre
Slide 38: Market Expansion: Commercial Fleet Vehicles
Market Expansion: Commercial Fleet Vehicles $200B Electric Vehicle Market • High Utilization Vehicles • Fuel Cells: Zero Emission Technology of Choice • Fueling Solutions are Straightforward Near Term Target is Medium Duty Commercial Fleet Vehicles 17
Slide 39: Market Expansion: Commercial Fleet Vehicles
Market Expansion: Commercial Fleet Vehicles Fuel Cells: - Extended Range Zero Emission - High Asset Utilization - Increased Payload Technology of - Fast Fueling Choice - Lower Cost Infrastructure at Scale Change in Cargo Weight Capacity Battery Electric and Fuel Cell Trucks 0% BEV FCEV Reduction in
Slide 40: Market Expansion: Commercial Fleet Vehicles
Market Expansion: Commercial Fleet Vehicles Fuel Cells: - Extended Range Zero Emission - High Asset Utilization - Increased Payload Technology of - Fast Fueling Choice - Lower Cost Infrastructure at Scale Doubled Range of BEV No Impact to Cargo Space 2X Fuel Efficiency over Diesel 19
Slide 41: Market Expansion: Commercial Fleet Vehicles
Market Expansion: Commercial Fleet Vehicles Fuel Cells: - Extended Range Zero Emission - High Asset Utilization - Increased Payload Technology of - Fast Fueling Choice - Lower Cost Infrastructure at Scale 10 Ton Cargo Box Truck Doubled BEV Range City Deliveries 20
Slide 42: Market Expansion: Commercial Fleet Vehicles
Market Expansion: Commercial Fleet Vehicles Fuel Cells: - Extended Range Zero Emission - High Asset Utilization - Increased Payload Technology of - Fast Fueling Choice - Lower Cost Infrastructure at Scale “80 to 90 percent of the express fleet can ultimately only be covered by vehicles with a 500 Ki
Slide 43: Market Expansion: Commercial Fleet Vehicles
Market Expansion: Commercial Fleet Vehicles Solving the Fueling Equation is Straightforward (in the Plug Power Toolkit) 80 Fueling Stations Constructed Dispensing 16 Weeks from Order > 20M Refuelings Performed 22
Slide 44: Market Expansion: Commercial Fleet Vehicles
Market Expansion: Commercial Fleet Vehicles Fuel Cells: - Extended Range Zero Emission - High Asset Utilization - Increased Payload Technology of - Fast Fueling Choice - Lower Cost Infrastructure at Scale Electric Charging $ Cost of Infrastructure Hydrogen Fleet Size 23
Slide 45: Market Expansion: Port Applications
Market Expansion: Port Applications Shore Power Tugs Container Handling Equipment Belt Loaders Terminal Tractors Cargo Loaders Drayage trucks APU’s 24
Slide 46: Market Expansion: Large Scale Stationary
Market Expansion: Large Scale Stationary • 4G/5G Wireless • Scalable Modular FC Arrays • Megawatt Scale Systems • Diesel Generator Replacement • Data Center Power • Power to Gas to Power 25
Slide 47: Market Expansion: Large Scale Stationary
Market Expansion: Large Scale Stationary • 4G/5G Wireless • Scalable Modular FC Arrays • Megawatt Scale Systems • Diesel Generator Replacement • Data Center Power • Power to Gas to Power Largest Fuel Cell Powered Wireless Network 26
Slide 48: Market Expansion: Large Scale Stationary
Market Expansion: Large Scale Stationary • 4G/5G Wireless • Scalable Modular FC Arrays • Megawatt Scale Systems • Diesel Generator Replacement • Data Center Power • Power to Gas to Power Series and Parallel Configurations for Megawatt Scale Systems 27
Slide 49: Market Expansion: Longer Term Markets
Market Expansion: Longer Term Markets 28
Slide 50: ProGen Engines Provide Leverage Across Markets
ProGen Engines Provide Leverage Across Markets Modular Scalable Turnkey 10kW 200kW+ 10kW 30kW 80kW 200kW >1mW 29
Slide 51: Market Expansion: Summary
Market Expansion: Summary • Large Multibillion Markets • Headroom in Existing Markets • New Markets Accelerate Growth • Best-in-Class Technology Platform • ProGen Engines Provide Leverage • Enable Applications across Markets 30
Slide 52: Hydrogen
Hydrogen Tim Cortes, Vice President, Hydrogen Energy Systems September 18, 2019
Slide 53: Plug's Growth in Hydrogen: To Date
Plug is the Leader in Hydrogen FCEV Fueling Plug’s Growth in Hydrogen: To Date • 80+ fueling stations in operation • Largest user of liquid hydrogen • 22T+ used daily • 13M+ kgs dispensed (cumulative) • 22M+ fills on GenFuel systems (cumulative) Hydrogen demand has grown 10X in five years - nearly 2
Slide 54: Plug's Growth in Hydrogen: 2024
Plug is the Leader in Hydrogen FCEV Fueling Plug’s Growth in Hydrogen: 2024 • 500+ fueling stations in operation • 85+ tons of hydrogen used daily • 100M+ kgs dispensed (cumulative) • 175M+ fills on GenFuel systems (cumulative) Plug’s demand for hydrogen will grow by 40% annually FCEV: Fuel Cell Ele
Slide 55: Current H2 footprint and projected growth
Current H2 footprint and projected growth 34
Slide 56: Current H2 footprint and projected growth
Current H2 footprint and projected growth 35
Slide 57: Technology Adoption Accelerators
Plug is the Leader in Hydrogen FCEV Fueling Technology Adoption Accelerators: • Stabilization of hydrogen supply & price • Cost-downs of hydrogen infrastructure and onsite hydrogen generation equipment • Demand for low carbon energy solutions • Government policies Expansion into other fuel cell appl
Slide 58: Hydrogen Market is Poised for Significant Growth
Hydrogen Market is Poised for Significant Growth Benefits Driven Demand: Application Driven Demand: • Flexible, versatile enabler of green • Fuel for residential and commercial energy transition buildings • Economic • Transportation • Environmental • Feedstock for industrial and long • Health distan
Slide 59: Plug's Hydrogen Strategy – Speed and Cash Flow
Plug’s Hydrogen Strategy – Speed and Cash Flow Focus on cash generating fuel activities • Generate significant (accretive) recurring cash flows • IRR on investment to exceed cost of capital Additional benefits • Stabilize fuel price and supply through strategic partnerships • Manage supply availabil
Slide 60: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 61: Operations
Operations September 18, 2019 Copyright 2019, Plug Power Inc.
Slide 62: Hydrogen
Hydrogen Jerry Kahil, Senior Director of Commercial Finance September 18, 2019
Slide 63: Hydrogen Operations – Driving Gross Margin
Hydrogen Operations – Driving Gross Margin Fuel’s Margin Contributions 40% 30% 20% 10% 0% Fuel Improvements: • Infrastructure design improvements increasing -10% site efficiency & reducing costs • On-site hydrogen generation yields better -20% economics for Plug and customers 2014 2019 2024 • Vertic
Slide 64: Equipment Cost Down Road Map and R&D
Equipment Cost Down Road Map and R&D 2020 2021 2022 2023 2024 GHY SMR Electrolyzer LHY LHY Lg. GHY SMR Electrolyzer Delivery Generation Generation Delivery Delivery Generation Generation Plant Asset Integration Integration Asset Asset 4
Slide 65: Hydrogen Sourcing Roadmap Options
Hydrogen Sourcing Roadmap Options 2019-2020 2021-2024 Liquid Delivery Onsite Generation Gaseous Delivery Liquid Delivery Onsite Generation Gaseous Delivery 5% 5% 20% 20% 60% 90% • Develop strategic partnerships • Build additional central LHY plants (up to 90 TPD) • Centralized generation • Build add
Slide 66: Product and Technology Development
Product and Technology Development Dustan Skidmore, Vice President, Engineering September 18, 2019
Slide 67: Plug Has Unparalleled Field Data
Plug Has Unparalleled Field Data Real time communication • Data Collection Using IoT Performance • Big Data Analysis Techniques statistics captured • Machine Learning for Failure Data Stored Prediction Statistical Analysis • Link Service, Infrastructure, Automated Reporting Manufacturing and Field D
Slide 68: Plug Power Has Extensive IP
Plug Power Has Extensive IP Fuel Cell R&D Spending Patent Portfolio Electronics & MEA's Energy Storage 14% 9% Stack/MEA 34% Stacks Controls 14% 22% Systems 72% Fuel Cell System Fuel 22% Processing 13% Leveraging 20+ Years and $1B+ of R&D Experience 8
Slide 69: We Are The Leading Fuel Cell System Integrator
We Are The Leading Fuel Cell System Integrator Applications Engines Common Components Modular Architecture Reduces Cost and Leverages Volume 9
Slide 70: Vertical Integration of MEA's
Vertical Integration of MEA’s Current Lab-Scale Future MEA Life 3.00 Catalyst State-of-the-Art Pt/C Advanced Pt-Alloy Catalysts Platinum Free Catalysts Lower loading = lower cost Cost reduction 2.50 Catalyst 2.00 Carbon Blacks Advanced Mesoporous Carbon Doped Carbon Support Longer Life Long life + l
Slide 71: Stack Advancements
Stack Advancements • MEA durability • Stack size • Cool CFD pictures 11
Slide 72: Stack Advancements
Stack Advancements Equivalent of Toyota Mirai Revolutionary 3.1 kW/L 5.0 kW/L 2.0 kW/kg 3.6 kW/kg • MEA durability Change in Cargo Weight Capacity 1.2 Stack Size/Weight • StackBattery sizeElectric and Fuel Cell Trucks 1.0 0% •-5% Cool CFD pictures BEV FCEV Reduction in Cargo Capacity -10% 0.8 -15% F
Slide 73: Operations
Operations Rick Mason, Vice President Operations & Supply Chain September 18, 2019
Slide 74: Built Industry Leading Supply Chain
Built Industry Leading Supply Chain Created Supply Base: • Developed Engineered Solutions • Educated Suppliers Suppliers Now Focusing on Cost: • 5 Year Cost Road Maps • Benefits from Tooling • Competition from New Suppliers $1B and 20 Years of Development: • Longstanding Partnerships • Extensive Kno
Slide 75: Vertical and Functional Integration
Vertical and Functional Integration Vertical Integration • Membranes • Stack Plates • Seals Functional Integration • Humidifiers • Manifolds Fuel Cell Stack Cost Reduction of 45% by 2021 – Platinum is <2.5% of System Cost 15
Slide 76: Automation / Lean Manufacturing
Automation / Lean Manufacturing Automation: • High Volume Roll Processing • Sealing Technology • ProGen Stack 50% Labor Cost Lean: Reduction • Continuous Improvement • Workforce Development 50% Labor Cost Reduction and Improve Margins by >10% by 2024 16
Slide 77: Proven Performance in Cost Reduction
Proven Performance in Cost Reduction Proven Learning Curve – 25% Reduction Every Doubling of Installed Base 17
Slide 78: Service
Service Keith Schmid, COO September 18, 2019
Slide 79: Stack Life is Key to Service Profitability
Stack Life is Key to Service Profitability MEA Life 3.00 2.50 2.00 1.50 1.00 0.50 0.00 2019 2020 2021 2022 2023 2024 Doubling MEA Life Reduces Service Cost by 50% 19
Slide 80: Increased Geographic Density Lowers Cost
Increased Geographic Density Lowers Cost Technician Utilization Enables Dispatch Total Labor Cost per Unit Spare Parts Inventory 20
Slide 81: IoT Systems Improve Reliability and Performance
IoT Systems Improve Reliability and Performance • Remote Monitoring • Diagnostics • Predictive Maintenance • Automated Software Downloads • Lower service costs Cloud Storage 21
Slide 82: Modular Product Design Provides High Availability
Modular Product Design Provides High Availability 10 + 10+ 10 = 30kW High Volume Series and Parallel High Repair By Modules Configurations Availability Replacement Model 22
Slide 83: Summary: Drivers for Service Improvement
Summary: Drivers for Service Improvement MEA Life 3.00 Doubling 2.50 Geographic MEA Life, 2.00 Density Reduces 1.50 Increases Service cost 1.00 Technician by ~ 50% 0.50 Utilization 0.00 2019 2020 2021 2022 2023 2024 Modular Product Design IOT Increases Enables Reliability and “Repair by Performance
Slide 84: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 85: Financials
Financials Paul Middleton, CFO September 18, 2019
Slide 86: What will Plug look like in next 5 years?
What will Plug look like in next 5 years? Differentiated Market Position to Sustain Growth Globally $1B in Annual Diversified Sales Technology Company >17% Operating Income >20% EBITDA Generating H2 Strategy Significant can be Cash Flows Accretive to this Plan 2
Slide 87: It's all about Growth!
It’s all about Growth! Growing Deployments Customer Success Scale Breeds Drives More Down the Success Cost Curve Scale Growth Drives Drives Innovation Opportunity and New for New Participants Markets Mega Trends Creating Tailwinds & Plug’s Building Blocks will Make this Happen. 3
Slide 88: EV Fuel Cells – Another Disruptive Technology Happening Now!
EV Fuel Cells – Another Disruptive Technology Happening Now! Plug Power Adoption Rate Growing Rapidly • > 28k Fuel Cell Systems Deployed to Date • >80+ Hydrogen Stations to Date • Broad Market Penetration with Global Leaders • 1st Major Global Delivery Van Programs 4
Slide 89: Plug's Building Blocks to Drive Market Opportunity & Growth
Plug’s Building Blocks to Drive Market Opportunity & Growth Enhancing Exit R&D Developed Building New Products to Stage to Products and and Expand 1 Focus on Material 2 Traction with Industry 3 Industry and 4 Expanding Existing Geographic Handling Leaders Relationships Foot Prints 5
Slide 90: Plug's Building Blocks to Drive Market Opportunity & Growth
Plug’s Building Blocks to Drive Market Opportunity & Growth Market Opportunities Market Value (Billions) $300 $250 $200 $150 $100 $50 $0 2019 2022 Medium Term Long Term Material Handling Equipment Medium Duty Vehicles Light Duty Vehicles 6
Slide 91: Gross Billings Projections
Gross Billings Projections ($ in millions) 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 2014 2019 2024 7
Slide 92: Gross Billings Map from Point A to B
Gross Billings Map from Point A to B (millions) Plug Action Plans • Launch Metal Stacks – improved power density • New Packaging makes it easy for application design ~$200 • Develop Market Channels - Integrators, Customers & Partners, etc. • KEY OEM Wins – i.e. DHL, Mulag, etc. ~$50 • Leverage 5G Va
Slide 93: Cumulative Deployments - Market Penetration Growing
Cumulative Deployments - Market Penetration Growing Fuel Cells H2 Sites 160,000 800 2024 less than 1% global market share 140,000 700 120,000 600 100,000 500 80,000 400 60,000 300 40,000 200 20,000 100 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 MH-GD EV-GD H2 Sites2 9
Slide 94: Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage
Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage (% of Gross Billings) 60% 50% 40% Gross Margin 30% 20% 10% OPEX Leverage 0% -10% 2014 2019 2024 Drivers: • Volume Leverage – Currently ~25% Utilization • Continual Innovation – Improving Performance & Reducing Costs • Vertical I
Slide 95: Cost Reduction Trends
Cost Reduction Trends Proven Learning Curve – 25% Reduction Every Doubling of Installed Base 11
Slide 96: Gross Margin Map from Point A to B
Gross Margin Map from Point A to B 60% Equipment Improvements: 2024 Total GM • Higher volume = better leverage of fixed >30% cost & supply chain pricing 40% • Vertical integration to increase reliability and reduce costs 20% • Innovation leading to simpler design of fuel cells 0% Service & PPA Impro
Slide 97: Success Yielding Improved EBITDA and Operating Cash Flows
Success Yielding Improved EBITDA and Operating Cash Flows ($ in millions) 250 Adjusted EBITDA 200 150 100 Operating Cash Flows 50 0 (50) 2014 2019 2024 (100) Drivers: • Sales & Operating Margin Growth • Core Business is not Capex Intensive • Developing the Supply Chain Enables More Effective Working
Slide 98: Plug Power: Year 2024
Plug Power: Year 2024 Revenue: $1B Operating Income: $170M Adjusted EBITDA: $200M 14
Slide 99: Wrap Up
Wrap Up Sanjay Shrestha, CSO September 18, 2019
Slide 100: Plug Power: Brief History
Plug Power: Brief History NASDAQ listed in 1999 • Over $1B in capital deployed • Reduced cost by 70% in 10-years • Improved Reliability by 50% • 10x increase in revenue since 2011 • Largest buyer of liquid hydrogen • Accumulated ~1 billion miles of automotive field experience • Largest fleet of fuel
Slide 101: Technology Development
Technology Development Membrane: Largest US Stacks: Industry Leading ProGen: Complete Fuel Cell Skid: Modular Hydrogen System Manufacturer Technology Engine Rich Technology Set 3
Slide 102: 2024 Revenue Plan
2024 Revenue Plan Material Electric Stationary Handling Vehicles Targeting - Targeting - Targeting - $750M $200M $50M Potential Potential Potential TAM - $30B TAM - $200B TAM - $15B 2024 – Targeting $1B in Revenue 4
Slide 103: Pillars For Growth: Core Market
Pillars For Growth: Core Market Channels Globally European Expansion $750M In New Multisite Deals New Customers 2024 Continued Expansion 5
Slide 104: Hydrogen Strategy: Potential Upside
Hydrogen Strategy: Potential Upside • Already a largest buyer of Liquid Hydrogen • Demand expected to increase 5x by 2024 • Potential to turn this into a substantial recurring cash flow business A Significant Growth Opportunity for Plug Power 6
Slide 105: Street Scooter/DHL Deployment
Street Scooter/DHL Deployment Plug Power Delivering 100 Hydrogen Fuel Cell Systems for StreetScooter Vans • Delivery DHL will start in 2020 • Panel vans is based upon Ford Transit • No comparable production vehicle on the market worldwide Markus Reckling, Head of German operations at DHL Express • “
Slide 106: Market Size
Market Size Market Value (Billions) Market Opportunities $300 $250 $200 $150 $100 $50 $0 2019 2022 Medium Term Long Term Material Handling Equipment Medium Duty Vehicles Light Duty Vehicles ~300$B Market Opportunity 8
Slide 107: Other Electric Vehicle Applications
Other Electric Vehicle Applications Goal – Leader in Providing Power to Electric Motors 9
Slide 108: Financial Target 2024
Financial Target 2024 • Operating Leverage: • Op Ex is expected to decline from 30% of revenue in 2019 to low-teens by 2024 • Manufacturing leverage: • Current capacity utilization of 25% will get to full utilization • Continued Cost Reduction: • Doubling of install base reduces costs by 25% • Conti
Slide 109: Summary
Summary • PLUG Power is the leader providing solutions to meet unfolding vehicle electrification and expanding hydrogen economy • Substantial Growth opportunity in core market • Strong Technology platform • Opening multiple new mega markets • Clear path to $1B in revenue and $200M in EBITDA, still l
Slide 110: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com