Slide 1: Symposium 2024: Plug Doing Real Things
Symposium 2024: Plug Doing Real Things Andy Marsh, CEO November 13, 2024 Copyright 2024, Plug Power Inc.
Slide 2: Safe Harbor
Safe Harbor This presentation includes “forward-looking statements” about Plug Power Inc. (“Plug”). These forward-looking statements contain projections of Plug’s future results of operations, or of Plug’s business or financial position, or other forward-looking statements. Plug intends these forwar
Slide 3: Plug is Uniquely Positioned to Capture the Market
Plug is Uniquely Positioned to Capture the Market Customers Infrastructure 3
Slide 4: Plug is Uniquely Positioned to Support the Full Ecosystem
Plug is Uniquely Positioned to Support the Full Ecosystem 4
Slide 5: Plug is Uniquely Positioned with the Right People & Experience
Plug is Uniquely Positioned with the Right People & Experience 5
Slide 6: It has been tough, but the capabilities are here for the future
It has been tough, but the capabilities are here for the future. 6
Slide 7: Inflection Point: New Platforms have been Nurtured to Fruition
INFLECTION POINT: New Platforms have been Nurtured to Fruition Investments and buildout over last few years is poised for growth and leverage Produce: Transport: Store & Dispense: Use: 7
Slide 8: 2024 was a Consolidation Year
2024 was a Consolidation Year Q4’23 – Q2’24: Pivotal period Operating Cash Flows and GM% Trends where Plug initiated several Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Forecast Q4'24 $0 0% optimization -$50 -20% -$100 -40% initiatives in Million -$150 -60% response to -$200 -80% -$250 market dynamics
Slide 9: 2024 Key Milestones
2024 Key Milestones: Expanded Hydrogen Production: Commissioned 15 TPD GA plant, enhanced 10 TPD TN plant Record Electrolyzer Deployments: Installations across 5 continents, including 100MW electrolyzer for Galp and a 25 MW system for bp and Iberdrola in Spain Customer Milestones: Delivered initial
Slide 10: H2 infrastructure at 2 BMW locations
Plug Power has received the orders for the H2 infrastructure at 2 BMW locations and is looking forward to further cooperation with BMW in order to jointly expand Germany as a hydrogen location and to promote the topic of hydrogen in intralogistics.
Slide 11: North America's First Green Hydrogen Plant Online in GA
North America’s First Green Hydrogen Plant Online in GA Green Hydrogen Production: Produces 15 TPD of liquid hydrogen, powering ~15,000 forklifts daily US’s Largest PEM Electrolyzer Deployment: Plant operates with eight 5 MW PEM electrolyzers for zero-carbon production First Hydrogen Deliveries: Del
Slide 12: Record Electrolyzer Deployments Across 5 Continents
Record Electrolyzer Deployments Lhyfe, France Across 5 Continents Hiringa, New Zealand Infinium, Texas 12
Slide 13: Stationary Power: Energy Vault Deployment
Stationary Power: Energy Vault Deployment 8 MW of Hydrogen Fuel Cells for Energy Vault’s microgrid backup system for PG&E and Calistoga, CA First of its Kind Microgrid: Reduces grid reliance, supporting sustainable and resilient energy for critical infrastructure. Reliable Power for Homes: Supportin
Slide 14: Government and Policy
Government and Policy • US Tax Incentives • PTC • Net Zero/ITC • DOE Loan Program • Tariffs • Government Grants • European Policy 14
Slide 15: Big Goal
BIG GOAL Achieve Dominance in Building Out the Global Hydrogen Ecosystem 15 Photo: Plug LA Hydrogen Plant
Slide 16: Sanjay Shrestha, President, Plug
Sanjay Shrestha, President, Plug Photography courtesy of Nasdaq, Inc. 16
Slide 17: Green Hydrogen at Work
Green Hydrogen at Work™
Slide 18: Laser Focused on 2025: Setting the Stage for the next Years
Laser Focused on 2025: Setting the Stage for the next 5 Years Sanjay Shrestha, President Copyright 2024, Plug Power Inc.
Slide 19: Executive Summary: Path to 2030
Executive Summary: Path to 2030 Laser focused on 2025 • Transformational Year • Exiting 2025 with positive GM run rates Setting the stage for sustainable growth over the next five years • EBITDAS Positive 2H 2026 Operating Income Positive exiting 2027 Overall Profitability Exiting 2028 19
Slide 20: 2025 Key Priorities
2025 Key Priorities Top Priority: Revenue Growth and Bookings Cost Down Initiatives 1 Application SWAT Team goals: - Improve fuel cell stack life & reliability - Improve product & service margin - Impact starting in Q125 2 Drive Further Margin Expansion Electrolyzer SWAT Team goals: - Reduce stack a
Slide 21: Laser Focused on 2025
Laser Focused on 2025 Drive sales and profitable growth 2025 Target Continuous improvement Range in margin throughout the Revenue $850 – $950M year & exiting 2025 with Gross Margin (20%) – (5%) positive gross margin Setting the state for sustainable growth over the next five years 21
Slide 22: Outlook for 2025 to 2030
Outlook for 2025 to 2030: Leverage Effort from 2025 Strategic Priorities: 1. Drive ~30% CAGR in Energy business. • Growth driven by ELX and Cryo 2. Focused effort on growing Applications at ~30% CAGR • Expanding middle market, reaccelerate growth with pedestal customers 3. Continued enhancements: •
Slide 23: Energy Business
Energy Business Only global player to support the entire hydrogen ecosystem Produce: Transport: Store: Dispense: 23
Slide 24: Energy Business to Grow ~30% CAGR from 2025 to 2030
Energy Business to Grow $2,500 Energy 2025-2030 35% ~30% CAGR from 2025 to 2030 30% $2,000 Key Drivers: 25% Revenue growth largely driven by ELX and $1,500 20% Million cryogenic business • Electrolyzer business is driven by converting BEDP $1,000 15% pipeline into bookings and backlog (>8GW) 10% • C
Slide 25: Electrolyzers: BEDP Detail & 2024-2025 Order Intake
Electrolyzers: BEDP Detail & 2024-2025 Order Intake >1 GW Order Intake Opportunity in 2025 BEDP Detail 2024-2025 5MW Order Intake FID Date MWs Product Units Q2 2024 25 5 MW 1 Q4 2024 50 5 MW 6 Q4 2024 80 5 MW 3 Q1 2025 200 5 MW 5 Q1 2025 400 5 MW 12 Q1 2025 500 5 MW 2 Q1 2025 500 5 MW 1 Q2 2025 1,00
Slide 26: Liquefaction & Cryogenic Pipeline
Liquefaction & Cryogenic Pipeline Liquefier Opportunities Cryogenics Opportunities Scope Booking $ Est .Timing LH2 Equipment 1 x 15 TPD $31M Q4 ’24 / Q1 ’25 Category Sales Funnel Total Pipeline Value 1 x 12 TPD $32M Q1 ‘25 Refuelers $135M $76M 1 x 30 TPD $45M Q2' 25 LH2 Transports & $289M $25M Stora
Slide 27: Hydrogen Plant Update: LA and TX
Hydrogen Plant Update: LA and TX LA: Commissioning underway TX: Long lead-time items already ordered • Construction ~99% complete across the plant • Detail engineering to further optimize cost • Electrical components beginning to be energized • Focused on closing DOE loan Picture: Commercial Liquid
Slide 28: Enterprise / Facility Sales Opportunity
Enterprise / Facility Sales Opportunity Plug is the only company that offers this turnkey solution H2 Generation H2 Liquefaction Cryo H2 Delivery + Storage Molecule Supply OR Electrolyzers Liquefiers On-road Tankers Stationary Tanks Total equipment sales opportunity more than doubles with this appro
Slide 29: Plug's Broad Fuel Cell Application Portfolio Enables Hydrogen Sales
Plug’s Broad Fuel Cell Application Portfolio Enables Hydrogen Sales Store & Dispense: Use: Material Handling Fuel Cell Power Large Scale Stationary Fuel Cell Power 29
Slide 30: Applications to grow ~30% CAGR from 2025 to 2030
Applications to grow ~30% CAGR from 2025 to 2030 Applications 2025-2030 $1,600 35% $1,400 30% Key Drivers: $1,200 25% • Drive material handling growth leveraging $1,000 20% replacement cycle coupled with middle- market expansion Million $800 15% $600 10% • Strategic stationary product testing, demon
Slide 31: Plug's integrated business model
Plug’s integrated business model Applications creates a classic flywheel effect accelerating Energy growth and profitability. 31
Slide 32: 2026 - 2030 Revenue and Gross Margin Targets
2026 - 2030 Revenue and Gross Margin Targets 4000 PLUG 2026-2030 Revenue PLUG 2026-2030 Margin 1400 35% 3500 1200 30% 3000 1000 25% 2500 Million Million 800 20% 2000 1500 600 15% 1000 400 10% 500 200 5% 0 2026 2027 2028 2029 2030 0 0% 2026 2027 2028 2029 2030 32
Slide 33: Green Hydrogen at Work
Green Hydrogen at Work™
Slide 34: Operational Excellence
Operational Excellence Dean C. Fullerton, COO November 13, 2024 Copyright 2024, Plug Power Inc.
Slide 35: Career History
Career History United Parcel Service – 14 years • Started loading package cars at 3:30 am while at University • Entered UPS Management Program • Industrial Engineering Manager Tompkins Associates, Supply Chain Consulting – 8 years • Project Manager • Principal/Director The Gap – 2 years • Sr. Direct
Slide 36: My Tenets and Principles
My Tenets and Principles INSIST ON HIRE AND BEING LEARN AND FRUGALITY HIGHEST DEVELOP STANDARDS RIGHT A LOT BE CURIOUS THE BEST INVENT OWNERSHIP AND DIVE DEEP EARN TRUST SIMPLIFY HAVE BACKBONE, CUSTOMER DELIVERY BIAS FOR THINK BIG DISAGREE OBSESSION RESULTS ACTION AND COMMIT 36
Slide 37: A Laser Focus on 2025
A Laser Focus on 2025 Customer Obsession: Improve Product Quality: Reduce Costs (30% Target): . Deliver on time for ELX, Fuel Cells, Hydrogen, Deliver reliable, high-quality projects and Deliver all projects with a high level of quality, and provide service/maintenance above execute ELX and Fuel Cel
Slide 38: How is Plug Unique? Our Global Operational Facilities
How is Plug Unique? Our Global Plug Operational Facilities! Global Plug Power ELX, Netherlands Fabricators and Integrators Vista Headquarters, Slingerlands, NY • Corpus Cristi, Plug Cryo, Houston, TX TX • Cohoes, NY • Houston, TX • Dubai, UAE • Vietnam Plug Gigafactory, Rochester, NY • Netherlands P
Slide 39: Green Hydrogen at Work
Green Hydrogen at Work™
Slide 40: Financial Roadmap
Financial Roadmap Paul Middleton, CFO November 13, 2024 Copyright 2024, Plug Power Inc.
Slide 41: Hydrogen Ecosystem Solutions Provider
Hydrogen Ecosystem Solutions Provider Only global player to support the entire ecosystem Build out has established the platform to accelerate growth. 41
Slide 42: Strong Differentiated Platform
Strong Differentiated Platform Broad Foundation of Technologies Deep Relationships New Investments Strong Cost Discipline 42
Slide 43: Inflection Point: New Platforms have been Nurtured to Fruition
INFLECTION POINT: New Platforms have been Nurtured to Fruition Investments and buildout over last few years is poised for growth and leverage Produce: Transport: Store & Dispense: Use: 43
Slide 44: 2025 Outlook
2025 Outlook Revenue: ~$850M to $950M Gross Margin: (20%) to (5%) Electrolyzer Stationary Power On- Road Green Hydrogen Material Handling 44
Slide 45: Target Business Model
Target Driving Financial Strategic Plan Business Targets Through: Update: Path Model: to 2030 >30% Average Sales Continued Innovation Laser focused on 2025 as Growth Transformational Year Vertical Integration • Exiting 2025 with positive GM run >35% Gross Margin rates Mfg Capacity & OPEX Leverage •
Slide 46: 2026 - 2030 Revenue and Gross Margin Targets
2026 - 2030 Revenue and Gross Margin Targets 4000 PLUG 2026-2030 Revenue PLUG 2026-2030 Margin 1400 35% 3500 1200 30% 3000 1000 25% 2500 Million Million 800 20% 2000 1500 600 15% 1000 400 10% 500 200 5% 0 2026 2027 2028 2029 2030 0 0% 2026 2027 2028 2029 2030 46
Slide 47: Debt & Project Capital Solutions
Corporate Debt Solutions Debt & Project Project Finance Capital Solutions Project Equity Partners DOE Loan Program 47
Slide 48: Green Hydrogen at Work
Green Hydrogen at Work™