Plug Power, Inc. · NASDAQ:PLUG
Plug Power — Investor Day (September 2020)
117 slides from Plug Power's investor day presentation, Sep 24, 2020
Slide 1: Welcome to the Plug Symposium
September 2020 Welcome to the Plug Symposium Andy Marsh Chief Executive Officer
Slide 2: Safe Harbor Legal Disclaimer
Safe Harbor Legal Disclaimer This presentation contains "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 19 95 that involve significant risks and uncertainties about Plug Power Inc. ("PLUG"), including but not limited to statements a bou t PLUG's e
Slide 3: Agenda
Bloomberg New Energy Finance: Nathaniel Bullard Sustainability/Green Hydrogen Economy, and Q&A Sanjay Shrestha and Brent Koski Plug Power Green Hydrogen Roadmap Electrolyzers Material Handling and Key New Markets Universal Hydrogen Keynote Speaker Financials Conclusion Q&A Hector Maza and Corky Mitt
Slide 4: Plug Power is on Track for its 2024 Vision
4 $1.2B in Annual Sales Operating Income $200M $250M Adjusted EBITDA Plug Power is on Track for its 2024 Vision
Slide 5: Green Hydrogen Plants and Pipeline
5 US Green Hydrogen Plants 100TBD of Green Hydrogen 2024 Green Hydrogen Plants Developed with Partners Europe Currently discussing expansion opportunities in Europe LH2 Green Hydrogen Pipeline Project Commenced 1 Pipeline Operational LH2 1 Project Commenced:Term Sheets/MOU’s Signed, Estimated Go Liv
Slide 6: New Strategic Announcements: Green Hydrogen Expansion
New Strategic Announcements Green Hydrogen Expansion Renewable Energy Partners First site Green Hydrogen plant powered by Hydro Working on additional locations and ways to work together 10 - tons per day Plant expected Brookfield Renewable Energy 30 - tons per day Plant potential at scale Powered by
Slide 7: Creating Green Hydrogen from Electricity and Water
Electricity & Water Leveraging Low Cost Renewables and Plug Power Electrolyzers Creating Green Hydrogen Gaseous Hydrogen Liquid Hydrogen 1 2 3 We have the demand
Slide 8: 500+ Refueling Stations and 85T+/day Projected in 2024
500+ Refueling Stations and 85T+/day Projected in 2024
Slide 9: Material Handling: $750M in Revenue in 2024
5 Pedestal Customers $750M in Revenue in 2024 25,000 Shipping 25K Units Per Year Material Handling
Slide 10: ProGen Modular Arrays for Megawatt Scale Stationary Power
ProGen Modular Arrays for Megawatt Scale Stationary Power ProGen Modular Building Blocks Series and Parallel Combinations Scalable Modular FC Arrays Megawatt Scale Systems Applications Diesel Genset Replacement Data Center Back - up Power Micro - Grids, Maritime, Shore Power, Rail
Slide 11: Global Partnerships Supporting On-Road Vehicles
Global Partnerships Supporting Deployment of On - Road Vehicles On Road Vehicles Yard Dog - Gaussin Lightning Truck Bus Class 8 Truck
Slide 12: Plug will be Powering Aircrafts
Plug will be Powering Aircrafts
Slide 13: World's first PEM Technology Gigafactory
13 $1.2B Revenue Plan World’s first PEM Technology Gigafactory Driving Scale in Fuel Cell Technology 7M+ Bi - Polar Plates 60,000+ Fuel Cell Stacks 500+MW Of Electrolyzers Green H2 Onsite generation 1.5+ Gigawatts output 7M+ MEAs Annual Capacity (2024)
Slide 14: Our Strategy to Become a European Leader
14 Our Strategy to Become a European Leader JV/Partnerships with EU car manufacturers and EU Utility leaders Ambitious key account strategy for material handling Communication & Marketing strategy on our unique value proposition Best in Class operational process with strong local presence Accelerati
Slide 15: Leading the Market with $310M in 2020 Gross Billings
Leading the Market with $310M in 2020 Gross Billings 40K Fuel Cells Shipped Fueling Stations 100+ 40T Daily Hydrogen Use 35M Fuelings By End of 2020
Slide 16: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 17: Symposium 2020 Green Hydrogen
September 24, 2020 Symposium 2020 Green Hydrogen
Slide 18: Building Blocks to Plug Power's Green Hydrogen Vertical Integration
\ Building Blocks to Plug Power’s Green H 2 Vertical Integration H2 Generation Liquefaction Logistics Customer Equipment Vertical Integration Accelerates Green Hydrogen Strategy Our comprehensive solutions enables us to successfully serve multiple industries with low - cost Green Hydrogen Unmatched
Slide 19: New Strategic Announcements: Green Hydrogen Generation
New Strategic Announcements Green Hydrogen Generation Activity Renewable Energy Partners First Green Hydrogen plant powered by Hydro Working on additional locations and ways to work together 10 - ton per day Room to expand Brookfield Renewable Energy 30 - ton per day Room to expand Powered by large
Slide 20: Continued Expansion and Collaboration: Linde
Continued Expansion and Collaboration : Linde We share a common vision of a decarbonized future Decarbonizing Hydrogen Supply Chain Linde working to decarbonize their hydrogen production and delivery Looking to support Plug Power’s goal of over 50% Green Hydrogen by 2024 Class 6, Class 8 Use Plug Po
Slide 21: Vision for Green Hydrogen Network
\ Vision for Green Hydrogen Network Investments in green hydrogen provides attractive returns while providing immediate cost savings and strengthening customer relationships Investment Returns Cost Roadmap Turn low - cost renewable electrons into high - value hydrogen fuel while building domestic en
Slide 22: Green Hydrogen Generation Roadmap
Green Hydrogen Generation Roadmap Maintain resiliency Focus on meeting demand in near - term Strengthen our renewable energy partnerships Broaden existing agreements Build larger renewable plants Optimize renewable asset integration Multiple plants in each region Strategic off - take/supply with IGC
Slide 23: Plug Power Customer Regional Hydrogen Demand
Plug Power Customer Regional Hydrogen Demand Core Material Handling Fuel Demand De - risking Vertical Integration Material Handling Hydrogen Demand is Material Handling Expansion Ground Support Equipment Transportation Other 2019 Symposium 20 2020 30+ 2022 45+ 2024 85+ All figures are tons per day (
Slide 24: Liquid Hydrogen Growth is Significant
Liquid Hydrogen Growth is Significant Liquid hydrogen demand derives from multiple sectors can reach >1,000 tons per day Transportation will dominate the market and represent unprecedented industry growth 10x in 10 years Liquid hydrogen demand is projected to be ~10x growth in 10 years Sectors Elect
Slide 25: Plant Development Strategy
Plant Development Strategy Accelerate the Plant Development Process To bring a plant online 18 - 24+ months Location Identify Site/Market Demand Select Power Partner Sign Term Sheet Financing Develop larger plants and identify strategic opportunities with our renewable energy partners Our Strategy P
Slide 26: Green Hydrogen Production/Plant Optimization Potential
Green Hydrogen Production/ Plant Optimization Potential Plant Optimization Potential Electricity feed from renewable sources Hydrogen gas transfer pressure On - site N2 and other ancillary systems Optimal size and scale of liquefier Capital vs Opex costs for electrolyzer and liquefier Continual eval
Slide 27: Renewable Electricity Costs Decreasing Drive Hydrogen Generating Costs
\ As renewable electricity costs continue to come down, our generating costs for hydrogen will follow. Source: BloombergNEF BNEF benchmark LCOEs for onshore wind and PV are now below $50/MWh
Slide 28: Outlook for Business
Outlook for Business Significant cash generation from near - term investments will be used to fund future plants. A network totaling ~100 ton per day (TPD) delivery capacity, we could be generating $200M+ of revenue and substantial free cash flow. This does not reflect the additional value that coul
Slide 29: Recap: Roadmap to Reduce Cost of Green Hydrogen
\ Developed a roadmap to reduce our cost of Green Hydrogen Recap On track to be the leader in green hydrogen solutions Working with experienced strategic partners who share a common vision for the hydrogen economy A 100 TPD network could generate substantial free cash flow Expand our strategic relat
Slide 30: Electrolyzer Products
Electrolyzer Products Corky Mittelsteadt
Slide 31: Partnership Between Giner ELX Technology and Plug Power
Perfect Partnership Between Giner ELX Technology and Plug Power PEM Commercialization $50M+ in Funding in PEM Electrolysis Plug Power’s Scale is Immediately Transferable 150,000 Electrolyzer MEAs/Month > 1 GigaWatt /YEAR Plug Power top Manufacturer of PEM MEAs in Western Hemisphere Labor in MEA manu
Slide 32: Advancements in Electrolyzers
Advancements in Electrolyzers 75 kg/day 8 Nm 3 / hr 0.13 kg/day History of Development Technology comes from PEM development for advanced applications Aerospace/Military Applications 480 kg/day (MW Scale) Navy NASA Led to Commercial Sales of increasingly larger stacks Commercial/Industrial Applicati
Slide 33: Solutions for Less than 2 Tons per Day
Solutions for Less than 2Tn per Day 10, 20 or 30 Ft containers Integrating 1,2, or 3 Merrimack Stacks Power conditioning AC / DC Water Purification Unit Gas Separation & Gas Purification 40 ft container Integrating 1 – 2 MW Stacks Power conditioning AC / DC Water Purification Unit Gas Separation & G
Slide 34: Large System Architecture
Large System Architecture 5 + MW system designed with standalone sub - systems (vs. containerized solution for 1 - 3 MW systems) 5 Megawatt Electrolyzer Module Key Sub - systems Stack enclosure and related components H2 Dryer and purifier Water purification plant Power supply and power filters BOP (
Slide 35: Technology
Technology
Slide 36: Cost Reduction Pathways
Current 2020 Moderate Volume 2021 Dry Build 2022 Dry Build Volume 2025 Stack Cost $/MW Cost Reduction Pathways Strong Reduction in Cost while Improving Performance in the Near Term 60% 65% 70% 75% 80% 85% 90% 95% 100% 0 1500 3000 4500 6000 Efficiency Kg H 2 /Day per Stack Efficiency (Pressure Adjust
Slide 37: PEM vs. Alkaline Stacks and Competitor PEM
High Current Density Operation X x Small Footprint x High Efficiency High Gas Purity x Operating Pressure x x Differential Operating Pressure x System Response/Ramp Time x Cold Start x Stand By x High Temperature Operations x 8 Alkaline Competitor PEM Plug Power PEM 1 MW PEM 2 MW Alkaline Stack Anti
Slide 38: Competing Against Steam Methane Reform in CapEx and OpEx
Competing Against Steam Methane Reform in CapEx and OpEx $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 10 100 1000 10000 100000 1000000 CapEx $/kW equivalent Plant Size kg/Day Green Hydrogen (Electrolysis) Blue Hydrogen SMR with Carbon Capture Grey Hydrogen SMR Renewables Steady and Declining Electroly
Slide 39: Electrolyzer Roadmap
September 24, 2020 Electrolyzer Roadmap Hector Maza
Slide 40: Markets are Substantial
$200 Bn+ 100’s GW Scale Markets are Substantial ~ 500 MW by 2024 Plug Power Electrolyzers , looking to deploy 2x40 GW Industrial & HRS Europe Recovery Investment and North Africa The Big Picture Best track record in PEM Electrolysis 47 Years being the technology leader US NAVY, NASA, DOE, now Alstom
Slide 41: Hydrogen's Diverse Application Potential
Image Courtesy Department of Energy, Office of EERE Hydrogen’s Diverse Application Potential With more renewable installations, CO2 and H2 $/kg are decreasing Global Decarbonization Initiatives CO 2 Decreases Cost Competitive Green Hydrogen H 2 $/kg Decreases
Slide 42: Verticals with Large Sales Opportunities
Verticals with Large Sales Opportunities Multiple Target Markets Stationary Energy Storage Off - Grid applications P2P Ammonia Steel Chemicals Fuel Cell Electric Vehicle P2X P2M Power to Power Power to Product Power to Mobility Green Hydrogen
Slide 43: Price of H2 Globally Determines Market Entry Points
Price of H 2 Globally Determines Market Entry Points Markets according to price point $/kg H 2 Below $3.50/kg , TAM is approximately $69 Bn As price moves lower, TAM can be as high as $200Bn
Slide 44: Wind to Hydrogen: Examples of Lowest TCO
Wind to Hydrogen: Examples of Lowest TCO Immediate Response Time Sustainable hydrogen manufactured at the turbine DUWAAL project with HYGRO – Plug Power in N. Holland Directly coupled to wind turbine to reduce Capex and optimize system efficiency Gas produced supplied to Industry & Mobility below 3.
Slide 45: Storage: Power to Gas, Power to Fuel
Storage: Power to Gas, Power to Fuel Direct injection of Hydrogen into NG line of 5 to 15% percent hydrogen by volume feasible Efficient hydrogen storage solution with existing infrastructure Available Storage Infrastructure - NG Pipelines and dedicated 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Belgium
Slide 46: Renewable Energy with Long-term Storage, H2 Is the Solution
Renewable Energy with Long - term Storage, H 2 Is the Solution 1 month $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Storage Costs ($/kWh) 1 hr 4 hr 16 hr 2 days 1 week Hydrogen Battery Hydrogen and Battery Storage Costs If storing surplus renewable energy for more than ~ 8 hours, hydrogen is the WINNER
Slide 47: Customers & Sales
Customers & Sales
Slide 48: Plug's Global Presence
Plug’s Global Presence Partners, Service & Sales Agents
Slide 49: Customers and Channels, Partnerships and JV's
Germany HRS (1 - 2 MW) Mid Industrial (1 – 20 MW) Large industrial / EPC(Over 20 MW) Netherlands Small Reformer Replacement (Sub 1 MW) Customized Solutions (1, 5 and up to 25 MW) Portugal Niche Market < 1 MW Australia and New Zealand EPC 1 - 100 MW India Small Systems Sub 1 MW Channels & Regions Wor
Slide 50: Recap: Clear Path to Achieving 2024 Goals and Beyond
Recap: Clear Path to Achieving 2024 Goals and Beyond Best Technology & Track Record in PEM Electrolysis Clear path to Scale - Up & 75% Cost Reduction from today Markets are Substantial $200 Bn+ 100’s GW Scale Large Investments WW in Electrolysis – 2x40 GW EU and North Africa Plug Power Electrolyzers
Slide 51: Material Handling and Key New Markets
Material Handling and Key New Markets Jose Luis Crespo
Slide 52: Agenda
Agenda Material Handling On Road Data Centers
Slide 53: Driving Scale in Fuel Cell Technology
Driving Scale in Fuel Cell Technology World’s first PEM Technology Gigafactory Annual Capacity (2024) 1.5+ 7M+ = =7M+ 500+MW Green H2 60,000+ Gigawatts MEAs Bi-Polar Of Electrolyzers Onsite generation Fuel Cell Stacks output Plates
Slide 54: Plug Power Fuel Cell Platforms: GenDrive for Material Handling
Plug Power Fuel Cell Platforms GenDrive for Material Handling Directly replaces lift truck batteries Eliminates battery removal and charging Increases operator’s productivity Eliminates battery rooms
Slide 55: Operational Advantages
Operational Advantages Operate lift trucks at full capacity, free up valuable floor space, and increase operator productivity Higher Productivity Environmental Benefits 90 to 120 seconds to recharge 15 to 25 % Source: Customer case studies increased productivity
Slide 56: Material Handling Strong Value Proposition
Costs Batteries Fuel Cells Battery Room Floorspace Maintenance Energy Battery Changing Time & Labor Equipment Lift Truck Operator Productivity Equipment Energy Maintenance Savings Material Handling Strong Value Proposition Fuel cells improve operational efficiency because they are refilled by the op
Slide 57: Drivers for Growth in Material Handling
Drivers for Growth in Material Handling Flexible Business Model H2 Green Fuel Reduced Total Cost of Ownership Continued Improved Reliability GenKey Solution: end - to - end GenFuel: H2 infra and Fuel GenDrive : Fuel Cells GenCare : Service
Slide 58: Pillars for Growth
On track on the development of our pillars for growth Pillars for Growth Continued Expansion European Expansion New Multisite Deals New Customers Channels Globally $750M In 2024
Slide 59: $30Bn Annual Global TAM
$30Bn Annual Global TAM 6M+ Forklifts deployed 1.5M+ Forklifts sold annually Market Opportunity Targeting 25,000 Fuel Cells and $750M in Revenue in 2024
Slide 60: Material Handling: On Track to Meet Five-Year Plan
Material Handling: Plug Power is on Track to meet Five - Year Plan 2020 Annual Gross Billings +$300M +40,000 GenDrive Cumulative Deployments 2024 Annual Gross Billings +$750M +125,000 GenDrive Cumulative Deployments
Slide 61: ProGen Platform: Robust and Proven
ProGen Platform: Robust and Proven 35,000+ units shipped High utilization applications (7x24) Greater than 500 million run hours in the field .o 20 Years of R&D & Field Experience lo Proven Technology Platform |, Flexible Design for Multiple Applications GT ° FS mi 2 3 Ry a
Slide 62: Key Elements to Lead the Middle Mile and Long Haul On-Road
\ Key Elements to Lead the Middle Mile and Long Haul On - Road Green E - mobility Market MULTIPLE OPTIONS TO DRIVE VEHICLE DEMAND H2 REFUELING EXPERIENCE AND NETWORK DEPLOYED WITH WORLD WIDE LOGISTCS LEADERS PROVEN FUEL CELL TECHNOLOGY GREEN H2 GENERATION EXPERIENCE, CUSTOMER BASE, AND ECOSYSTEM POS
Slide 63: Fuel Cell Trucks Increase Range and Payload
Vehicle Type Distance Weight Charge/Refuel Time Diesel 500 mile 5 Minutes 45,000lb Payload 35,000lb Unloaded 125 mile 3 Hours 44,000lb Payload 36,000lb Unloaded 500 mile 34,600lb Payload 45,400lb Unloaded 500 mile 15 Minutes 42,600lb Payload 37,400lb Unloaded Fuel Cell 150 mile 5 Minutes 45,000lb Pa
Slide 64: Electrolyzer and Liquefaction Capabilities
Electrolyzer and Liquefaction Capabilities Multiple Green H2 Generation Plants 100T production capacity between 2022 and 2025 LH2 Green Hydrogen Generation Network Operational Project Commenced Term - sheets / MOU’s signed Estimated go live 2022 – 2025 LH2 Plants
Slide 65: Largest Network of H2 Refueling Stations in the World
Installed and operates the largest network of H2 refueling stations in the world +100 Refueling stations dispensing 35T/day with customers in logistics and that manage fleets
Slide 66: 500+ Refueling Stations and 85T/day Projected in 2024
+500 Refueling Stations and +85T/day projected in 2024
Slide 67: Proven and Modular Fuel Cell Technology
Proven and Modular Fuel Cell Technology 20 years of innovation +35 ,000 systems in service 545 million hours of operation 180 patents 30 – 60 kW • Class 3 - 5 Trucks & Buses • Class V Forklift Trucks • Rail & Marine 85 – 125 kW • Class 4 - 8 Trucks • Full size Buses (40ft /12m+, Double Decker) • Cla
Slide 68: Market Activities: Vehicle Collaborations
Market Activities Vehicle Collaborations (JV/Joint Dev) Delivery Vans Discussions with a major European OEM and a technology commercial vehicle platform OEM ProGen pilots and testing with two major US and two major European OEMs Class 6 trucks ProGen pilots and testing with two major US and two majo
Slide 69: Multiple Options to Drive Market Demand
Multiple Options to Drive Market Demand OEM Channel Systems Integrator Channel Co - Branded Vehicle JV Partnership Total Solutions Provider
Slide 70: Pillars for Growth: European Expansion Core Market
PLUG Pp Pillars for Growth POWER —o European Expansion Core Market peceneeeeceseceneeeeeeneeeneeeeee EU HQ Top Retailers Core Market TAM $12B . 30% WW EU HQ Top manufacturers 25% in Top 100 WW Countries Germany France — US/EU based Accounts United Kingdom Netherlands EU Airports-Green Deal Initiativ
Slide 71: The Push to Eliminate Diesel: Fuel Cells for Stationary Power
This is a trend amongst the largest DC operators in the world. The Push To Eliminate Diesel Fuel Cells For Stationary Power “We’re announcing that we’re aiming to eliminate diesel fuel by 2030 . While diesel fuel accounts for less than 1 % of our emissions, we believe it’s important to help accelera
Slide 72: GenSure HP Systems for Large-Scale Backup Power
GenSure HP Systems Fuel Cells for large - scale backup power – Unlocking a +$37B TAM by 2027 Planning pilots with some of the largest data c enter operators in the world in 2021.
Slide 73: Thank you
Thank you Plug Power Corporate HQ 968 Albany Shaker Rd Latham, NY 12110
Slide 74: Plug Power Driving to Scale
Plug Power Driving to Scale September 2020
Slide 75: Building the Leading Technology Center for PEM Technology
MEA Plate Building the Leading Technology Center for PEM Technology Multilayer Membrane Electrode Assembly (MEAs) Metal Bipolar Plates Automated Fuel Cell Assembly Megawatt Scale Electrolyzer Stacks Onsite Green H2 Generation State of the Art R&D Laboratories A transformation from manual processes t
Slide 76: World's first PEM Technology Gigafactory
$1.2B Revenue Plan World’s first PEM Technology Gigafactory Driving Scale in Fuel Cell Technology 7M+ Bi - Polar Plates 60,000+ Fuel Cell Stacks 500+MW Of Electrolyzers Green H2 Onsite generation 1.5+ Gigawatts output 7M+ MEAs Annual Capacity (2024)
Slide 77: Technology Center Timeline
4 $43M Manufacturing CAPEX Site selection – October 2020 Capital equipment on order First manufacturing begins mid 2021 1.5+ GW capacity Room for future capacity expansion Technology Center Timeline
Slide 78: State of the Art Manufacturing Capabilities
High speed roll - to - roll coating High volume MEA lamination presses Automated metal plate stamping Laser cutting and laser welding Robotic gasketing Automated stack assembly Linked operations In - line vision defect detection and marking IOT based process measurement State of the Art Manufacturin
Slide 79: Volume Leverage and Vertical Integration Drive Cost Reduction
Volume Leverage and Vertical Integration Drive Cost Reduction Largest MEA manufacturer in North America Global supply chain established, driving scale in the industry Benefits of existing scale apply immediately to electrolyzer product lines Vertical integration into plate stamping 50% reduction Vol
Slide 80: Automation Drives Efficiency, Quality, and Cost
Automation Drives Efficiency, Quality, and Cost 2025 100% 80% 60% 40% 20% 0% Percentage of Cost/kW 2020 2021 2022 2023 2024 Labor Cost 60% Reduction Processes designed for scalability High degree of automation Linked processes In line optical, IOT enabled quality measurement
Slide 81: Technology Center Enables Local H2 Ecosystem
Renewable Electricity Green Hydrogen Local Refueling Stations Technology Center Enables Local H2 Ecosystem Material Handling/Airport Ground Support Equipment Zero Emission Commercial Fleet Vehicles Fuel Cell Drone Package Delivery University Partnerships Green Hydrogen Production Network of Fueling
Slide 82: Summary: Building the Leading Technology Center for PEM Technology
9 Summary: Building the Leading Technology Center for PEM Technology Plug Power is driving scale First Gigafactory in the PEM fuel cell technology space Operational in mid 2021, 1.5+ GW capacity Designed to deliver 50% cost reduction via automation, vertical integration and volume leverage Room for
Slide 83: ProGen Technology: Enabling Markets
ProGen Technology: Enabling Markets September 2020
Slide 84: ProGen Platform: Robust and Proven
ProGen Platform: Robust and Proven 35,000+ units shipped High utilization applications (7x24) Greater than 500 million run hours in the field 20 Years of R&D & Field Experience Proven Technology Platform Flexible Design for Multiple Applications
Slide 85: ProGen Metal Stack Technology
ProGen Metal Stack Technology Best in Class Materials (MEA and plate components) MEA operating performance Mechanical design (plate and end hardware thickness) Increasing power density from advancements in: 2 3 4 5 6 2020 2021 2022 2023 2024 2020 2024 4.5 3.0 5.0 5.5 kW/liter kW/kg
Slide 86: ProGen Engines: Zero Emission Transportation Solutions
ProGen Engines: Zero Emission Transportation Solutions 30kW 85kW 125kW >1mW 15kW Modular Engines Provide Leverage and Enable Multiple Applications Pre - engineered OEM platform “Plug and Play” system solution Includes all balance of plant Models can be used in series and parallel combinations Easy t
Slide 87: ProGen Modular Arrays for Megawatt Scale Stationary Power
ProGen Modular Arrays for Megawatt Scale Stationary Power ProGen Modular Building Blocks Series and Parallel Combinations Scalable Modular FC Arrays Megawatt Scale Systems Applications Diesel Genset Replacement Data Center Back - up Power Micro - Grids, Maritime, Shore Power, Rail
Slide 88: ProGen Engines for Aerospace
350W, 1kW ProGen Engines: For Aerospace Fuel Cells… The Future is “Light” 125kW ProGen Engines: Ultra - lightweight stack technology for long duration UAV Flight “Best - in - class” metal plate stacks Highly efficient turbo - compressors Specialized light - weight alloy plates for aerospace Scalable
Slide 89: European Expansion Strategy
September 2020 Corine Dubruel European Expansion Strategy
Slide 90: All the Stars are Aligned for European Expansion
2 All the stars are aligned for European expansion Overview Transportation 500,000 LCVs 50,000 Trucks & Buses 1,000 FC Trains 3,700 Hydrogen Refueling Stations Logistics Green Ports & Airports initiative within Green Deal Maritime propulsion 1 st Hydrogen plan Airbus before 2035 Green hydrogen gener
Slide 91: European Fuel Cell & Hydrogen Market Priority Matrix
3 European Fuel Cell & Hydrogen market Priority Matrix Germany, Austria, Switzerland, Czechoslovakia, Poland 10.0 GW €9B France 6.5 GW €7B Belgium, Netherlands 3.5 GW Regional Hydrogen Hubs United Kingdom 3.3 GW Large base of EU HQ accounts Spain, Portugal 4.0 GW €7B Scandinavia 7.0 GW Leverage lowe
Slide 92: European Expansion in Green Hydrogen
European Expansion in Green Hydrogen Pillars for Growth Green Hydrogen Critical to Many Industries Outstanding renewable and low - cost energies Offshore Wind 8GW, Onshore wind 45GW, Solar PV 45GW Very low cost of renewables: Solar Portugal, nuclear France, hydropower Sweden EU 40GW Green Deal Elect
Slide 93: European Expansion Core Market
European Expansion Core Market Pillars for Growth EU Airports - Green Deal Initiative Green Airport EU HQ Top manufacturers 25% in Top 100 WW US/EU based Accounts EU HQ Top Retailers Core Market TAM $12B 30% WW Countries Germany France United Kingdom Netherlands Support Customers Corporate Sustainab
Slide 94: EU Leader in Material Handling
EU Leader in Material Handling Material Handling Channel Strategy Multi - site contracts with US / EU based Accounts Audi BASF, Continental Expand relationships with EU Key Accounts Customer satisfaction and growth are the only path for success Engie Linde MH Stihl Toyota MH Asda BMW Bridgestone Coc
Slide 95: European Expansion in On-Road Commercial FCEVs
European Expansion In On - Road Commercial FCEVs Pillars for Growth Increased low - emission zones in major European cities are driving the Evs Demand Fast accelerating EU market LCVs: 500 000, 5 EU Leaders in the TOP 6 Manufacturers Bus 25 000,Strong EU political support: Arrival, Wright Trucks 25
Slide 96: Accelerate EU Market Adoption with Key EU Vehicle Manufacturers
Accelerate EU Market Adoption in Driving Scaled Fleet with Key EU Tier 1/2 Vehicle Manufacturers Speed and scale are critical in the next 18 months Accelerate time to market Identify best partner for industrialization 3 step approach Create Win - Win strategy for EU services with partners Deploy gre
Slide 97: Substantial EU Opportunities in Large Stationary
Hydrogen game changer in diesel generation, diesel ban starting 2024 in large EU cities. Substantial EU Opportunities in Large Stationary: Data Centers & Micro - grids EU Micro - grids + Energy storage EU TSO for Storage EU Ports, Logistic & Offshore Facilities EU Rental Diesel Generators Large EU F
Slide 98: Our Strategy to Become a European Leader
Our Strategy to Become a European Leader JV/Partnerships with EU car manufacturers and EU Utility leaders Ambitious key account strategy for material handling Communication & Marketing strategy on our unique value proposition Best in Class operational process with strong local presence Acceleration
Slide 99: Our Vision
Our Vision Make a significant contribution to Plug Power’s sales and revenue in 2024 and secure our European leadership on Fuel Cell and Green Hydrogen solutions Be recognized as a key European hydrogen leader with a Best - in - Class operations Leader in the deployment of green hydrogen solutions 1
Slide 100: Financials
Paul Middleton, CFO Financials September 2020
Slide 101: Plug Power is on Track for its 2024 Vision
Plug Power is on Track for its 2024 Vision $1.2B in Annual Sales Operating Income 17%+ 20%+ EBITDA Global Hydrogen Energy Platform Differentiated Market Position to Sustain Growth Diversified Technology Company Generating Significant Cash Flows What will Plug Power Look Like?
Slide 102: Plug's Building Blocks to Drive Growth
Plug’s Building Blocks to Drive Growth Large Global Markets Accelerating the Hydrogen Economy Broad Product Platform and Traction with Industry Leaders Driving the Cost Curve through Overhead Leverage, Supply Chain, & Design Enhancements Investing in Capabilities to Expand Industry and Geographic Fo
Slide 103: Hydrogen Vertical Investments will Accelerate Growth Rate
2020 Hydrogen Vertical Investments will Accelerate Growth Rate Gross Billings Projections ($ in millions) $64M $310M $1.2B 2014 2020 2024 30% CAGR 40% CAGR 2021 Gross Billings Forecast of ~$450M represents ~45% growth over 2020
Slide 104: Market Penetration
Market Penetration Growing Cumulative Deployments Fuel Cells 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 0 100 200 300 400 500 600 700 800 2024 less than 1% global market share H2 Sites 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 105: Gross Billings Map from Point A to B
Gross Billings Map from Point A to B ( millions ) 2020 ~$292M ~$8M ~$750M ~$250M ~$200M 2024 ~$10M Material Handling New Markets Green Hydrogen Market Market Tail Winds Regulatory Social Cost Curve Develop market channels - customers & partners Leveraging the global market for electrolyzers Establis
Slide 106: Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage
Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage (% of Gross Billings) Continual Innovation Improving Performance & Reducing Costs Vertical Integration Improve Performance, Reduce Costs and Lead Times Supply Chain Leverage Improve Performance, Reduce Costs and Lead Times Lever
Slide 107: Proven Learning Curve: GenDrive Cost Curve
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Every doubling of installed base 25% Reduction Proven Learning Curve 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 High Power GenDrive Cost Curve
Slide 108: Gross Margin Map from Point A to Point B
Gross Margin Map from Point A to Point B Equipment Improvements Higher volume = better leverage of fixed cost & supply chain pricing Vertical integration to increase reliability and reduce costs Innovation leading to simpler design of fuel cells Fuel Improvement Hydrogen generation vertical strategy
Slide 109: Success Yielding Improved EBITDA and Operating Cash Flows
Success Yielding Improved EBITDA and Operating Cash Flows ($ in millions) 2014 2020 2024 Adjusted EBITDA 300 250 200 150 100 50 0 (50) (100) Operating Cash Flows Sales & Operating Margin Growth Core Business is not Capex Intensive Developing the Supply Chain Enables More Effective Working Capital St
Slide 110: Plug Power is on Track for its 2024 Vision
$1.2B in Annual Sales Operating Income $200M $250M Adjusted EBITDA Plug Power is on Track for its 2024 Vision
Slide 111: Wrapping Up Symposium 2020
Copyright 2020, Plug Power Inc. Wrapping Up Symposium 2020
Slide 112: Plug Power is on Track for its 2024 Vision
2 $1.2B in Annual Sales Operating Income $200M $250M Adjusted EBITDA Plug Power is on Track for its 2024 Vision
Slide 113: 100T of Green Hydrogen Capacity
100T of Green Hydrogen Capacity
Slide 114: Development of Our Pillars for Growth
On track with the development of our pillars for growth Pillars for Growth Continued Expansion European Expansion New Multisite Deals New Customers Channels Globally $750M In 2024
Slide 115: Continued Market Expansion On-Road Stationary Power
5 Continued Market Expansion On - Road Stationary Power
Slide 116: A Unique Company: Leader in Green Hydrogen and Fuel Cell Technology
6 A Unique Company Both a Leader in Green Hydrogen and Fuel Cell Technology
Slide 117: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com