Plug Power, Inc. · NASDAQ:PLUG
Plug Power — Investor Day (October 2021)
78 slides from Plug Power's investor day presentation, Oct 14, 2021
Slide 1: Plug Power, October 14, 2021
PLUG POWER L- October 14, 2021
Slide 2: Legal Disclaimer
PLUG oO POWER Legal Oicamer ‘Tis preseiaton contains Yonaéostng statement” win te meaning fhe Private Secures Ligation Reform Act of 1295 tat lve ignteant sts and uncertain abou lug Powe ne. PLUS, Inca ut ot nied fo statomens aout PLUG’ expecatiene egadng gross lings 2021 and 2028 and cine rani Meti
Slide 3: Energy Solutions
PLUG POWER L- Energy Solutions Sanjay Shrestha GM, Energy Solutions & Chief Strategy Officer October 14, 2021 Copyright 2021, Pig Power ho.
Slide 4: Energy Solutions - Mission Statement
2 Build one of the largest global energy companies that will focus on displacing diesel with green hydrogen Accelerate adoption of fuel cell applications and create a flywheel effect Decarbonize many other industries including transportation, energy, and power Energy Solutions - Mission Statement
Slide 5: Building Blocks to Plug Power's Green H2 Vertical Integration
3 \ 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 platform should enable us to successfully serve multiple industries with low cost Green Hydrogen solut
Slide 6: North America Green Hydrogen Plant Timeline
4 North America Green Hydrogen Plant Timeline Breaking Ground on 3 Plants in 2021 2 Plants Producing in the Summer of 2022 with a total of 4 by year - end More than 6 Plants by year - end 2023 13 Plants by year - end 2025
Slide 7: Clear path to 500TPD by 2025
5 2021 2022 2023 2024 2025 100 200 300 400 500 Production (TPD) Clear path to 500TPD by 2025 0 70+ TPD 200 TPD 300+ TPD 500+ TPD
Slide 8: Building a Green Hydrogen Generation Network in Europe
6 Building a green Hydrogen Generation Network in Europe Source: company statistics. including GenDrive, GenSure , GenFuel & Giner Three factors driving down costs of green hydrogen Reduction in cap ex Continued decline in the cost of renewables Decline in the cost of capital
Slide 9: Vision for Plant Scale/Renewable Asset and Distribution Network
7 TPD Electrolyzers 25 MW 250 MW 2.5 GW 25 GW Solar Land area 75 MW 300 ac 750 MW 3,000 ac 7.5 GW 30,000 ac 75 GW 300,000 ac Wind Land area 55 MW 6,000 ac 550 MW 60,000 ac 5.5 GW 600,000 ac 55 GW 6,000,000 ac Hybrid Land area 25 + 25 MW 2,000 ac 250 + 250 MW 20,000 ac 2.5 + 2.5 GW 200,000 ac 25 + 25
Slide 10: Energy Landscape Transformation – Highest Potential
8 Energy Landscape Transformation – Highest Potential High renewable resource with pipeline access Self - Develop Self - Develop & Partner Partner
Slide 11: Spigot cost of Green Hydrogen lower than Grey Hydrogen
9 Spigot cost of Green Hydrogen meaningfully lower than market price for Grey Hydrogen 7 - 10yrs Typical 15 TPD plant Payback Period Potential for back leverage and multiple form of capital post COD PTC, and National LCFS can accelerate build out and capital recycling!
Slide 12: New Apps Create Multiplier Effect for Hydrogen Demand
10 Hydrogen Demand New Apps Create Multiplier Effect for Hydrogen Demand 1kg/day Forklifts 6kg/day LCV 40 - 50kg/day HDV 1MW 24/7: >1TPD Stationary Power 500TPD of demand represents 5,000 class 7 - 8 trucks and less than 300MW of stationary power Long haul trucking in NA alone requires 200,000TPD of
Slide 13: Green Hydrogen Network creates flywheel effect
12 Green Hydrogen Network creates flywheel effect Well - positioned to be the next major global energy company Become a category king in this $10T industry. Green Hydrogen Generation Network will help accelerate proliferation of multiple fuel cell applications Drive demand for Green Hydrogen and red
Slide 14: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 15: Electrolyzer BU: Value Proposition of Leading Electrolyzer Technology
Copyright 2020, Plug Power Inc. October 14, 2021 Electrolyzer BU Value Proposition of Leading Electrolyzer Technology: ELX Opportunity and Growth in Europe
Slide 16: Giner ELX Acquisition Update
2 During last year’s symposium we shared the acquisition of best - in - class PEM technology We are converting this technology into World - Class Electrolyzer Solutions of varying size 1kg Per Day 425kg per day Systems & Plants from Transforming Giner ELX acquisition into Best - in - Class ELX Solut
Slide 17: What makes Hydrogen Green?
3 What makes Hydrogen Green? Transformed Molecule Process Emissions Coal Gasification NOx, SOx , Black Carbon or Particulate Matter Natural Gas (CH4) Steam - Methane - Reforming NOx, SOx , Black Carbon or Particulate Matter CO2 that is captured H2O Electrolysis through Renewables Oxygen Green
Slide 18: What is an Electrolyzer?
4 A s ystem that applies an electrical current to water The current splits the hydrogen element off This chemical energy can then be stored indefinitely F rom a renewable source in the case of green (H 2 ) to water (H 2 O) What is an Electrolyzer ? Hydrogen is split from the hydrogen / oxygen compou
Slide 19: Competing technologies but one winner at scale
5 Competing technologies but one winner at scale Our PEM technology advantages allow us to stand alone &RPSHWLWLYH/DQGVFDSH +LJK&XU U HQW'HQVLW\2SH U D WLRQ $O N DOLQH (OHFW U RO \ ] HU & RPSHWL W RUV 3(0 (OHFW U RO \ ] HU & RPSHWL W RUV 'LI I H U HQWLDO2SH U D WLQJ3 U H V VX U H 6 \ V W HP 5 HVSRQV
Slide 20: The best solution for our customers, locally
6 The best solution for our customers, locally To meet our customer’s ambitions, we need to deliver the lowest TCO for green H2 Customer’ s ambition is reduced emissions and increased efficiencies Strong enabler is increase in renewable energy and decrease in cost W e are continuing to build out our
Slide 21: Technology and offers covering the complete green hydrogen value chain
7 Plug Power: T echnology and offers that cover the complete green hydrogen value chain G reen hydrogen production through electrolysis L iquefaction & distribution F uel cell applications for mobility and stationary offers P roduce Green Hydrogen Onsite 7 The only company today that can offer custo
Slide 22: Our sales pipeline is robust and diverse
8 Our sales pipeline is robust and diverse To date we have signed over: 50 MW 1, 5, 10, and 20 MW systems expected to be delivered in 2022 100 MW Expected to be delivered to customers by next year both geographically and from an industry application point of view.
Slide 23: Business signed in Europe, the US and Asia Pacific
9 We have signed business in Europe, the US and the Asia Pacific Source: company statistics. including GenDrive, GenSure , GenFuel & Giner Markets with high activity M obility N atural gas blending Industrial Applications 3,000 MW of our electrolyzer solutions G enerating 1,000 TPD of green hydrogen
Slide 24: Making green hydrogen the molecule of choice
10 We are making green hydrogen the molecule of choice We are ambitious 3,000 MW Expected of our electrolyzer solutions 1000 TPD Expected of green hydrogen generation 100 MW Expected 2022 Sales 300 MW Expected for our own green hydrogen use in 2022 Our Electrolyzer Solutions are growing through sale
Slide 25: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 26: Slide 26
Slide 27: Increased productivity for high-asset utilization fleets
Plug has increased the productivity of our customers with high - asset utilization fleets by offering a solution that operates at constant and full power, compared to batteries. The pandemic has magnified the importance of moving products into the end customer’s hands as efficiently as possible
Slide 28: Where do we stand against our 2024 targets?
$750M $450M Where do we stand against our 2024 targets? 5 Pedestal Customers $118$/*5266%,//,1*6,1 0,//,216 0 0 0 2024 Target 2024 Target 2021 Results 2021 Results 5 Pedestal Customers 165 Refueling sites, 2021 Fuel cells installed, 2021 52,000 And we still see enormous potential in the market… 2019
Slide 29: Every electric forklift can take a fuel cell
E very single electric forklift in the world is a forklift where we can put a fuel cell into. 4 M Operating forklifts, U.S. and Europe, 2021 Operating forklifts, U.S. and Europe, 2030 5 M Large 200+ unit fleet 15% Small >60 unit fleets 60% Medium 60 - 200 unit fleets 25% 600k FORKLIFTS Fuel cells in
Slide 30: Continuing to grow in the large fleet market
We expect to continue to grow in the large fleet market where we have proven value We also plan to expand our customer base in the medium and small size segments Most of the customers in those markets use lead - acid batteries, and even though total cost of ownership of fuel cells is lower than lead
Slide 31: Medium Size Fleet Strategy
U.S. & Europe Market overall Share We are aiming to achieve initial parity with lead acid batteries in medium size fleets by 2025 Medium Size Fleet Strategy 1.2% 2021 market share with a 52K FC installed base 2025 Potential Potential market share in North America and Europe with a 200K projected FC
Slide 32: Small Size Fleet Strategy
This analysis only covers North America and Europe, and we expect to see upside coming from other areas of the world, like Asia, as we expand globally. 2030 Potential Potential market share in North America and Europe with a 1.5M projected FC installed base 30% W e are putting a strategy in place to
Slide 33: Cost Parity Drivers & Timeline
We will use the improved cost of green hydrogen We are improving our stack technology and creating more efficient fuel cell platforms C reating hydrogen infrastructure solutions aimed at the medium and small size fleets for their consumption and installation needs. E nablers that help us reach cost
Slide 34: Material handling expected to continue to grow
A s we enter the next phase in the development of the green hydrogen economy, material handling is expected to continue to grow – with Plug at the forefront. Plug created the first commercially feasible market for fuel cells in material handling. green hydrogen generation electrolyzer technology new
Slide 35: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 36: New Markets & New Product Development
Copyright 2020, Plug Power Inc. GM, New Markets & President New Product Development October 14, 2021
Slide 37: Transition to Zero Emission Sustainable Solutions is Accelerating
PLUG POWER -—o© Transition to Zero Emission Sustainable Solutions is Accelerating Many of our strategic customers, like those in the logistics, on road transportation, and aviation sectors, have significant sustainability goals. '—O Environmentally conscious public sentiment driving Industry to deca
Slide 38: ProGen Technology Platform is Robust and Proven
ProGen Technology Platform is Robust and Proven 50,000+ units shipped High utilization applications (7x24) Greater than 600 million run hours in the field More than 2 Billion miles traveled vaHvaaMod of R&D & Field Experience Technology Platform Scalable Turnkey for Multiple Applications
Slide 39: Run hours, freezer operation and shock performance
4 600 million+ (Run Hours) -30 Degrees C (in Freezers) 24-by-7 (Effective run time) 40G (Physical shocks) 4
Slide 40: Multiple Target Markets
PLUG [D POWER P Multiple Target Markets —o Targeting Three Primary New Market Applications With a robust technology platform established, trucks, planes, data centers are our logical progression. Commercial Fleet Vehicles Stationary Power Aerospace Class 3 - 8 Megawatt Scale Short Range Last Mile Ba
Slide 41: 6 6
6 6
Slide 42: ProGen Engine Line Enables New Market Applications
PLUG POWER ProGen Engine Line Enables New Market Applications Models can be used in series and parallel | ProGen System Models combinations 1 15KW 85KW | 30KW 125KW Pre-engineered OEM platform “Plug and Play” system solution Includes all balance of nt sy to integrate
Slide 43: Modular Engines Provide Leverage and Enable Multiple Applications
PLUG POWER —co Modular Engines Provide Leverage and Enable Multiple Applications kw gle 85kW ales a ' yi 125kW Be. a5kw |_| Sea ImW r
Slide 44: Commercial fleet vehicles
9 In fact, it’s one of the only ways 9
Slide 45: Why commercial fleet vehicles appeal to Plug
o The reasons that commercial fleet vehicles are so appealing to Plug are three-fold They're high utilization vehicles, which inherently require long-range and the benefits of fast refueling, key attributes of the hydrogen fuel cell value proposition. ees Se re SE re a SS Cargo volume and payload ca
Slide 46: HYVIA: The New Hydrogen Path
11 + HYVIA: THE NEW HYDROGEN PATH 11
Slide 47: Large-scale stationary: diesel generator replacement
PLUG POWER The next major segment of Plug's new market business strategy is what we call large-scale stationary Large-scale stationary is essentially diesel generator replacement. It's about eliminating the emissions associated with diesel in the landscape going forward This market 25 billion + can
Slide 48: Large-scale stationary opportunities: backup and primary power
PLUG POWER —o We break large-scale stationary opportunities into two categories Backup power Always-available power that can be depended on when the utility grid can't deliver Primary power Replacing the traditional utility with an installation of multiple stationary fuel cell generators in a microg
Slide 49: Backup Power
PLUG POWER Backup Power These products are built using arrays of our ProGen 125KW engines They are housed in industrial containers for ease of transportation and installation. You can take multiple containers and you can combine them to build very, very large (sre stations. . . arge-scale stationary
Slide 50: Backup Power: Data Center
PLUG POWER Backup Power applications is the Data Gentér 9 to 12 megawatts . of diesel backup power in a typical datacenter building The primary obstacle for customers as they go forward in the backup power space is the regulatory restrictions on diesel_emissions. ’ am zs a Plug Power plans to be the
Slide 51: Fuel Cells For Stationary Power
16 Fuel Cells For Stationary Power Lucas Joppa | Microsoft Chief Environmental Officer 16
Slide 52: Fuel Cells in Stationary Power Applications
PLUG POWER Fuel Cells in Stationary Power Applications Critical Backup Distributed Generation Microgrid/Energy Storage Remote Microgrids Hyperscale Data Centers Delivery Fleet EV Charging Retail Backup Remote Operations Utility Microgrids Critical facilities (Mining/Drilling) Community Microgrids Ev
Slide 53: Fuel Cell Systems for kW to Multi-megawatt
PLUG POWER L- Fuel Cell Systems for 100 kW to Multi-megawatt Large Scale Backup Power _ Microgrid and Storage Data Center Backup vy GenSure HP Systems are efficient, ultra reliable and environmentally responsible replacements for diesel generators in high power, mission critical applications. Scalin
Slide 54: Fuel Cells For Aerospace
19 Hydrogen has the highest specific energy (energy per unit mass) of any non-nuclear fuel Fuel Cells For Aerospace 19
Slide 55: ProGen for Transportation
20 ProGen for Transportation
Slide 56: Plug Power Fuel Cell Platforms
21 Plug Power Fuel Cell Platforms
Slide 57: Fuel cell solutions enable long duration flight and maximize payload
PLUG Pp Fuel cell solutions enable long duration flight and ines maximize payload capability over battery solutions Energy vs. Total Power System Mass (125 kW Cruise Power) fm uthium ton || # Fc/Battery Hybrid (H2@700 bar) \mFC/Battery Hybrid (LH2) [ i i eal Ho 1.5 hour Flight rT _| | | | hour Fligh
Slide 58: Fast refueling maximizes vehicle availability
PLUG POWER Fast refueling maximizes vehicle availability offering Estimated Hydrogen Refill and Batter eS 88888388 significant advantages over battery charging Estimated Hydrogen Refill and Battery Charge Time Comparison '™ Fuel Cell / Battery Hybrid Fueling - H2@700 bar ‘™ Fuel Cell / Battery Hybri
Slide 59: Market Opportunity
Market Opportunity H2-powered commuter, regional, and short- range aircraft Where first? Europe / North America How? Ground Support Equipment Commuter Aircraft (H, Fuel Cell) Passenger Ground Transport Regional Turboprop Aircraft (H, Fuel Cell) Short Range Aircraft
Slide 60: Plug Power / Universal Hydrogen Aviation Partnership
—o Plug Power Universal Hydrogen Aviation Partnership Dash 8-300 / ATR 42 fuel cell powered regional aircraft Megawatt Scale Fuel Cell Power Complete Ecosystem Approach
Slide 61: Plug Power / Universal Hydrogen Aviation Partnership
POWER (Cy PLUG —o Plug Power / Universal Hydrogen Aviation Partnership H2 module loading operations Production and filling paver rse me istics With green power
Slide 62: Plug Power Aviation Partnerships
—o Plug Power Aviation Partnerships ‘Airflow eSTOL: Electric Short Take Off and Landing aircraft Passenger and Cargo Applications HEVEN DRONES Actionable drone platforms Long duration extended flight times Heavy lift capability
Slide 63: Delivering solutions to enable a zero-emission sustainable future
28 Delivering solutions to enable a zero-emission sustainable future 28
Slide 64: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 65: Financials
Financials Paul Middleton, CFO October 14, 2021
Slide 66: What we expect Plug to look like in 2025
PLUG POWER —o What we expect Plug to look like in 20257 $3B 30%+ 17%+ in Annual Sales Gross Margin Operating Income A Global Hydrogen Ecosystem Market Maker Poised for Continued Substantial Growth Diversified Global Hydrogen Generating Significant Differentiated Market Position Technology Company So
Slide 67: 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 Green Hydrogen platform will be a new market and driver in other product lines Investing in Capabilities to Expand Industry and Geographic Footpri
Slide 68: 2022 revenue forecast
>$825 to 850M forecast in 2022; >65% growth over 2021
Slide 69: Cumulative Deployments
Cumulative Deployments (2021 onward represents forecasts)
Slide 70: Electrolyzer Total MWs Deployed Projections
—o Electrolyzer (Total MWs Deployed Projections) >< Projecting > 3 GW deployed to external customers by 2025 Cumulative 5,000 4,500 2025 4,000 3,500 3,000 2,500 2,000 1,500
Slide 71: Cumulative Deployments
Cumulative Deployments (2021 onward represents forecasts) 2021 2022 2023 2024 2025
Slide 72: Projected Growth by Region
—° Projected Growth by Region 2021- $500 million 2025- $3 billion =EU = RoW aNA PLUG POWER mEU = APAC aNA =e RoW
Slide 73: Projected Growth Map from Point A to B
PLUG POWER —o Projected Growth Map from Point A to B ™ Material Handling == New Markets mums Green Hydrogen Market (EV and Stationary) (Fuel and Electrolyzers) 2025 Action Plans Develop market channels - customers & partners Leveraging the global market for electrolyzers Scaling Gigafactory Develop
Slide 74: Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage
PLUG POWER Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage (% of Revenue) 2025 Target Business Model >30% Gross Margin ~13% OPEX Leverage Key Drivers Continual Innovation Improving Performance & Reducing Costs Vertical Integration Improve Performance, Reduce Costs and Lead Ti
Slide 75: Gross Margin Map from Point A to Point B
PLUG POWER —o 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 Service Improvements Stack enhancements
Slide 76: Drivers for improved stack life and hydrogen cost
Improved stack life via new designs Newer models in fleet via customer refresh Standardized customer offerings Enhanced digitized diagnostics Plan for 500 TPD by 2025 Blended average target cost less than $4 per kg Investing in logistics capabilities Vertical initiatives for capex reductions
Slide 77: Operating Income and Gross Margin
Operating Income Gross Margin
Slide 78: Corporate Headquarters
PLUG POWER LE: Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com