Plug Power, Inc. · NASDAQ:PLUG

Plug Power — Corporate Update (January 2023)

15 slides from Plug Power's corporate update, Jan 25, 2023

1. Slide 1: Plug January Business Update

   Copyright 2021, Plug Power Inc. Plug January Business Update January 25, 2023 CEO, Andy Marsh Copyright 2023, Plug Power Inc.

2. Slide 2: Safe Harbor Statement

   2 Safe Harbor Statement This presentation contains “forward - looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power, Inc .. (“Plug”), which include, but are not

3. Slide 3: 2023 Key Initiatives

   3 2023 Key Initiatives: Deliver on 2023 Revenue and Margin Targets Green Hydrogen Plants commissioning 200 TPD by YE 2023, 500 TPD by YE 2025 Electrolyzer deliveries and backlog expansion Stationary sales and backlog expansion Growth in established fuel cell and cryogenic equipment Strengthening Sup

4. Slide 4: 2022 Recap and Update

   4 2022 Recap and Update Revenue Challenge • Initially expected 2022 revenue to be >80% higher than 2021 • Current estimates indicate revenue growth from 2021 to 2022 to be ~ 45% to 50% • 2022 revenue impact reflects some larger projects being completed in 2023 instead of 2022 due to customer timing

5. Slide 5: Mid-term Financial Targets

   5 Mid - term Financial Targets

6. Slide 6: Path to Break Even and 2023 Key Drivers

   6 6 > 20 % Quarterly gross margin >$600 million 2023 Key Drivers • Existing Orders/Pipeline for ELX systems, Stationary, Liquefiers, MH, etc. beyond FY 2023 target • Q1: Scaling ELX production in Gigafactory • Q1: Commissioning full production in Vista plant • Commissioning Green Hydrogen facilities

7. Slide 7: The Impact of Plug's Green Hydrogen Strategy

   7 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 fo

8. Slide 8: Hydrogen Plant Development Strategy

   8 8 Hydrogen Plant Development Strategy Site Land PPA Construction Permits Start Construction Commissioning Target Full Production Georgia 1 st 15 TPD – Q4 22/ Q1 23 1 st 15 TPD – March 23/ early Q2 Louisiana In discussion Submitted Q1 ‘23 Q1 – Q2 ‘23 Q3 ‘23 Tennessee Expansion In process Q1 - Q2 ‘2

9. Slide 9: Stationary Business Opportunity

   9 Stationary Business Opportunity Key Markets: Back - Up Power: $30B Generator TAM * Green EV Charge: $1B BEV Fleet Charge TAM * Prime Power: $2T Grid Parallel Global TAM * Successful product launch in 2022 with Microsoft Plan for 20+ MW of units to be commissioned in 2023 Targeting all 3 markets in

10. Slide 10: Material Handling Expansion for 2023

    10 Advancing with pedestal customers More than 50 new pedestal sites planned and targeting 3 new pedestal accounts in North America Growing Europe 8 new sites in Europe planned and targeting 1 new pedestal account Expand mid - size market offerings Expanding total addressable market by 25% or 1 mill

11. Slide 11: Electrolyzers: Near term pipeline currently +2GW

    Electrolyzers: Near term pipeline currently +2GW , with a sales funnel of over $30B Executing on manufacturing strategy to build 100+ MW stacks per month Standardization of containerized solutions - Reduction of lead times - Cost efficiencies Turnkey approach to develop the optimal plant solution fo

12. Slide 12: Expanded Cryogenic Equipment H2 Offerings

    Expanded Cryogenic Equipment H2 Offerings Liquefaction Systems • Sold three 30 ton per day hydrogen liquefaction systems in 2022 • Most efficient and cost - effective liquefier system in the market LH2 Trailers • Ramped up LH2 trailer sales to market and for internal logistics use • Second generatio

13. Slide 13: Joint Venture Activity in 2023

    13 Joint Venture Activity in 2023 SK: Ramping JV activities with multiple product launches Acciona: Actively developing 3 mid - to large - scale projects • goal of commissioning first 25MW site in H1 - 2024 Reviewing a pipeline of a dozen projects within the scope of IPCEI’s $250m+ budget award Olin

14. Slide 14: 2023 Goals

    2023 Goals $1.4B 10% revenue gross margin Planned 2023 Sales Mix Electrolyzers Liquefiers Tanks and Trailers Stationary and Mobility MH Equipment Service and PPA Fuel

15. Slide 15: Green Hydrogen at Work

    ply Green Hydrogen at Work™

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