Plug Power, Inc. · NASDAQ:PLUG
Plug Power — Investor Day (September 2019)
105 slides from Plug Power's investor day presentation, Sep 18, 2019
Slide 1: 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 2: Unmatched Accomplishments
Plug Power 3 Unmatched Accomplishments We are the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market
Slide 3: Fuel Cell Product Experience
Fuel Cell Product Experience 4 Leader in Powering Electric Vehicles 28,000 Units Deployed Operated over 270M hours •Over 1B Miles
Slide 4: Hydrogen Systems Experience
Hydrogen Systems Experience *More than NASA 5 Leader in Hydrogen Infrastructure Constructed 80+ Hydrogen Stations 22M+ fuelings Use 22T of Liquid H2/day
Slide 5: Technology Development
Technology Development Membrane: Largest US Manufacturer 6 Rich Technology Set Skid: Modular Hydrogen System ProGen: Complete Fuel Cell Engine Stacks: Industry Leading Technology
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Slide 7: 2024 Revenue Plan
2024 Revenue Plan Material Handling Electric Vehicles Stationary Targeting - $750M Targeting - $200M Targeting - $50M Potential TAM - $30B Potential TAM - $200B Potential TAM - $15B 8 2024 – Targeting $1B in Revenue
Slide 8: GenDrive, GenFuel, GenCare Turn-Key Solutions
- GENDRIVE® GENFUEL® GENCARE® 9 Provider of Turn-Key Solutions
Slide 9: Material Handling Sales Strategy
Material Handling Sales Strategy 10 Shipping 25,000 Systems Annually by 2024 Large Accounts •Amazon, Walmart European Expansion •BMW, IKEA, Daimler, Linde Global Partnerships •Engie
Slide 10: Hydrogen Strategy
Hydrogen Strategy 11 A Significant Growth Opportunity for Plug Power •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
Slide 11: Stationary Power
Stationary Power 12 Demonstrated with the Southern Company – 500 sites deployed Value Proposition •Smaller Footprint •Higher Power Density •Low TCO for 4G and 5G Base Stations •Noise Reduction Sold via Direct Sales and International Partners
Slide 12: Future Data Centers – Large Scale Backup Power
Future Data Centers – Large Scale Backup Power 13 Projected to be Competitive with Diesel Engines by 2024 Value Proposition •Noise Pollution •Air Pollution •Reliability •Response Time Backup Power-up to 15MW for 48 hours
Slide 13: 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 BEVs: battery electric vehicles 14 Strong Value Proposition
Slide 14: Market Size
Market Size Market Opportunities $300 $250 $200 $150 $100 $50 $0 2019 2022 Medium Term Long Term Material Handling Equipment Medium Duty Vehicles Light Duty Vehicles 15 Market Value (Billions) ~$300B Market Opportunity
Slide 15: Street Scooter/DHL Deployment
Street Scooter/DHL Deployment 16 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 •“I
Slide 16: Electric Motors
Motors 17 Goal-Leader in Powering Electric
Slide 17: Modular Products: Multiple Markets
Leverage Targeting Modular Products: 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 18: Continual Evolution of ProGen
Continual Evolution of ProGen Next-Gen ProGen Greater Efficiency; Higher Power Density Lower Cost We’ve already been through this loop 5 times. More Reliable Fewer Parts 19
Slide 19: Plug Power: Year 2024
Plug Power: Year 2024 Revenue: $1B Operating Income: $170M $200M Adjusted EBITDA: 20 Now we will show you how we will execute this vision
Slide 20: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 21: Growth Opportunities, Propositions and Value
GrowthOpportunities Propositions and Value September 18, 2019 Copyright 2019, Plug Power Inc.
Slide 22: Material Handling
Material Handling Jose Luis Crespo, Vice President, Global Sales September 18, 2019
Slide 23: 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 24: Value Proposition
Value Proposition Battery Room $1M in savings per year Additional Trucks Productivity In sites with 200 Forklifts Battery Changing Continuous Gap Reduction Maintenance Maintenance Energy Energy Equipment Equipment Batteries Fuel Cells 4
Slide 25: Value Proposition
Value Proposition We achieve ROI’s of less than two years in Capital Purchases in Existing AND Sites Immediate ROI’s for New Construction and Leases 5
Slide 26: Drivers for Growth
Drivers for growth Reduced Total Cost of Ownership Continued Improved Reliability Flexible Business Model H2Strategy 6
Slide 27: Pillars for Growth
Pillars For Growth Channels Globally European Expansion $750M In 2024 New Multisite Deals New Customers Continued Expansion 7
Slide 28: Pillars for Growth: Multisite Agreements
Pillars for Growth: Potential for multisite agreements In the NA and Europe Top Manufacturers Top Retailers 337 Facilities 1020 Facilities in in NA and EU NA and EU Note: All quantities are estimated from publicly available information 8
Slide 29: 2019 vs 2024 Gross Billings and Deployments
2019 Annual Gross Billings: $235/245M GenDrive Cumulative 30,000 Deployments: 2024 Annual Gross Billings: >$750M GenDrive Cumulative Deployments: 125,000 9
Slide 30: Market Expansion
Market Expansion Keith Schmid, COO September 18, 2019
Slide 31: 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 11
Slide 32: Market Expansion: Headroom for 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 Port Applications Large Scale Stationary $300B New Markets Increase TAM 10X 12 Social Trends & Regulations are a M
Slide 33: 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 Straightforward are Material Handling Equipment Medium Duty Vehicles Light Duty Vehicles Near Term Target is Medium Duty Commerci
Slide 34: Commercial Fleet Vehicles: Increased Payload
Market Expansion: Commercial Fleet Vehicles Increased Payload Lower Cost Infrastructure at Scale Change in Cargo Weight Capacity Battery Electric and Fuel Cell Trucks 0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50% ll Vehicles Carry Additional Cargo 100 120 140 160 180 200 220 240 260 280 300 Ra
Slide 35: Commercial Fleet Vehicles: Doubled Range
Market Expansion: Commercial Fleet Vehicles Increased Payload Lower Cost Infrastructure at Scale Doubled Range of BEV No Impact to Cargo Space 2X Fuel Efficiency over Diesel 15 Fuel Cells: Zero Emission Technology of Choice - - - - - Extended Range High Asset Utilization Fast Fueling
Slide 36: Commercial Fleet Vehicles: 10 Ton Cargo Box Truck
Market Expansion: Commercial Fleet Vehicles Increased Payload Lower Cost Infrastructure at Scale 10 Ton Cargo Box Truck Doubled BEV Range City Deliveries 16 Fuel Cells: Zero Emission Technology of Choice - - - - - Extended Range High Asset Utilization Fast Fueling
Slide 37: Commercial Fleet Vehicles: 500 Kilometer Range
Market Expansion: Commercial Fleet Vehicles Increased Payload Lower Cost Infrastructure at Scale 500 Kilometer Range 100 Vans in 2020 Express or City Routes 17 “80 to 90 percent of the express fleet can ultimately only be covered by vehicles with a box body and hydrogen.” ~Markus Reckling, DHL Fuel
Slide 38: Commercial Fleet Vehicles: Fueling Stations
Market Expansion: Commercial Fleet Vehicles 80 Fueling Stations Constructed Dispensing 16 Weeks from Order > 20M Refuelings Performed 18 Solving the Fueling Equation is Straightforward (in the Plug Power Toolkit)
Slide 39: Commercial Fleet Vehicles: Infrastructure at Scale
Market Expansion: Commercial Fleet Vehicles Increased Payload Lower Cost Infrastructure at Scale ric ging $ Cost of Infrastructure drogen Fleet Size 19 Elect Char Hy Fuel Cells: Zero Emission Technology of Choice - - - - - Extended Range High Asset Utilization Fast Fueling
Slide 40: Market Expansion: Port Applications
Market Expansion: Port Applications Shore Power Container Handling Terminal Tractors Drayage trucks Tugs Belt Loaders Cargo Loaders APU’s Equipment 20
Slide 41: 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 21
Slide 42: Large Scale Stationary: Wireless Network
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 22
Slide 43: Large Scale Stationary: Megawatt Scale Systems
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 23
Slide 44: Market Expansion: Large Scale Stationary
Market Expansion: Large Scale Stationary PLUG POWER *_A4GISG Wireless | 7 Scalable Modular FC Arrays cms | * Megawatt Scale Systems - * Diesel Generator Replacement * Data Center Power \s Power to Gas to Power 1 1 1 1 1 1 1 1 1 1 1 Be
Slide 45: ProGen Engines Provide Leverage Across Markets
ProGen Engines Provide Leverage Across Markets Modular Turnkey Scalable >1mW 25 1100kkWW30kW80kW200kW200kW+
Slide 46: Market Expansion: Summary
Market Expansion: Summary • • • Large Multibillion Markets Headroom in New Markets Existing Markets Accelerate Growth • • • Best-in-Class Technology Platform ProGen Engines Provide Leverage Enable Applications across Markets 26
Slide 47: Hydrogen
Hydrogen Tim Cortes, Vice President, Hydrogen Energy Systems September 18, 2019
Slide 48: Plug is the Leader in Hydrogen FCEV Fueling
Plug is the Leader in Hydrogen FCEV Fueling FCEV: Fuel Cell Electric Vehicle 28 Hydrogen demand has grown 10X in five years - nearly 200% annual growth rate Plug’s Growth in Hydrogen: To Date •80+ fueling stations in operation •Largest user of liquid hydrogen •22T+ used daily •13M+ kgs dispensed (cu
Slide 49: Plug is the Leader in Hydrogen FCEV Fueling: 2024
Plug is the Leader in Hydrogen FCEV Fueling FCEV: Fuel Cell Electric Vehicle 29 Plug’s demand for hydrogen will grow by 40% annually 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
Slide 50: Plug is the Leader in Hydrogen FCEV Fueling
Plug is the Leader in Hydrogen FCEV Fueling FCEV: Fuel Cell Electric Vehicle 30 Expansion into other fuel cell applications will accelerate hydrogen demand Technology Adoption Accelerators: •Stabilization of hydrogen supply & price •Cost-downs of hydrogen infrastructure and onsite hydrogen generatio
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Slide 53: Hydrogen Market is Poised for Significant Growth
Hydrogen Market is Poised for Significant Growth 33 Application Driven Demand: •Fuel for residential and commercial buildings •Transportation •Feedstock for industrial and long distance transport •Fuel for industry •Power generation and grid balancing Benefits Driven Demand: •Flexible, versatile ena
Slide 54: Plug's Hydrogen Strategy – Speed and Cash Flow Focused
Plug’s Hydrogen Strategy – Speed and Cash Flow 34 Focused Activities in Progress Today 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 p
Slide 55: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 56: Operations
Operations September 18, 2019 Copyright 2019, Plug Power Inc.
Slide 57: Hydrogen
Hydrogen Jerry Kahil, Senior Director of Commercial Finance September 18, 2019
Slide 58: Hydrogen Operations – Driving Gross Margin
Hydrogen Operations – Driving Gross Margin • Vertical generation yields improved margins 3 Fuel Improvements: •Infrastructure design improvements increasing site efficiency & reducing costs •On-site hydrogen generation yields better economics for Plug and customers Fuel’s Margin Contributions 40% 30
Slide 59: Equipment Cost Down Road Map and R&D
Equipment Cost Down Road Map and R&D 2020 2021 Electrolyzer Generation Integration 2022 2023 2024 Lg. GHY Delivery Asset SMR Generation Integration GHY Delivery Asset LHY Delivery Asset LHY Plant SMR Generation Electrolyzer Generation 4
Slide 60: Hydrogen Sourcing Roadmap
Hydrogen Sourcing Roadmap Options 2021-2024 2019-2020 Liquid Delivery Onsite Generation Gaseous Delivery Liquid Delivery Onsite Generation Gaseous Delivery 5% 5% 20% 20% 60% 90% • Develop strategic partnerships • Centralized generation • On-site generation (both electrolyzer and reformer technologie
Slide 61: Product and Technology Development
Product andTechnology Development Dustan Skidmore, Vice President, Engineering September 18, 2019
Slide 62: Plug Has Unparalleled Field Data
Plug Has Unparalleled Field Data Real time communication • • • Data Collection Using IoT Big Data Analysis Techniques Machine Learning for Failure Prediction Link Service, Infrastructure, Manufacturing and Field Databases Performance statistics captured Data Stored Statistical Analysis • Automated R
Slide 63: Plug Power Has Extensive IP
Plug Power Has Extensive IP Fuel Cell R&D Spending Patent Portfolio Electronics & Energy Storage 9% MEA's 14% Stack/MEA 34% Controls 22% Stacks 14% Systems 72% Fuel Processing 13% Fuel Cell System 22% Leveraging 20+ Years and $1B+ of R&D Experience 8
Slide 64: 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 65: Vertical Integration of MEAs
Vertical Integration of MEA’s MEA Life 3.00 2.50 2.00 1.50 1.00 0.50 0.00 2019 2020 2021 2022 2023 2024 MEA Advancements Will Reduce Cost and Increase Life 10 CurrentLab-ScaleFuture Support Carbon BlacksAdvanced Mesoporous CarbonDoped Carbon GDL Thick GDLThin GDLCustom Internal GDL Less material = l
Slide 66: Stack Advancements
Stack Advancements • • • MEA durability Stack size Cool CFD pictures 11
Slide 67: Stack Advancements
Stack Advancements • MEA durability 1.2 Change in Cargo Weight Capacity • StackBastitezrey Electric and Fuel Cell Trucks 1.0 0% •-5% Cool CFD pictures 0.8 -10% -15% -20% -25% -30% -35% -40% -45% -50% uel Cell cles 0.6 ry This Much onal Car 0.4 0.2 0.0 100 120 140 160 180 200 220240 260 280 300 2019
Slide 68: Operations
Operations Rick Mason, Vice President Operations & Supply Chain September 18, 2019
Slide 69: Built Industry Leading Supply Chain
Built Industry Leading Supply Chain 14 Large Supply Base Supports Scalable ProGen Architecture 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 De
Slide 70: Vertical and Functional Integration
Vertical and Functional Integration 15 Fuel Cell Stack Cost Reduction of 45% by 2021 – Platinum is <2.5% of System Cost Vertical Integration •Membranes •Stack Plates •Seals Functional Integration •Humidifiers •Manifolds
Slide 71: Automation / Lean Manufacturing
Automation / Lean Manufacturing 50% Labor Cost Reduction 16 50% Labor Cost Reduction and Improve Margins by >10% by 2024 Automation: •High Volume Roll Processing •Sealing Technology •ProGen Stack Lean: •Continuous Improvement •Workforce Development
Slide 72: High Power GenDrive Historic Cost
High Power GenDrive Historic Cost p 90% 80% ' 70% 60% 50% 40% ... e. 30% 20% 10% 0% 2010 11 12 13 14 15 16 17 18 19 20 21 22 23 24 17
Slide 73: Service
Service Keith Schmid, COO September 18, 2019
Slide 74: 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 Stack Life Reduces Service Cost by 50% 19
Slide 75: Increased Geographic Density Lowers Cost
Increased Geographic Density Lowers Cost Technician Utilization Enables Dispatch Total Labor Cost per Unit Spare Parts Inventory 20
Slide 76: 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 77: Modular Product Design Provides High Availability
Modular Product Design Provides High Availability 10 + 10+ 10 = 30kW 22 Repair By Replacement Model Series and Parallel Configurations High Volume Modules High Availability
Slide 78: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 79: Financials
Financials Paul Middleton, CFO September 18, 2019
Slide 80: What will Plug look like in 5 years?
What will Plug look like in next 5 years? Differentiated Market Position to Sustain Growth Globally Diversified Technology Company $1B in Annual Sales >17% Operating Income >20% EBITDA H2 Strategy can be Accretive to this Plan Generating Significant Cash Flows 2
Slide 81: It's all about Growth!
It’s all about Growth! Growing Deployments Customer Success Breeds More Success Scale Drives Down the Cost Curve Growth Drives Opportunity for New Markets Scale Drives Innovation and New Participants 3 Mega Trends Creating Tailwinds & Plug’s Building Blocks will Make this Happen.
Slide 82: EV Fuel Cells – Another Disruptive Technology
EV Fuel Cells – Another Disruptive Technology Happening Now! 4 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
Slide 83: Plug's Building Blocks to Drive Market Opportunity & Growth
Plug’s Building Blocks to Drive Market Opportunity & Growth Enhancing Products to Expand Industry and Geographic Foot Prints Exit R&D Stage to Focus on Material Handling Developed Products and Traction with Industry Leaders Building New and Expanding Existing Relationships 1 2 3 4 5
Slide 84: Plug's Building Blocks: Market Opportunities
Plug’s Building Blocks to Drive Market Opportunity & Growth Market Opportunities $300 $250 $200 $150 $100 $50 $0 2019 2022 Medium Term Long Term Material Handling Equipment Medium Duty Vehicles Light Duty Vehicles 6 Market Value (Billions)
Slide 85: Gross Billings Projections
Gross Billings Projections ($ in millions) 7 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 201420192024
Slide 86: Gross Billings Map from Point A to B
Gross Billings Map from Point A to B (millions) Plug Action Plans • Expand Markets – i.e. Server Farms, Remote Power, etc. Material Handling Stationary Other EV 2019 2024 8 ~$8 $227 to $237 •Developing New Hydrogen Solutions •Flexible Business Models •Large Account Strategy •Multisite Customer Wins
Slide 87: Cumulative Deployments - Market Penetration Growing
Cumulative Deployments - Market Penetration Growing 9 160,000800 140,000700 120,000600 100,000500 80,000400 60,000300 40,000200 20,000100 00 20142015201620172018201920202021202220232024 MH-GDEV-GDH2 Sites2 2024 less than 1% global market share H2 Sites Fuel Cells
Slide 88: Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage
Growth & Focused Cost Management Driving Gross Margin and OPEX Leverage (% of Gross Billings) 30% 10 Drivers: •Volume Leverage – Currently ~25% Utilization •Continual Innovation – Improving Performance & Reducing Costs •Vertical Integration – Improve Performance, Reduce Costs, Reduce Lead Times •Sup
Slide 89: High Power GenDrive Historic Cost
High Power GenDrive Historic Cost p 90% 80% ' 70% 60% 50% --40% 30% 20% 10% 0% 2010 11 12 13 14 15 16 17 18 19 ZO 21 22 23 24 11
Slide 90: Gross Margin Map from Point A to B
Gross Margin Map from Point A to B 60% >30% 40% 20% 0% -20% -40% -60% -80% 2014 2019 2024 Equipment Fuel Service & PPA 12 Fuel Improvements: •Infrastructure design improvements increasing site efficiency & reducing costs •On-site hydrogen generation yields better economics for Plug and customers •Ve
Slide 91: Success Yielding Improved EBITDA and Operating Cash Flows
Success Yielding Improved EBITDA and Operating Cash Flows ($ in millions) 13 Drivers: •Sales & Operating Margin Growth •Core Business is not Capex Intensive •Developing the Supply Chain Enables More Effective Working Capital Strategies •Growth Drives More Efficient Cost of Capital Solutions 250 200
Slide 92: Plug Power: Year 2024
Plug Power: Year 2024 Revenue: $1B Operating Income: $170M $200M Adjusted EBITDA: 14
Slide 93: Wrap Up
WrapUp Sanjay Shrestha, CSO September 18, 2019
Slide 94: Plug Power: Brief History
Plug Power: Brief History 2 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 cell
Slide 95: Technology Development
Technology Development Membrane: Largest US Manufacturer 3 Rich Technology Set Skid: Modular Hydrogen System ProGen: Complete Fuel Cell Engine Stacks: Industry Leading Technology
Slide 96: 2024 Revenue Plan
2024 Revenue Plan Material Handling Electric Vehicles Stationary Targeting - $750M Targeting - $200M Targeting - $50M Potential TAM - $30B Potential TAM - $200B Potential TAM - $15B 4 2024 – Targeting $1B in Revenue
Slide 97: Pillars For Growth: Core Market
Pillars For Growth: Core Market Channels Globally European Expansion $750M In 2024 New Multisite Deals New Customers Continued Expansion 5
Slide 98: Hydrogen Strategy: Potential Upside
Hydrogen Strategy: Potential Upside 6 A Significant Growth Opportunity for Plug Power •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
Slide 99: Street Scooter/DHL Deployment
Street Scooter/DHL Deployment 7 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 •“If
Slide 100: Market Size
Market Size Market Opportunities $300 $250 $200 $150 $100 $50 $0 2019 2022 Medium Term Long Term Material Handling Equipment Medium Duty Vehicles Light Duty Vehicles 8 Market Value (Billions) ~300$B Market Opportunity
Slide 101: Electric Motors
Electric Motors 9 Goal-Leader in Providing Power to
Slide 102: Financial Target 2024
Financial Target 2024 10 •Operating Leverage: •Op Ex is expected to decline from 30% of revenue in 2019 to 10% by 2024 •Manufacturing leverage: •Current capacity utilization of 25% will get to full utilization •Continued Cost Reduction: •Doubling of volume reduces cost by 25% •Continued improvement
Slide 103: Summary
Summary 11 •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 les
Slide 104: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com
Slide 105: Plug Power Corporate Headquarters
PLUG POWER Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com