Plug Power, Inc. · NASDAQ:PLUG
Plug Power — Investor Presentation (November 2024)
33 slides from Plug Power's investor presentation, November 2024
Slide 1: Plug Power
Plug Power NASDAQ: PLUG Copyright 2023, 2022, Plug Power Inc.
Slide 2: Cautionary Note on Forward Looking Statements
Cautionary Note on Forward Looking Statements This presentation will include “forward-looking statements” about Plug Power Inc. (“Plug”). These forward-looking statements will contain projections of Plug’s future results of operations, or of Plug’s business or financial position, or other forward-lo
Slide 3: Plug is building an end-to-end green hydrogen ecosystem
Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. 3
Slide 4: Plug Power is uniquely positioned at the center of the hydrogen economy
Plug Power is uniquely positioned at the center of the hydrogen economy Hydrogen Fuel cells for 2050E: USD 1.0–2.1tn transport Aramco Woodside Sinopec Weichai Cummins Hyundai Shell 2050E: USD 170-460bn BP Toyota Powercell Air Air Sinohytec Products Linde PLC Liquide Ballard Honda Ceres ITM Nel Power
Slide 5: Industry Leaders Rely on Plug's Hydrogen Ecosystem
Industry Leaders Rely on Plug’s Hydrogen Ecosystem
Slide 6: Hydrogen Market Opportunity
Hydrogen Market Opportunity Material Handling1 Stationary Power2 Hydrogen Economy3 $55Bn+ $1Tn $10Tn Total addressable market Total addressable market Total addressable market (US) Plug Today Long-term Growth Trajectory Forklifts ( 1 forklift = ~1KGPD H2 demand per day) • High power density • Low we
Slide 7: 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 8: A Laser Focus on 2025
Operational Excellence in 2025 Under New COO Dean Fullerton 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, an
Slide 9: Government and Policy
Government and Policy • US Tax Incentives • PTC: $3/kg PTC would drive competitiveness in applications and processes • Net Zero/ITC • DOE Loan Program • DOE Loan Programs Office – Commitment for $1.6B loan guarantee • Government Grants • Connected to $163M in DOE Clean Hydrogen Electrolysis, Manufac
Slide 10: 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 10
Slide 11: Plug's integrated business model creates a classic flywheel effect
Plug’s integrated business model Applications creates a classic flywheel effect accelerating Energy growth and profitability. 11
Slide 12: Energy Solutions
Energy Solutions 12
Slide 13: Plug's Green Hydrogen Production
Plug’s Green Hydrogen Production North American Network ✓ Georgia (15TPD) ✓ Tennessee (10 TPD) ✓ Louisiana (15 TPD) ➢ Texas (45 TPD) Georgia H2 Plant EU Network ➢ Port of Antwerp (35 TPD) ➢ Spain (15 TD - Acciona JV) ➢ Developing three green production plants targeting 850 TPD of green hydrogen 13
Slide 14: Plug PEM Electrolyzer Solutions (>8GW of BEDP Contracts)
Plug PEM Electrolyzer Solutions (>8GW of BEDP Contracts) 2 Ton per Day System 4 Ton per Day Array Up to 5 MW input Up to 10 MW input Includes full BoP for turnkey simplicity BoP custom-engineered to meet customer requirements Containerized solution for high demand applications Efficient, scalable so
Slide 15: Record Electrolyzer Deployments Across 5 Continents
Record Electrolyzer Deployments Lhyfe, France Across 5 Continents Hiringa, New Zealand 1 2 Industrial Green Chemicals (Refining, Steel, Semi-Con) & Fuels Infinium, (NH3, MEOH, SAF, SNG) Texas 3 4 Power & Energy H2 Mobility (Power, Back-up/ Peak, (HDV, LDV,MHE) PtG) 15
Slide 16: 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 17: World's first PEM Technology Gigafactory
World’s first PEM Technology Gigafactory Annual Capacity 2.5+ 7M+ 2M+ Gigawatts MEAs Bi-Polar output Plates 2+GW Green H2 Of Electrolyzers Onsite generation 60,000+ 100+MW Current Monthly Electrolyzer Fuel Cell Stacks Stack Manufacturing
Slide 18: Expanded Cryogenic Equipment H2 Offerings
Expanded Cryogenic Equipment H2 Offerings Delivering Significant Growth Opportunity HL 1500 Liquefaction Systems LH2 Trailers Mobile Refueler • Most efficient and cost-effective • Ramped up LH2 trailer • Reduce infrastructure costs liquefier system in the market sales to market and for and deploymen
Slide 19: 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 20: 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 21: Stationary
Stationary Applications oe) 7 eS Trucks Stationary Applications Delivery Vans (Hyvia) Plyg Applications Heavy Duty Vehicles
Slide 22: Material Handling - GenDrive
Material Handling - GenDrive • Plug’s “GenDrive” fuel cell creates significant productivity gains vs. battery alternatives 4M 5M • 60,000+ Plug Fuel Cells installed and Operating forklifts, U.S. and Operating forklifts, U.S. and over 300 locations Europe, 2021 Europe, 2030 • Operating the largest ne
Slide 23: Material Handling Expansion
Material Handling Expansion Channels Globally 25% increased TAM or 1 million more forklifts by targeting mid-size offerings European Expansion Cost Focus New Multisite Deals Plan for continued product cost New Customers Wegmans Food Markets down and reliability improvements Continued Expansion with
Slide 24: Stationary Business Positioned for Long-Term Growth
Stationary Business Positioned for Long-Term Growth Key Markets: Back-Up Power - Green EV Charging - Prime Power – Grid Support / Peak Power Successful product launch in 2022 with Microsoft Targeting multiple markets for future deployments 1MW HP stationary continuous power uses up to 1.4 tons per d
Slide 25: 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 26: Financial Priorities & Projections
Financial Priorities & Projections
Slide 27: 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 28: 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 29: 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 29
Slide 30: Priority Pieces for Profitability
Priority Pieces for Profitability Vertical Integration with Plug Hydrogen Network Pricing Increases Across the Material Handling Portfolio Equipment Sales Growth Increases Leverage on Fixed Manufacturing Costs Supply Chain Efficiency and Cost Downs Service Cost Improvement Roadmap Inventory and Asse
Slide 31: Debt & Project Capital Solutions
Corporate Debt Solutions Debt & Project Project Finance Capital Solutions Project Equity Partners DOE Loan Program 31
Slide 32: Plug's Long-Term Vision: Global Leader in End-to-End Integrated Hydrogen Solutions
Plug’s Long-Term Vision: Global Leader in End-to-End Integrated Hydrogen Solutions HYDROGEN PRODUCTION HYDROGEN ENERGY EQUIPMENT FUEL CELL PRODUCTS • Hydrogen network allowing • Gigawatt Scale ELX projects in • Stationary power units widespread adoption of fuel diverse end markets replacing utility-
Slide 33: Investor Relations Contacts
VP of Investor Relations Roberto Friedlander rfriedlander@plugpower.com Manager of Investor Relations Kevin O’Brien kobrien@plugpower.com Corporate Headquarters 125 Vista Blvd Slingerlands, New York 12159 https://www.plugpower.com/