Copyright 2017, Plug Power Inc.

May 2017

Infinite Drive

2

Safe Harbor Statement

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 Inc. (“PLUG”), including but not limited to statements about PLUG’s expectations for 2016 and 2017, including GAAP revenue, number of GenDrive shipments, number of

GenFuel sites, number of ProGen modules, GAAP gross margin, bookings and net cash use, future product cost reduction, PLUG’s growth in multi-site customers, PLUG’s entry into new

markets and products, including but not limited to ProGen and the electric vehicle market in China and the viability and growth of such market. You are cautioned that such statements

should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have

been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In

particular, the risks and uncertainties include, among other things, the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to

raise additional capital to fund our operations and such capital may not be available to us; the risk that our lack of extensive experience in manufacturing and marketing products may

impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in

whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that a loss of one or more of our major customers could result in a material

adverse effect on our financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of our common stock; the risk that negative publicity

related to our business or stock could result in a negative impact on our stock value and profitability; the risk of potential losses related to any product liability claims or contract disputes;

the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; the risks related to use of flammable fuels in our products; the cost and timing of

developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our

products; the risk that our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling

infrastructures for our products; market acceptance of our products, including GenDrive, GenSure and GenKey systems; the volatility of our stock price; our ability to establish and

maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability

of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our

product lines; our ability to successfully expand internationally; our ability to improve system reliability for our GenDrive, GenSure and GenKey systems; competitive factors, such as price

competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal,

state and international governmental regulations; risks associated with potential future acquisitions; and other risks and uncertainties referenced in our public filings with the Securities

and Exchange Commission (the “SEC”).

For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's

Annual Report on Form 10-K for the year ended December 31, 2015. You should consider these factors in evaluating the forward-looking statements included in this presentation and not

place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of

new information.

3

Our Mission

Changing the way the world moves by developing

industry-leading hydrogen fuel cell energy solutions

for high growth markets around the globe

4

Plug Power is the Leader in

Hydrogen and Fuel Cell Technology

1st to create a

market for HFC

technology

150

HFC patents

5.8MM+

Hydrogen fuelings

15K+ units in

the field

122MM+

operating hours

70% reduction in cost

profile since 2013

>3x revenue

growth since 2013

80% Blue Chip

Customer Base

5

Success in Our First Market:

Growing Share in Material Handling Applications

• Plug Power owns 95% of current market share for

hydrogen fuel cells

• Plug Power’s technology drives productivity and

streamlines operations for our customers

❖ Constant power and improved performance drives improved

operator efficiency

❖ Reduced downtime due to battery changes/charging

❖ Space savings

❖ IoT proactively identifies issues to maximize uptime

The global material handling market represents a $30 billion total market opportunity

Technology drives performance

Reputation attracts new clients

Growth enables re-investment in

our business

6

44 installed sites

150+ hydrogen dispensers

10k fuelings/day, 5M+ total

Fueling infrastructure and

fuel delivery

Com

ple

te s

olu

tion d

rives c

usto

mer

adoption

15,000+ units in the field

Drop-in replacement

122M+ operating hours

Hybrid electric fuel cell solution

for forklifts

98+% uptime performance

IoT data collection, monitoring

and control driving efficiency and

uptime

Complete service and

maintenance

Full Suite of Products Accelerates

Customer Adoption

Industry-leading high-power and

air-cooled designs

Lower cost / higher performance

35+ years of Plug Power IP

Hybrid fuel cell engines for a

variety of applications

7

Success in Our First Market:

Loyal and Repeat “Blue Chip” Customers

M

u

l

t

i

-

multi-site & repeat customers

8

Case Study: Walmart

2014• Initial GenKey contract signed Pottsville, PA

• GenKey installed in 6 distribution centers

• 1,700 GenDrive units

2015• 9 GenKey sites added

• >1 million fuelings over the year

2016• Total of 27 sites commissioned

• 2,500 GenDrive units deployed

• >5,500 trucks in service across North America

2017 and

beyond

• Partnering to continue expansion

• >80 uninstalled sites

Pre-2014 • 580 GenDrive units in the field

Plug Power’s relationship with Walmart represents the largest hydrogen enabled fleet in the world

“We are pleased with the

performance of the hydrogen fuel

cells that we have been operating

and are excited to expand our

program with Plug Power.”

– Jeff Smith, Senior Director

for Walmart Logistics

9

Background• Plug Power and Amazon actively engaged in

Spring, 2016

• Amazon recognized Plug’s value proposition,

including the ability to enhance warehouse

productivity

First Site Success• Under GenKey contract, units were shipped to a

site in Q3’ 2016; site went live in Q4

• Completed system installation in 8 weeks

Multi Site Agreement Announced• $70 million estimated revenues in 2017

Investment in Plug Power• Warrant structure connected to cash payments;

full vesting of warrant upon $600 million aggregate

spend

Plug Power Signs Strategic Agreement with Amazon

Amazon establishes multi-year,

multi-site customer agreement with Plug Power

10

Plug Power is…

Leading the commercialization of hydrogen fuel cell technology

Leveraging our proprietary and flexible ProGen fuel cell engine platform

Expanding our market position in material handling applications

Replicating success achieved in first market

Delivering strong and predictable revenue and bookings growth

11

The global electric vehicles market is expected to reach $334 billion by 20241

The Future of Mobility is Electric

Robotics &

Drones

Autonomous

Vehicles

Commercial

Trucks

Commercial

Buses

Industrial

Mobility

Industrial and commercial electric vehicles today represent 60% of the value of the electric vehicle market2

1. IDTechEx Market Research: “Electric Vehicles Change the World 2017-2037”

2. Research and Markets: “Industrial and Commercial Electric Vehicles on Land 2017-2027"

EV Use Cases

Will…

✓Have high utilization

✓Require long run times

✓ Be fully sensored

✓ Be constantly connected

✓Have zero emissions

✓ Leverage renewable

fueling options

✓Connect and interact

with the grid

12

Fuel Cells will be a Viable Player in Addressing the

Trends Shaping the Motive Industry

Seeking Efficiency Through Vehicle…

ElectrificationFuel Cells: Range is not compromised, reduced emissions, shorter

charging times

❖ Plug fuel cells will replace batteries in the forklifts used in

multiple Amazon distribution centers

Asset UtilizationFuel Cells: Consistent utilization to meet consumer demand; fuel costs

scalable over larger fleets, centralized fueling, automation

❖ Plug Power services the BMW fleet, which has its trucks

in operation 24/7

AutonomyFuel Cells: Sensor-equipped, range, persistent use

❖ Plug Power is powering automatic guided vehicles at P&

G factories

Last MileFuel Cells: Ability to use within delivery vans, robots, drones, hastening

delivery times

❖ FedEx delivery vans incorporating ProGen engines, save

time spent on fueling, and without compromising range

Asset

Utilization

Last MileAutonomy

Electrification

Hydrogen Fuel Cells Are a Logical Enabler

Each trend is driven by the value individuals

place on time, reliability, convenience,

predictability, and cost savings

13

China Represents a Massive Opportunity

Plug Power’s experience and expertise is directly translatable to this growing market

• >$100B of new investment in 2015 – more than US, UK and Japan

combined

• Large push to combat pollution and reduce global carbon footprint

• Fuel cells have been identified as a part of their 5 year plan with significant

subsidies proposed for FC vehicles at state and provincial levels

The world leader in investing in new energy technologies

• 10x increase in EVs from 2013 to 2015, driven by commercial vehicles

• Fuel cells provide longer range, faster fueling and better energy density for

high-performance and commercial/industrial applications

Building on momentum of battery EV expansion

2. Bloomberg New Energy Finance

87

1036

128

0

100

200

300

400

500

2011 2012 2013 2014 2015

North America Europe China Japan RoW

Electric Vehicle Sales (Thousands)2

• Three-way MOU signed in November, 2016 with Furui (leader in CNG and

LNG infrastructure), and a “Big Three” Chinese vehicle manufacturer

• Scalable rollout with attractive margin profile

• Continuing conversations with other potential partners with a focus on new

markets, manufacturing and technology R&D

Plug has made significant progress in this market

8.3

39.6

102.9

0

20

40

60

80

100

120

2005 2010 2015

China New Investment in Renewable Energy ($Bn)1

1. Global New Investment in Renewable Energy by Region, 2004-2015, $BN United

Nations Environment Program

14

New Application:

Range Extender Product Development

Plug Power leverages product expertise to share similar designs and components

FedEx

• More than double current battery-only range of 60 miles to

150 miles

• First ProGen modules shipped for integration into truck in

February 2016

• 19 additional units expected to be deployed (2017-2018)

Leading Chinese vehicle manufacturer delivery truck

• Will increase range of current battery-only truck from 90

miles to 160 miles

• Prototypes in May of 2017

• Success leads to first order of 500 units

• Three-way MOU to deploy ~13,500 commercial fuel cell

vehicles over three years

15

Total GenKey Installs Cumulative GenDrive Units

Daily Hydrogen Fuelings (Thousands) Bookings (Millions)

Rapidly Growing Sales & Deployments

-8

26

42 44

2013 2014 2015 2016 Q1 2017

4,400 6,700

10,600

14,800 15,200

2013 2014 2015 2016 Q1 2017

$75

$150

$205

$280

$65

2013 2014 2015 2016 Q1 2017

1501,200

4,6005,800

2014 2015 2016 TODAY

Note: 2017 estimates are available in the guidance posted in our latest 10Q filing

16

$21.5

$9.4

$24.0

$31.4

$38.4

$15.3

$20.5

$17.6

$32.6

$15.2

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17

GAAP Quarterly RevenueCommenced utilization of new Power Purchase

Agreement (“PPA”) financing in 1Q’16

Increased Visibility with Recurring Revenue Mix

17

Improving Performance in PPA Deployments

$14.8

$17.4 $17.3 $16.6

$8.9

$11.2 $11.7 $11.5 $10.7

$7.3

$-

$5.0

$10.0

$15.0

$20.0

Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17

PPA Systems Deployed (1)

Value Cost

(1) Value of PPA Systems is a metric showing the value of the systems shipped under PPA contracts calculated as if they were financed similarly to structures used in 2015. We provide this

metric to show a relative comparison of activity year over year.

18

R² = 0.99

13%

25%

50%

100%GenDrive Unit Cost Over Time

Cost Controls and Economies of Scale

Drive Margin Expansion

Many factors will continue to support steady

cost reduction• Volumes

− Multi-year sourcing allows us to take advantage of lower

pricing associated with higher volumes

• Dual source strategies− Risk mitigation

− Cost reduction and supplier innovation

• Integration− Functional & Vertical

• Tooling, Automation

• Industry leverage of key components− Sector expansion drives component pricing

− Examples include membranes, batteries, etc

Cost Reduction is the Key to Success

Additional ~40%

cost reduction

Expected

19

2017 Guidance: Improving Operational and

Financial Performance

Metric 2017 Guidance

Revenue (GAAP) Total: $130 million

Shipments

GenDrive

GenFuel Sites

ProGen Mods.

Total

5,600

25

100

PPA

1,800

9

N/A

Gross Margin (GAAP) • 8% - 12%

Bookings • $325 million

Cash • $25-$35 million of net cash used in operating

and investing activities

20

Plug Power Success

Continuing to lead the commercialization of fuel cells

• Our experience remains unmatched with more than 122 million hours of fuel-cells in service; this is

significantly higher than any competitor

Leveraging the ProGen fuel stack in our new designs• We have achieved ~15% cost reduction from prior models through the use of our proprietary stacks

• The modularity of the ProGen platform has enabled us to work with OEM’s, leading to the 3-way MOU

signed with Furui for delivery vans

Expanding our market position

• Adding new names to our book of business in the US and abroad, including top retailers Amazon and

Carrefour, is a testament to our strong value proposition

Replicating success in material handling• Our technology is adaptable across a range of power and energy needs: we have deployed multiple

units of ground support equipment (GSE), and developed the FedEx range extender, both powered by

our fuel cells

Paving a path towards profitable revenue growth• We have significantly driven down costs, reflected in the growth of our margins

• The future predictability of revenue and deployments through new contracts will have a meaningful

impact on our financial performance

Corporate Headquarters

968 Albany Shaker Road, Latham, NY 12110

West Coast

15913 E. Euclid Avenue, Spokane, WA 99216

plugpower.com

Andy Marsh, President and Chief Executive Officer

Paul Middleton, Chief Financial Officer

Investor Relationsinvestorrelations@plugpower.com