Copyright 2019

May 2019

Plug Power Investor Presentation

2

NASDAQ listed in 1999

• Over $1B in capital deployed

• Substantial improvement in cost and reliability

• Financial Performance:

• Full Year 2018: $185 M gross billings

• 40%+ increase vs. 2017 • EBITDAS breakeven in Q4

• 2019 Targets: $235 - $245 M gross billings

• Adjusted EBITDAS positive for full year

• 80% Blue Chip Customer Base –

• WMT, AMZN, Carrefour

• Targeting $500M in Revenue in 2022

• Substantial operating leverage

Plug Power:

Leader in Hydrogen and Fuel Cell Technology

1st to create a market

for HFC technology

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• 25,000+ GenDrive units shipped

• 80+ hydrogen fueling stations built

• 20+ T of liquid hydrogen used daily

• Surpassed NASA in 2018

• 19 M+ hydrogen fills from GenFuel

stations

• Most in the world –

1 hydrogen fill every 3 seconds

Plug Power: Created and Leading

Fuel Cell Material Handling Industry

Pioneered a Rapidly Growing Industry.

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Material Handling: First Large and Growing Market

$3,100

$900

$900

$500

Product H2 Infrastructure

H2 Fuel Service

Millions of

Forklifts

GenDrive in

~25000

>10,000 Sites

GenKey in ~ 70

>400k Tons H2

Available

GenFuel

Service ~2%

→Servable market in NA is >$4.5 Billion

→Europe doubles the served opportunity

→Total addressable market >$30 Billion

North American

Market

(SAM defined as sites > 50 trucks; in $ millions)

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Fueling infrastructure and

fuel delivery

Com

ple

te S

olu

tion in M

ate

rial H

andlin

g I

ndustr

y

Hybrid electric fuel cell solution

for forklifts

Complete service and

maintenance

First Market: Full Suite of Products Accelerates

Customer Adoption

Hybrid fuel cell engines for a

variety of applications

Powerful Benefits: • Increased Productivity - higher throughput per shift

• 5% - 15% more capacity

• Lower Operational Costs - eliminate battery changeout • 3% - 5% improvement from fast refueling

• More Operation Space - battery room eliminated • 5% - 7% more space reclaimed

• Reduced Peak Power Demand – high-cost demands

eliminated • New buildings save over $1 million dollars by not building a

electric battery infrastructure

• Reduced Site Emissions - safe, clean, zero-emission

power

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Success in Our First Market:

Loyal and Repeat “Blue Chip” Customers

multi-site customer

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Walmart: Long Term Strategic Partner

First Market Success

2014• Initial agreement signed for multiple sites

• GenKey installed in 6 distribution centers with

1,700 GenDrive units in 2014

2015• 9 GenKey sites added

• >1 million fuelings over the year

2018• 8,000 GenDrive units deployed

• Total of 38 GenKey sites deployed to date

• > 10T on hydrogen usage per day

2019 and

beyond

• Have over 150 NA distribution centers

• Continuing to expand with Plug Power

• Potential 35T per day of hydrogen usage

• Expansion into delivery vans, drayage trucks

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

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Background• Plug Power and Amazon actively engaged in 2016

• Amazon recognized Plug’s value proposition, including

the ability to enhance productivity

First Site Success• First site went live in Q4 2016

• Completed system installation in 8 weeks

Present Situation• Over 20 GenKey sites deployed to date

• Using 4T on hydrogen per day

• Potential to Expand to 100 sites

• 20T of hydrogen per day

• Focus on potential new applications

Amazon: Another Strategic Partner

First Market Success

Amazon establishes multi-year,

multi-site customer agreement with Plug Power

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Material Handling Economic Value Proposition

Subscription Direct Sale

Payback Period Immediate < 2 years

Two Examples for a Subscription and a Direct Sale

The Range is for two examples: Ex 1: 50 and Ex 2: 250 Forklifts

Capital Spend (if any) NA $2.3 M - $8.5 M

Cumulative 10 Yr Savings $1 M – $7 M $1.2 M - $8 M

Value of Implementing a Fuel Cell Fleet

• A new 1 M sqft Distribution Center: cost between $55 - $75 Million

• Increases in operational capacity / efficiency • 5% - 15% or more improvement

• Additional revenue generating space

Distribution Center Budget

Operator Labor: 77%

Vehicle Cost: 11%

Maintenance Labor: 5%

Insurance: 3%

Parts: 3%

Energy: 1%

Business Case Summary:

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Our Foundation is Established and Best in Class

$30 B : Material Handling

$300B + : Light / Medium / Heavy Duty Vehicles

We are building off of our foundation:

• 70% reduction in costs (less than 10 years)

• 200M hours of field experience

• Our current stack technology can serve /

scale and be used in the entire light /

medium and heavy duty market

Our Foundation is Critical Toward Addressing Electrification in the Broader Transportation Industry

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Why EVs

1. Design Simplicity

2. Higher Reliability

3. Lower Total Cost of Ownership

4. Self-Driven Vehicles / Autonomy

5. Climate Change

Transportation 2.0: Electrification Already Underway

FCEVs are ideal for asset-intense logistics applications.

EVs: electric vehicles

IC: internal combustion

Why FCEVs

1. Power Density

2. Asset Utilization

3. Sharing Economy

4. Fast Fueling/Infrastructure

5. Range

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FCEV: Role in Vehicle Electrification

• Power Density: Enabling better vehicle designs in smaller packages

• Asset Utilization: Achieve lowest total ownership costs

• Fast Fueling: 10x Faster

• Infrastructure: Leverageable to larger fleet, multiple benefits

• Range: Excellent compliment to BEV for range

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Leverage Modular Products:

Targeting Multiple Markets

30 kW: Light Duty Trucks,

Small Transit Buses

60 - 100 kW: Trucks,

Full size Hybrid Buses

80 - 100 kW: Small and Midsize Auto

15 - 30 kW: Airport GSE

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Standard Products Based on

In-house MEA Technology

• Purchased American Fuel Cell (AFC)

• Key skills from GM fuel cell program

• Vertically integrated in key component

• Successfully ramped manufacturing

• Largest US based MEA manufacturer by EOY 2019

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Next Market: Fleet Transportation

ProGen-Powered FedEx Delivery Van

• ProGen engine-powered Workhorse Class 5

zero emission EGEN delivery van

• 17,500+ miles on-road by FedEx

delivering packages

• Refuels at Plug Power’s HQ, Latham, NY

• Operates in standard commercial environment

• 160 miles per delivery cycle

• 166% increase over standard battery power

• Safe and sustainable transportation solution

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Plug Power Signs a Major On-Road Electric Vehicle

Deal with StreetScooter and DHL

Plug Power Delivering 100 Hydrogen Fuel Cell

Systems for StreetScooter Vans• Delivery of vehicles to DHL will start in 2020

• Panel vans is based upon Ford Transit

• There is no comparable production vehicle on the

market worldwide

• ProGen engine shipments begin July 2019

Markus Reckling, Head of German operations at DHL Express

• “If everything works as we imagine it would, there could soon be

500 vehicles worldwide.”

• “With the H2 Panel Van, DHL Express will be the first express

service provider to use electric transporters with fuel cells on a large

scale for its last mile logistics.”

• “80 to 90 percent of the express fleet can ultimately only be

covered by vehicles with a box body and hydrogen.”

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Market Opportunities

$0

$50

$100

$150

$200

$250

$300

2019 2022 Medium Term Long Term

Ma

rke

t V

alu

e (

Bill

ion

s)

Material Handling and Airport Equipment Fleet Vehicles and Buses Medium and Heavy Duty Vehicles Light Duty Vehicles

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Financial Targets

Full Year 2019 Guidance

Gross Billings Range $235M to $245M

Adjusted EBITDA Positive for full year 2019

Medium Term Target

Gross Billings Range $450 to $550

Target EBITDA Margin 18-22%

Key Metrics to Track

Margin Expansion in Material Handling

Expansion into On-Road Vehicle Market

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Summary

• Success in first target market – material handling

• Room for substantial growth and margin expansion

• Entry and growth in new adjacent market: fleet transpiration

• Meaningful operating leverage in the financial model

• Optionality in multiple mega-markets

• Team and technology in place to delivery

Plug Power Fuel Cell Engine: Facilitating Vehicle Electrification

Corporate Headquarters

968 Albany Shaker Road, Latham, NY 12110

plugpower.com