#1ورام TM Plug Power NASDAQ: PLUG Copyright 2023, Plug Power Inc. Green Hydrogen Work#2Cautionary 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 Power's expectations regarding the effects of the recent acquisitions; expectations regarding the building of a fuel cell and electrolyzer stack Gigafactory; expectations regarding its position and capabilities in hydrogen generation, liquefaction and distribution of green hydrogen fuel, and expectations regarding its servable addressable market. These forward-looking statements contain projections of our future results of operations or of our financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will," "would," "plan," "projected" or the negative of such words or other similar words or phrases. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to: 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 of dilution to our stockholders and/or stock price should we need to raise additional capital, 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 may not ship, be installed and/or converted to revenue, in whole or in part, the risk that a loss of one or more of our major customers, or if one of our major customers delays payment of or is unable to pay its receivables, a material adverse effect could result 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 our convertible senior notes, if settled in cash, could have a material effect on our financial results, the risk that our convertible note hedges may affect the value of our convertible senior notes and 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, our ability to attract and maintain key personnel, the risks related to the use of flammable fuels in our products, the risk that pending orders may not convert to purchase orders, in whole or in part, the cost and timing of developing, marketing and selling our products, the risks of delays in or not completing our product development goals, our ability to obtain financing arrangements to support the sale or leasing of our products and services to customers, our ability to achieve the forecasted gross margin on the sale of our products, the cost and availability of fuel and fueling infrastructures for our products, the risks, liabilities, and costs related to environmental, health and safety matters, the risk of elimination of government subsidies and economic incentives for alternative energy products, market acceptance of our products and services, including GenDrive, GenSure and GenKey systems, 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, the risk that possible new tariffs could have a material adverse effect on our business, our ability to develop commercially viable products, our ability to reduce product and manufacturing costs, our ability to successfully market, distribute and service our products and services internationally, our ability to improve system reliability for our products, competitive factors, such as price competition and competition from other traditional and alternative energy companies, our ability to protect our intellectual property, the risk of dependency on information technology on our operations and the failure of such technology, the cost of complying with current and future federal, state and international governmental regulations, our subjectivity to legal proceedings and legal compliance, the risks associated with past and potential future acquisitions, and the volatility of our stock price. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from these contained in any forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. For additional disclosure regarding these and other risks faced by Plug Power, see disclosures contained in our public filings with the SEC including, the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2020 as such risk factors may be updated from time to time in Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings Plug Power makes with the SEC. These forward-looking statements speak only as of the date on which the statements were made. Except as may be required by applicable law, we do not undertake or intend to update any forward-looking statements after the date of this presentation. plug 2#3Power Source plug وام Plug ودام ودام ودام Produce and Liquefy Hydrogen Pl 800 Transport Hydrogen ورام Store & Handle Hydrogen Dispense plug Hydrogen Use Hydrogen 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.#4Plug Power is uniquely positioned at the center of the hydrogen economy Hydrogen Fuel cells for transport Aramco Air Products BP 2050E: USD 1.4tn Woodside Sinopec Shell Linde PLC Weichai Cummins Hyundai 2050E: USD 360bn Powercell Ballard plug Ceres Nel Sinohytec Honda ITM Power Cockerill Jingli Fuelcell Energy Panasonic Siemens Mcphy Bloom Peric Tianjin Mainland 2050E: USD 215bn Doosan ThyssenKrupp Toshiba 2050E: USD 203bn -- Toyota Electrolyzers Fuel cells for stationary plug Market size (2050E) Company market cap Source: Bloomberg and Bernstein analysis and estimates 4#5Market Opportunity Material Handling $30Bn Target addressable market Plug Today • Forklifts More than 6MM forklifts deployed 1.5MM forklifts sold annually plug • • • Electric Vehicles Stationary Power $300Bn Target addressable market On-Road Electric Vehicles Energy density is ~10x BEVS • High asset utilization • Enables sharing economy • Faster fueling • Longer range Infrastructure expertise Less challenging operating conditions than material handling applications Constant power $265Bn Target addressable market (US) Hydrogen Economy $10 Tn Target addressable market Data Centers & Wireless Infrastructure Small footprint, high power density Lower TCO vs. diesel generators Long-term Growth Trajectory Hydrogen & Equipment The Hydrogen Council projects that by 2050, hydrogen could provide up to (1): 18% of final energy demand 6Gt annual CO2 abatement 30MM jobs created LO 5#6Hydrogen Demand New Apps Create Multiplier Effect for Hydrogen Demand 1kg/day Forklifts 6kg/day LCV Base Case = 500TPD 2025 Total Pull Through Total Merchant Market Acceleration Total Supply 40-50kg/day HDV 1MW 24/7: >1TPD Stationary Power 500TPD of demand represents 5,000 class 7-8 trucks and less than 300MW of stationary power Long haul trucking in NA alone requires 200,000TPD of green hydrogen to displace diesel plug 2024 2023 2022 2021 2025#7Hydrogen Prices ($/kg) Inflation Reduction Act Implications Target market for Green Hydrogen Sales $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Forklift Trucks Cars Back-up Power Source: Bernstein Research Green Hydrogen Price with PTC (Orange Line) vs. cost of alternative in each market plug Marine Aviation Utility Power Target market for Electrolyzer Solutions Sales Ammonia Methanol MTO Steel (DRI) Heating $3/kg PTC makes Green Hydrogen competitive in all hydrogen applications and processes immediately All new plants before 2032 will receive 10 years of PTC. 5 years direct pay, then 5 years tax credit Improves original GH plant paybacks by ~4-5 years Lowers the total cost of ownership for hydrogen fuel cell productions, accelerating adaption Makes the United States the lowest cost producer of Green Hydrogen in the world 7#8ونام TM Energy Solutions 1266 Hydrogen Befrigerated Liquid Green Hydrogen at Work وی ام#9North America Green Hydrogen Plant Timeline ونام plug ونام plug plug Green Hydrogen generation of 500- tons per day by 2025 Announced Green Hydrogen plant locations at California, Georgia, Louisiana, New York and Texas Broke Ground on three Plants in 2021 Six Plants by year-end 2023 with 200TPD Energy Solutions Business Revenue projections (Inclusive of Cryo and Liquefication) 2023: $285MM 2030: $3.9B plug 9#10Building a green hydrogen generation network in Europe to get to 1000TPD Globally by 2028 plug plugi 100+ TPD in Europe by 2028 Port of Antwerp-Bruges 35TPD Lhyfe (300MW+) H2 Energy (1GW) Acciona (50/50 JV) to build green hydrogen plants in Iberia Renault / Hyvia (50/50 JV) to target 30% market share of the fuel cell LCV segment in Europe by 2030 Identifying locations in places such as Denmark and Sweden with low- cost renewable electricity to produce low-cost green hydrogen and transport to demand centers 10#11Plug's Transition from Nascent Player to Industry Leader Making Green Hydrogen Economical, Easy, and Ubiquitous plug Capacity (TPD) 600 500 400 300 200 100 152 128 46 0 2022 Production Plug 2025 500 Company C Company B Company A 219 165 Plug 9.1 46 2025 2022 Current Capacity ~335.1 TPD Current Capacity ~930 TPD 11#12Energy Landscape Transformation - High Potential Area plug High renewable resource with NG pipeline access Pipeline Natural Gas Self-Develop Self-Develop & Partner Partner Wind and Solar Technical Potential (2020) Utility PV Technical Generation Potential (MVP) 0-1,000,000 1,000,000-5,000,000 5,000,000 10,000,000 10,000,000 50,000,000 50,000,000 100,000,000 100,000,000-500,000,000 500,000,000-1,300,000,000 https://ezmt.anl.gov/ 12#13Energy Solutions Business Outlook Sustainable Competitive Advantage Payback before PTC Payback with PTC 1. Scale 2. Sourcing clean energy and water 3. Optimizing plant design PTC Accelerates Return and Capital Formation Green Hydrogen Production First Generation of plants ~$4/kg production cost (Pre-PTC). Eligible for $3/kg PTC in US Transportation currently ~$0.25 per 100 miles over the road Significant margin expansion as Plug Green Hydrogen plants come online 。 Fuel Margin Breakeven exiting 2023, and >30% in 2025 Energy Solutions Business Revenue projections (Inclusive of Cryo and Liquefication) o 2023: $285MM o 2030: $3.9B 100% Equity 30% Equity plug 13#14Plug Cryo ACT Cryo and Joule Acquisitions Green Hydrogen at Work plug MESSE MESSI MESS ورام Cryogenic liquid hydrogen tanker manufacturing, with the highest payloads in the industry Roadmap to double tanker manufacturing capacity and reduce costs per unit by 50% Storage tanks introduced Q1 2023 Mobile refuelers ordered in 2022 for 2023 delivery Energy efficient liquefiers, that can lower energy needs for liquefication by 20%+ Sold three 30 ton per day hydrogen liquefaction systems in 2022 Large TAM for third-party sales as Hydrogen Economy accelerates 14#15TM ونام وی ام Electrolyzer Solutions CC CAUTION#16We are making Green Hydrogen the Molecule of Choice by offering Best- in-Class Electrolyzer Solutions Our Electrolyzer Solutions are growing through sales to customers and solutions provided for our own Green hydrogen needs. We offer World- Class Electrolyzer Solutions of varying size Competitive Landscape Alkaline Electrolyzer Competitors PEM Electrolyzer Competitors plug High Current Density Operation X X Small Footprint X High Efficiency Stacks from 1kg Per Day Systems & Plants from 125 High Gas Purity X Kg/day Operating Pressure to to 425kg Per Day 300+ TPD Differential Operating Pressure System Response/Ramp Time Cold Start XX XX X plug Plug w tyger Stand By High Temperature Pressure X X Competing technologies but one winner at scale Our PEM technology advantages allow us to stand alone#17FRAMES Now Plug System Solutions Process design E&I design Mechanical design plug Plug System Solutions In-house Model design Outsourced Project management & Governance Supply Chain Engineering / EPC Capabilities, with ~300 employees in EMEA Offering Turnkey solutions to end customers in multiple different end markets including Green Ammonia, Methanol, Power-to-Gas, and mega green hydrogen projects Plug's "green book" provides a framework for design, project management, and optimization of electrolyzer solutions for our customers Product Develop- ment Fabrication Services / Assembly 17#18Electrolyzer Solutions Business Outlook plug Green Hydrogen at Work 425 kg per day Container Up to 1 MW input Fully containerized solution (standard 40 ft. / 12.2 m ISO container) Scalable drop-and-play convenience Green Hydrogen at Work ولام 2 Ton per Day System Up to 5 MW input Includes full BoP for turnkey simplicity Containerized solution for high demand applications Green Hydrogen at Work 4 Ton per Day Array Up to 10 MW input BoP custom-engineered to meet customer requirements Efficient, scalable solution for high volume H₂ plants Electrolyzer backlog exceeding 2 GW Sales funnel of $30B+ 50% Green Ammonia / Fertilizer projects 。 Significant demand acceleration following the passage of the Inflation Reduction Act 1.5GW+ of annual electrolyzer capacity Evaluating manufacturing expansion opportunities globally Electrolyzer Business Unit Projections 2026: $1.45B revenue 。 2030: $7.3B Revenue plug 18#19World's first PEM Technology Gigafactory Driving Scale in Fuel Cell Technology Annual Capacity 2.5+ 7M+ Gigawatts output MEAs 2M+ Bi-Polar Plate Stamping Cutting & welding Plate Cutting ding MEA MEA R&D 2+GW Of Electrolyzers 60,000+ Fuel Cell Stacks Plates Green H2 Onsite generation 100+MW Manufacturing strategy to build over 100 large electrolyzer stacks per month Gigafactory Virtual Tour: https://3d.zuant.com/experience/plug- power/KJ66EE8SEe2i30%2BCc7Lqpg/ Analytical Lab Office Area (Double story) FC Testing Welding PC Testing Reception & Showcase ELX Testing Stack Assembly Roll Coating MEA Assembly Green Hydrogen Work Main Entrance Portal#20ورام RENAULT MASTER HITECH HYDROGEN FUEL CELL H2 TECH new hydrogen mobility HYVIA technology Applications WOMEN Green Hydrogen at Work SH p01byd wan plug#21Material Handling - GenDrive 4M Operating forklifts, U.S. and Europe, 2021 Large 15% Medium 25% 5M Operating forklifts, U.S. and Europe, 2030 Small 60% 200+ unit fleet 60-200 unit fleets >60 unit fleets . Plug's "GenDrive" fuel cell creates significant productivity gains in high volume warehouses and distribution centers vs. battery alternatives 60,000+ Plug Fuel Cells installed Installed and operating the largest network of H2 refueling stations in the world 。 Over 200 locations dispensing 45tpd+ Vancouver Seattle cake Superi Montreal plug Francisco 303003 Los A ENGLAND France UNITED STATES St Louis Monterrey Netherland Boston go York hia Germany BMW Leg Pra Linde Aschaffenburg CE Nuremberg C Stuttgart Mutig Oppenau DE Aust Liechtenstain Switzerland Ar Mare Sant-Chare Milan#22Material Handling Expansion for 2023 50 Channels Globally ENGIE Linde STILL New pedestal sites planned and targeting 3 new pedestal accounts in North America 8 New sites in Europe planned and targeting 1 new pedestal account 25% Targeting mid-size offerings which increases the TAM by 25% or 1 million more forklifts Cost Focus Plan for continued product cost down and reliability improvements plug colruyt European Expansion Carrefour CERTARUS Low Carbon Energy Solutions IKEA M ULINE Hardware ACE LOWE'S Kroger New Multisite Deals New Customers Continued Expansion HONDA MICHELIN Wegmans GM amazon Walmart FreezPak- ELOGISTICS: LiDL GRAINGER. BHL 1 Mercedes-Benz THE DEPOT HOME STELLANTIS ASDA 22 22#23Mobility & Stationary Power Solutions Targeting Three Primary New Market Applications With a robust technology platform established, trucks, planes, and data centers are our logical progression. plug Green Hyge at Work Commercial Fleet Vehicles Class 3-8 Middle Mile Last Mile Transit Bus Fleet LIGHTNING MOTORS OHYVIA EDISON MOTORS BAE SYSTEMS Stationary Power Megawatt Scale Backup Applications Continuous Power Generation amazon Walmart 2014 DEPOT HOME Aerospace UAV/Drones Decarbonize Airports Regional Passenger Cargo/Commuter AIRBUS HEVEN DRONES Southern Company Airflow Universal Hydrogen plug 23#24ProGen Engines: Zero-Emission Transportation Solutions Modular Power Enables Tailored Power Density Pre-engineered OEM platform "Plug and Play" system solution Includes all balance of plant Models can be used in series and parallel combinations Building block of Hyvia Master van Modular Engines Provide Leverage and Enable Multiple Applications 222 15kW 30kW 85kW green p Plug 125kW >1mW#25Fuel cell trucks increase range and payload From 2019 DHL's Symposium Presentation Operational Perspective Payload 100km 200km FCV min. operational requirement BEV Range 500km For ranges > 200km BEVs do not fulfill the minimum user requirements ("the asset can't do the job") Source: Corporate Incubations, Deutsche Post DHL Group plug Vehicle Type Distance Weight Diesel 500 mile 45,000lb Payload 35,000lb Unloaded Charge/Refuel Time 5 Minutes 125 mile 44,000lb Payload 36,000lb Unloaded 3 Hours Battery 500 mile 34,600lb Payload 11 Hours 45,400lb Unloaded 150 mile 45,000lb Payload 35,000lb Unloaded 5 Minutes Fuel Cell 500 mile 42,600lb Payload 37,400lb Unloaded 15 Minutes 25#26Stationary Power - GenSure Microsoft Alpha Test Unit at Latham, NY HQ plug plug Green Hydrogen at work Successfully Tested 3MW stationary power unit for Data Centers Back Up with Microsoft One of the biggest near-term applications is materializing in battery electric vehicle charging stations 。 Available in 1-3 MW for Back Up Power - Prime Power - Peak Power - EV Charging 1MW unit uses 65kg of H2 per hour A plug 26#27Applications Business Outlook 11 Green Hydrogen at Work plug 000 Delivery Vans (Hyvia) plug Forklifts Class 6 trucks plug plug Heavy Duty vehicles Stationary applications ورام Stationary applications • $1.6B+ of revenue in 2025 • ~$9B of Revenue in 2030 . Material Handling o $1B of revenue in 2025 Growing sites at 30% CAGR Stationary Power 。 2023: 20-30MW Shipped 2024: 200MW+ Shipped Mobililty HYVIA targeting 20,000 vehicles sold in 2025, and 100,000 in 2030 27#28Partnerships ونام#29plug Partnerships Enable Green Hydrogen Leadership SK On October 6th, 2021 Plug Power and SK E&S, part of South Korea's SK Group, formed a joint venture designed to accelerate the use of hydrogen as an alternative energy source in Asian markets This collaboration will provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers and green hydrogen to the Korean and other Asian markets The partnership included a $1.6B strategic investment from SK Group into Plug Power The partnership will leverage SK's leadership in chemicals, petroleum and energy as well as Plug's leading hydrogen platform plug GROUPE RENAULT On June 3rd, 2021 Plug Power and Renault Group launched the HYVIA JV Plug Power and Renault Group's 50/50 JV Leading the Way to a Complete Ecosystem of Fuel Cell Powered LCVs, Green Hydrogen and Refueling Stations Across Europe ✓ 2021: beginning of commercialisation with pilot fleet deployments 30%: Targeting market share of fuel cell LCV market in Europe by 2030 plug acciona On February 16th, 2021, Plug Power and Acciona announced plans to form a strategic partnership and joint venture The partnership aims for 20% market share of green hydrogen in Iberia by 2030, with total investment over €2 billion With a 10GW+ renewable power portfolio, Acciona is also Spain's largest 100% renewable power retailer The partnership looks to leverage Acciona's strong relationships in Iberia and Plug's leading hydrogen technology ✓ The partnership looks to accelerate the growth of the hydrogen economy in the industrial, mobility and pipeline gas sectors plug plug JM Johnson Matthey Inspiring science, enhancing life On January 31, 2023 Plug Power and JM announced long-term strategic partnership to strengthen Plug's supply chain and help meet growing demand for fuel cells and electrolyzers JM will become an important strategic supplier of MEA components, providing a substantial portion of Plug's demand for catalysts, membranes, and catalyst coated membranes (CCM) JM brings security of supply of precious metals, and unique recycling capabilities Plug and JM will co-invest in a 5GW (scaling to 10GW over time) CCM manufacturing facility in the United States with production targeted to begin in 2025 ورام Olin On October 19, 2022 Plug Power and Olin launched a joint venture to begin with the construction of a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana The JV, named Hidrogenii, will support reliability of supply and speed to market for green hydrogen throughout North America, setting the foundation for broader collaboration Plug and Olin Plug will be the exclusive marketer of the JV's hydrogen and provide logistical support for delivery, while Olin will provide reliable hydrogen supply and operational expertise 29#30Strategic Acquisitions Have Vertically Integrated Plug's Green Hydrogen Systems and Product Offerings Increasing Efficiency, Lowering Costs, Increasing Revenue • FRAMES Provider of highly engineered EPC solutions, and best-in-class capabilities to build electrolyzer systems. Strong supply chain capabilities in Southeast Asia (Vietnam / India) allowing for cost components advantage plug • . ACT Cryogenic manufacturing capabilities facilitating growth of tanker capacity & reducing tanker costs by 50% $500MM annual revenue opportunity by 2025 COULE • • Reduces Plug's hydrogen plant OpEx and CapEx by leveraging best-in-class liquification technology Large TAM in global hydrogen economy build-out, with $500M- $1B revenue opportunity by 2025 30#31Financials ونام#322023 Goals $1.4B revenue 10% gross margin plug Planned 2023 Sales Mix Electrolyzers ■ Tanks and Trailers ■ MH Equipment ■ Fuel Liquefiers ■ Stationary and Mobility ■ Service and PPA#33What will Plug financials look like in 2026 and 2030? $5B1 17% 2026 Targets 30% in Annual Sales Gross Margin Operating Income Margin 2030 Targets $20B1 in Annual Sales 35% Gross Margin 20% Operating Income Margin A Global Hydrogen Ecosystem Market Maker Poised for Continued Substantial Growth plug Diversified Technology Company 1: Not including Non-Consolidated JV revenue of 2026: $1.5B 2030: $5B Global Hydrogen Solution Generating Significant Earnings & Cash Platform Flows Differentiated Market Position in Large Global Markets 33 33#34What will Plug financials look like in 2026 and 2030? Margin % 2022 2023 2026 2030 Equipment 20% 20% 30% 35% Product Gross Service and Margin Forecast PPA (98%) (50%) 20% 25% Fuel (195%) (35%) 35% 37% Total (8%) 10% 30% 35% plug plug 34#35ورام TM Green Hydrogen at Work™ Director of Investor Relations Roberto Friedlander [email protected]. Corporate Headquarters 968 Albany Shaker Road, Latham, New York, 12110 plugpower.com