#1ورام TM Plug Power NASDAQ: PLUG pla TME Copyright 2023, Plug Power Inc. Green Hydrogen Work#2Cautionary 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-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based upon the current expectations, estimates, forecasts and projections as well as the current beliefs and assumptions of Plug's management and are subject to significant risks and uncertainties and include, but are not limited to, statements about Plug's projections regarding its future financial and market outlook; Plug's ability to execute on its strategies to build an end-to-end green hydrogen ecosystem; Plug's ability to attain certain cost-cutting measures; Plug's expectation that substantial growth will continue and its expectation regarding the underlying drivers of the company's growth; Plug's expectation regarding sales and market opportunities; Plug's belief that its growth strategies will have the intended benefits; Plug's belief that hydrogen investments will accelerate revenue growth; Plug's ability to realize growth across multiple business units; the anticipated benefits, capacity, capabilities, and output of Plug's green hydrogen plant located in Georgia, including competitive advantages in Plug's plant development and customer traction across its business; Plug's ability to realize its expansion plans that are underway in the Georgia plant; the expectation that the Georgia plant will reduce Plug's fuel margin; Plug's ability to meet its anticipated hydrogen network and outputs by 2025; the expectation that Plug's green hydrogen network will produce hydrogen at a cost that is one-third of third-party purchases and the forecasted amount of the annual gross margin improvement upon sourcing all hydrogen internally; Plug's ability to continue to expand manufacturing capabilities and improve supply chain issues; Plug's ability to continue to deliver on expanding its green hydrogen network and capacity; and the scalability of Plug's hydrogen plants. You can identify the forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "forecast," "intend," "may," "should," "will," "would," "plan," "projected," "target" or the negative of such words or other similar words or phrases. Plug believes that it is important to communicate its future expectations to investors. Such statements should not be read as a guarantee of future performance or results. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements, including that Plug continues to incur losses and might never achieve or maintain profitability, that Plug will need to raise additional capital to fund its operations and such capital may not be available to the company, global economic uncertainty, including inflationary pressures, fluctuating interest rates, bank failure, and supply chain disruptions, ensuring timely construction and completion of hydrogen generation projects, which may be delayed due to the Company's inexperience with these project types, supply chain issues, and federal, state, and local permitting and regulatory issues and that Plug's lack of extensive experience in manufacturing, and marketing of certain of its products may impact its ability to manufacture and market products on a profitable and large-scale commercial basis. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug's public filings with the Securities and Exchange Commission (the "SEC"), including the "Risk Factors" section of Plug's Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking 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. Financial projections which are included in this presentation are based on assumptions and analyses made by management based on its experience and perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. There is no assurance that the financial projections will be realized. Information provided in this presentation is solely as of the date it is provided and may change or be modified at any time without notice. Market data and other statistical information used throughout this presentation are generally based on independent industry publications, reports by market research firms or other published independent sources. In addition, certain information contained herein has been obtained from sources prepared by other parties or by management. plug 2#3CEO Andy Marsh plug#4Power Source plug وام ودام ورام Produce and Liquefy Hydrogen 000 Transport Hydrogen ونام Store & Handle Hydrogen Dispense 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. 4#5EVP General Manager, Energy Solutions and Chief Strategy Officer, Sanjay Shrestha plug#6Industry Leading Expertise Kevin Kopczynski: VP, Project Development • 3 years at Plug 5 years VC/PE investor 4 years at First Solar: Senior Director of Corporate Development 3 years at Enki Tech: CEO plug • • • Sanjay Shrestha: EVP General Manager, Energy Solutions and Chief Strategy Officer Alan Sharkey: VP, Project Execution 2 years at Plug 10 years at EPC Company: VP, On-Shore Project Execution 6 years at Shell International Projects: Senior Project Engineer and Site Coordinator Brent Koski: VP, Hydrogen Energy 3 years at Plug 15 years at United Hydrogen: CFO & COO • Steve Baker: Georgia Plant Manager 4 years at Plug: Jerry Kahil: VP, Finance • 8 years at Plug Tennessee Plant Manager • 5 years at GE Power • 12 years at KPMG • CPA 9 years US Marine Corps: Sgt. Cryogenics Equipment Operator CO 6#7VP Project Execution Alan Sharkey plug#8• • Peachtree Green Hydrogen Plant - Camden County, Georgia Jul 2022 15 TPD LH2 (Future expansion to 30 TPD underway) Grid connected In-person sales showcase: product portfolio in action, customer training, construction details and planning Design optimization and EPC benefit for other plants Construction timeline of about 12 months vs. industry standard of 36-48 months plug Sep 2022 Dec 2022 May 2023 Night shift Mar 2023 Cooling Towers Grid Substation 8#9Peachtree Georgia 2023 Schedule Milestone Summary ✓ Fill/Flush on ELX skids - June 2023 ✓ ELX Stack Installs - July 2023 ✓ Systems available for pre-commissioning - July 2023 ✓ SMA Rectifier Commissioning Start - July/August 2023 H2 Production - August 2023 Construction Details ✓ Completed - Equipment Installations ✓ Completed - Cold & Hot Commissioning on Rectifiers ✓ Completed - Commissioning ELX Equipment ➤ In Progress - Commissioning Liquefaction Equipment ➤ In Progress - Plant Automation & Programming • Plug Major Contractors & Vendors S&B EPC Contractor - Completed over 800,000 Safe Work Hours with Zero Recordable Safety Incidents Installation He Compressor Testing Final ELX Skid 2 Loops • SMA • • - Rectifiers Chart Liquefaction & Storage - Priority Power - Plant Mini-Substations • ABB - Power Distribution Centers plug P 9 Hot Commissioning of Rectifiers ELX Prep Energization Test Runs#10Georgia Plant Layout with Expansion Plans PLANT TRUE NORTH NORTH 9.29° PHASE I PHASE II AREA206 Lood 000 AREA 207 plug COMMERCIAL DRIVE FENCE DO VEHICLE ACTERS CONTROL BUILDING MTI SUBST TION UNIT 1 & LIQUEFACTION هلولياج AREA 203 AREA 205 AREA 211 AREA 210 AREA 212 AREA 208 AREA 202 0000 AREA 201 AREA 200 MINI SUBSTATION UNIT 2 AREA 204 AREA 20 AREA 213 L 10 10#11VP Hydrogen Strategy Brent Koski Georgia Plant Manager Steve Baker plug#12Georgia plant strengthens our long-term positioning as the global leader in green hydrogen production Hydrogen Generation Liquefaction ونام Hydrogen Delivery and Storage Hydrogen Molecule Supply Or Н2 Key Advantages: • • Years of experience in electrolysis and liquefaction come together for the first time in GA Expertise derived from our Georgia plant, coupled with ongoing endeavors at other green hydrogen sites and the substantial growth of our manufacturing scale, imparts a distinctive and unparalleled competitive advantage Execution at Georgia facility paved the way for Plug's lumpsum turnkey EPC contract with Kiewit for our 45 TPD green hydrogen plant in Texas Optimized plant design across all key capex items to lower capex on per TPD basis going forward قدام 12#13EVP General Manager, Energy Solutions and Chief Strategy Officer, Sanjay Shrestha VP Finance Jerry Kahil plug#14Anticipated Impact of Plug's Green Hydrogen Strategy As Georgia produces at its full capacity, this is expected to cut our fuel margin loss by as much as half from Q2 to Q4 2023 Plug expects its green hydrogen network to produce hydrogen at a cost that is one-third of our third-party purchases By sourcing all hydrogen internally from its plant network, Plug is expected to achieve up to $100 million of gross margin improvement annually, based on a forecasted full year average customer demand of 65 tons of hydrogen per day. AR ورام plug Georgia Green Hydrogen Plant - April 2023 .....#15Plug's US Network is expected to drive substantial margin expansion and expedite the energy transition plug 2023 Projects Currently Under Construction And Or In Operation Texas Tennessee Louisiana New York Georgia YE 2025-500 TPD Midwest Tennessee Southwest Texas II Texas Louisiana Gulf Coast New York Georgia 15#16PLUG Nasdaq List plug Nasda en Hydroge at Work TM max ORIG THE FLIC ATTENI plug Thank you for coming- We appreciate your attendance!