#1ونام TM Analyst Day Andy Marsh, CEO June 14, 2023 Copyright 2023, Plug Power Inc. SETHI Wik#2Forward-Looking Statements & Disclaimer 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 ability to achieve profitability; Plug's projections regarding its future financial and market outlook, including its ability to achieve forecasted revenue, gross margin, annual sales, operating income, operating cash flows and OPEX leverage targets; Plug's expectation that substantial growth will continue and its expectation regarding the underlying drivers of the company's growth; Plug's expectation regarding the total addressable market and 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 and the anticipated effect of revenue on the compound annual growth rate; the expected benefits of Plug's planned equipment improvements, service improvements, and fuel improvements; Plug's ability to realize growth across multiple business units, including electrolyzers, stationary power, on-road, green hydrogen, and material handling, and its expectation that its applications business will grow by 45% year-over-year in 2023; Plug's ability to obtain financing for its hydrogen plants; the ability of joint venture partners to complement Plug's growth; Plug's expectation that favorable government policy initiatives will continue; Plug's expectation regarding its liquidity and potential for investments; Plug's expectation joint effort with Energy Vault will accelerate the deployment of energy storage solutions; the expected timing and forecasts related to its key performance indicators; the anticipated opportunities for financing and investment, including potential projects; the anticipated benefits, capacity, capabilities, and output of Plug's green hydrogen plans, including those located in Georgia and Finland; the potential for global adoption of hydrogen power and Plug's electrolyzer products; Plug's 2030 projections with respect to, among other things: hydrogen output, demand and use of its HyVia vans, stationary products, electrolyzers, fuel cell powered forklift trucks, and manufacturing capabilities; Plug's ability to meet its anticipated hydrogen outputs by 2025, 2026, 2027, 2028 and 2030; the expansion of Plug's hydrogen network, including its European and United States expansion, including Plug's ability to build the first kiloton-scale plant by 2030; Plug's ability to meet its key objectives outlined for its electrolyzer, cryogenic, and green hydrogen plant businesses; Plug's expectation that it can grow its revenue and expand margin in 2023 and 2024; the projected growth in Plug's applications, material handling, and stationary power businesses; the expected addition of pedestal customers in 2023; the expected timing and outcome of Plug's yard tractor pilot program and green EV charge pilot program; Plug's ability to capitalize on demand from electric vehicle and new home power generation; Plug's expectation with respect to the output opportunities for each of its hydrogen plants; Plug's expectation with respect to ELX scaling; Plug's ability to deliver each of its supply chain goals and execute its supply chain improvement strategy; Plug's ability to continue to deliver on expanding its green hydrogen network and capacity; and the scalability of Plug's products, services, and 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, 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 Report on Form 10-Q for the quarter ended March 31, 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. In addition, Plug does not undertake any responsibility for the accuracy of the information provided by Energy Vault and none of Plug and its representatives shall have any liability with respect to the information provided by Energy Vault in this presentation. plug 2#3Power Source plug plug ALA 19 Produce & Liquefy Hydrogen A Transport Hydrogen Plug فرات Store & Handle Hydrogen Dispense Hydrogen Use Hydrogen We are building, selling and deploying real products, today! 3#4Plug Green Hydrogen Plant - Woodbine, Georgia plug#5Plug Green Hydrogen Production Sites in Finland (FID 2025/2026) Kokkola Electrolysis Capacity: 1GW Green Ammonia + Green Hydrogen Kristiinankaupunki/ Kristinestad Electrolysis Capacity: 1GW Green DRI/HBI plug 2 1 3 Porvoo Electrolysis Capacity: 250 MW Green Hydrogen Production of 850 tons per day of green hydrogen 2.2 GW electrolyzer interconnection by the end of the decade 1,000 direct jobs and 3,000 indirect jobs Contribute to Finland's target to be carbon neutral by 2035 Support the development of green electricity and hydrogen European backbone pipeline LO 5#61 MW and 5MW Plug Electrolyzers - Global Adoption Crespo plug 3388 OHYVIA AUTA Dr Ea 6#7Plug's 1GW Plant: Green Hydrogen at Work plug Liphy ELX425D Plug ELX2125D وام ELX4250D 7#8Large-Scale Stationary Power: Manufacturing Ramping SBTV 493020 4563 plug SBIU 4930201 4563 413009 B 7#9Plug for Mobility Applications plug 150208 HYUNDAI plug SBI VIA OHYVIA TONYTA HYDROGEN 9#10Robust Manufacturing in New York State Green Hydrogen at Work Vista Tech Park, NY Rochester, NY plug 10#11We are at an inflection point • Revenue will be between $1.2B - $1.4B . • • Gross margins positive Broad span of products with leading edge manufacturing capabilities 25% of our revenue will be European this year 60% of our revenue will be non-material handling A policy climate strongly supporting our business • Unmatched in the industry plug 11#12The Plug World we are Building for 2030 • • . • Over 2,000 T of hydrogen per day 100,000 HyVia vans on the road 1GW of stationary products deployed Shipping 5GW of electrolyzers per year 500K fuel cell powered forklift trucks Manufacturing capability to support 10GW of fuel cells and electrolyzers Markets and opportunities that allow us to continue to dream! plug 1 12#13ورام TM Green Hydrogen at Work™#14Plu TM Applications Business Unit Jose Luis Crespo, General Manager Fuel Cell Applications/Global Accounts Copyright 2023, Plug Power Inc.#15Our Applications business is projecting to grow by 45% YOY in 2023 propelled by: The value our technology brings to customers Low carbon and global electrification trends plug#16Material Handling drivers for growth Plug's productivity value proposition is getting stronger Grid constraints are now part of our value proposition Plug's mid-market (around 50kg/day) solution In 2023 already signed 2 new pedestal customers in Europe (Stef and Asda) and 1 new pedestal customer in the US Working on another two in 2023 almost doubling the number of pedestals plug ونام 235 16#17Other Mobility Activities plug plug SBI Successful introduction of the Hyvia Van in Europe Working with Geely and SK in Korea on busses Yard tractor pilots in Q2 RECORDS B HYUNDAI 15 0208 OR VIA OHYVIA HYDROGEN 17#18Stationary Power Grid constraints & regulations driving increased demand for zero-emission H2 generators +$30M in the first year of product introduction Green EV Charging Large fleets with grid availability & deployment timing constraints Prime Power amazon FedEx Utility Grid Support, Energy Arbitrage, Peaker Plants CA PSPS solutions SDGE plug Green EV Charge Pilots in progress Prime Power Energy Vault SK-Power Generation Enhanced (Back-Up) Power Microsoft Sempra Energy PG&E ercot conEdison Enhanced Backup Power Zero-Emission Datacenter Displace Diesel Generators Achieve Sustainability Goals - Microsoft aws Google DGECLOUDLINK 18#19+$1T Addressable Market plug Enhanced Back-Up Power Green EV Charge Prime Power $30B Generator TAM $1B BEV Fleet Charge TAM $1T Grid Parallel TAM 19#20"The proliferation of electric vehicles will be the biggest disrupter to the electric grid since the invention of the air conditioner." Smart Electric Power Alliance plug#21Putting that in perspective... 230 TWh Annual energy demand from electric vehicles in 2030 * Source: McKinsey 230 = 21 terawatt-hours million new homes plug The US builds approximately 1.3M homes per year#22Green EV Charging Grid constrained locations H₂ Hydrogen Power plug Fleet Charging plug Plug#23For Plug this is a Green H2 business 1MW generator consumes 65Kg/hr Continued Power: 1.5T/day EV Charging 10hrs/day: 650kg/day P pug plug prime plug#24Energy Vault selects Plug Power to Supply 8 MW of Hydrogen Fuel Cells as part of hybrid microgrid back-up system for PG&E and the city of xxx Calistoga. Customer: PG&E MW: 8.5 Duration: 48 up to 96 hours COD: June 2024 Plug Plug Plug Plug Plug Plug CALIFORNIA NAPA COUNTY CALISTOGA ENERGY VAULT ine Trail Napa Valley Vine Trail © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED 2,000 Customers Designed to provide resilient power to local customers and critical community infrastructure within the City of Calistoga's existing microgrid. 100% Carbon Free (RPS compliant) Fully aligned with California's Renewable Portfolio Standard (RPS), helping to further the state's decarbonization & sustainability goals. 30-50 Skilled Labor Jobs Creates on-site construction jobs & associated economic benefits to the local community for the duration of project development. Enabling a Renewable World 24#25Plug Power and Energy Vault sign MOU to accelerate the deployment of economical and sustainable long duration energy storage solutions Plug selects Energy Vault as the integrator of choice for its customers that demand long duration storage and micro-grid solutions Energy Vault will license to Plug its Energy Management System (Vault-OS and Optimizer) that will increase the financial return of Plug's customers Energy Vault will optimize its ultra-long duration solutions with Plug's fuel cells and electrolyzers The joint effort will address the rapidly growing multi day and micro-grid energy storage. segment with a SAM over five years of +100GWh (+$10Bn) (equivalent to 100 "Calistoga" type systems over five years) plug © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED 25#26Energy Vault | Energy Management System Differentiation Only software solution with modular and flexible architecture that can implement and integrate any combination of assets across all three solution layers: | Applications | Storage technology | Generation technology Configuration Flexibility Delivers optimized cost to customer with more use cases to generate economic return and better O&M functionality to reduce costs Inherent Agility and Adaptability Future-proofs customer investment Battery Wind Hydrogen Solar Other ENERGY VAULT Gravity Power Utility T Company Independant Power Providers Industrial User Large TRANSMISSION END-USER ENERGY & CAPACITY DISTRIBUTION ANCILLARY BESPOKE Enabling a Renewable World © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Hydrogen and Emerging Energy Storage Technology 26 26#27NRGV: the only pure play storage company with full coverage of durations (S-L-XL) under the same tech neutral Energy Mgmt Software ENERGY VAULT Enabling a Renewable World Short Duration Mission To identify, develop, and bring to market the most economical and sustainable energy storage solutions to maximize the financial and environmental value of our customers' energy projects. Long Duration Multi-Days B-VAULT™ MODULAR AND SCALABLE BESS PLATFORM (AC BLOCK STRING INVERTER, DC BLOCK EXTERNAL INVERTERI TEXAS USA MW MWN 200 CALIFORNIA USA | MW.08.8 MWN2752 CALIFORNIA RUSAS MW 30 MWh 20 NEVADA USA M 220 MW 440 G-VAULT™ H-VAULT™ Plug CUSTOMIZED SOLUTIONS Containerized Lion BESS solution Highly modular (up to GWh scale) • Customized for output, battery chemetry, OEM mode FUTURE PROOF DESIGN Designed to manage markt, grid, and regulatory changes Simplified hardware architecture enables scadety and technology Berbaty SOPHISTICATED SOFTWARE Proprietary cloud based EMS plant control Market participation, analytics, and asset management functionality Moots cybersecunty standards of loading utilities and 150s LIFETIME VALUE Project contracts tailored to long-term nancial goals Long term service offerings with performance guarantees and add-ons 100 MWh GESS. RUDONG, CHINA Ground breaking EVX TM gravity energy storage system (GESS) to support and balance China's national energy grid HYBRID ENERGY STORAGE SOLUTIONS Leveraging hydrogen and other emerging technologies to address grid resiliency and economic dispatch needs ENERGY VAULT © ENERGY VAULT ALL RIGHTS RESERVED - CONFIDENTIAL Enabling a Renewable World#28Exponential growth fueled by the tech-neutral solutions approach validated by largest utilities and IPPS - 40% growth q/q in the most recent Q1 2023 results in Project Awards and overall near term Sales Funnel " SHORT-LISTED SUBMITTED PROPOSALS 27.8 GWh 2.7 GWh Potential Bookings Potential Bookings FLOW THROUGH AWARDED 6.4 GWh Potential Bookings -$12B -$720M -$2.5B Approx. 50% BESS/ " Firm offer submitted " GESS mix Short-listed following competitive bid Contract negotiations • LOI / Firm commitments • Contract awarded ⚫ Final contract negotiations 935 MWh to be deployed in 2023 BOOKED ORDERS 1,635 MWh Bookings $540M Signed contracts to be deployed & executed license agreements Jupiter POWER 2023 Financial Guidance Supported by 1,635 MWh of booked orders and 6.4 GWh of awards Total Signed Contracts & Awards are approximately 8 GWh, representing more than $3B of potential revenue enel Green Power NVEnergy PG&E ENERGY VAULT © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED WELLHEAD Enabling a Renewable World 5 LO#29ورام TM Green Hydrogen at Work™#30ونام TM Energy Business Overview Sanjay Shrestha, CSO and General Manager of Energy Business Copyright 2023, Plug Power Inc. TM ونام#31Controlling the Green Hydrogen Ecosystem Renewable Electricity Hydrogen Generation Electrolyzers Delivery and Storage - Plug Cryo 10 MW On-road Tankers Mobile Refueler 5 MW 1 MW Liquefiers 30 TPD PPA Agreements 15 TPD Stationary Tanks Texas Tennessee New York Georgia Louisiana Green Hydrogen Network plug Portfolio of offerings and generation assets = robust customer solutions 31#32• Peachtree Green Hydrogen Plant - Camden County, Georgia Jul 2022 Sep 2022 Dec 2022 Mar 2023 · 15 TPD LH2 (Future expansion to 30 TPD) May 2023 Night shift • Grid connected In-person sales showcase: product portfolio in action, customer training, construction details and planning Design optimization and EPC benefit for other plants Start-to-finish timeline of 12 months versus an industry average of 48 months plug Pipe racks IQ Cooling Towers 32#33Path to 500 TPD by 2025 2023 Projects Currently Under Construction and In Operation plug Texas Tennessee Louisiana New York Georgia YE 2025 - 500 TPD New York Midwest Tennessee Southwest Texas II Gulf Coast Texas Louisiana Georgia 33 33#34Plug's Hydrogen Delivery Network and Logistics Capabilities 16 GH2 tube trailer deliveries required for every 1 LH2 trailer • Delivery economics come down to demand: how much hydrogen are you consuming daily and how far do you need to transport it? • Plug operates a robust hydrogen delivery network serving over 200 customer sites With the largest fleet of HPTT in North America and 40 liquid tankers One liquid hydrogen tanker contains more hydrogen than sixteen standard gas tube trailers • Innovative equipment designs allow for a range of industrial, commercial, and chemical applications that use hydrogen Largest standard commercial tube trailer = 285 kg • Fewer deliveries Smaller footprint Lower CAPEX and OPEX Green Hydrogen at Work plug LH2 tanker capacity = 4,700 kg • The Plug hydrogen tanker is the largest and lightest trailer ever manufactured, with unprecedented over-the-road payloads plug ونام Exen-e 34 ==#35Green Hydrogen Generation Network Beyond 2025 Pacific NW Supply Midwest California Mountain West plug Southwest Texas Tennessee New York • Further Geographic, Delivery, and Application Diversity Optimization of plant and system design Application of engineering knowledge from initial portfolio of projects 1st "kiloton-scale" plant by 2030 Power generation, eFuels, and industrial decarbonization Currently Operational Georgia and/or Under Construction Louisiana Additional Texas Projects Gulf Coast In Progress: Permitting through Prospecting 35#36Generation Roadmap to 2030 Path to 300TPD by 2027 50 TPD by year-end 2025 120 TPD by year-end 2026 300 TPD by year-end 2027 500 TPD by year-end 2028 1,500 TPD by year-end 2030 plug 2 Facciona 2 2 2 • Hydrogen generation sites • One first site announced in Antwerp • 2 GW-scale sites announced in Finland + 250 MW site Close to 20 sites under development throughout Europe 8-10 sites from 3rd-parties qualified for potential off-take of hydrogen 2 3 GW-scale sites in the Nordics Smallers sites in continental Europe, closer to demand centers (<100 MW) 36#37Energy Business - Key Objectives Electrolyzers: • Successfully execute on existing backlog of product and large project business Build strong bookings for both product and large project business globally Cryogenic Business: Strong growth in liquefier, hydrogen trailer and tanker businesses Green Hydrogen Plants: . plug Georgia plant reaches 15TPD of liquid hydrogen production Project execution at Louisiana hydrogen plant Commission/construct multiple additional green hydrogen plants Collectively results in substantial revenue growth and meaningful margin expansion exiting 2023 and into 2024 37 2#38ورام TM Green Hydrogen at Work™#39Plug TM Electrolyzer Discussion Bruno Forget VP, Strategy & Operations Management Copyright 2023, Plug Power Inc. Green Hydrogen at Work#40Products by Scale of Opportunities S 1 MW M 50 MW L 200 MW XL 1 GW Project size ELX425D plug 425 kg/d ELX2125D 21 TPD plug Corridage XL Product In Development ELX4250D 85 TPD 425 TPD H2 Production 40#41Deployments Already Producing Globally Until the end of this decade, it is all about Speed, Capability & Capacity! plug Works first Geen ydroger wwwww חות. 41#42Market Focus for ELX Scaling - Twelve Month to FID Opportunities >$4B CCU H2 1 • 5MW Product success Industrial • Industry will go Green (Refining, Steel, Semi-Con). • EX: MOL, Ardagh, Apex, Hydro, Havrand, Irving, India Refiners, Linde 1 Methanol ونام Ure Green Chemicals & Fuels (NH3, MEOH, SAF, SNG) "Go big or Go home" market. 2 H2 Mobility (HDV, LDV,MHE) 3 FC CHP •Ideal for ELX for Scaling • Infinium, Fertiglobe Plug is the leader • 1MW Product Success & Enterprise Sales Opportunities • Atco, Ark, Hiringa, Lhyfe, Ganzair, Hyvia Power & Energy (Power, Back-up/ Peak, PtG) • Plug Ecosystem • Enterprise Sales Opportunity •Utility NZ, Amazon 42#43Plug's Supply Chain: Four key pieces to Plug's successful supply chain execution PGM (platinum group metals) Strategic partnership with Johnson Matthey Development of membrane recycling technologies for PGM extraction CCM (catalyst coated membranes) Strategic partnership with Johnson Matthey Co-investment of CCM manufacturing facility with JM (5 GW scaling to 10 GW) Stacks In house manufacturing Up to 1.25 GW currently Can expand up to 2.5 GW by 2025 at Rochester Gigfactory Future Gigafactories being planned Systems Systems Engineering bandwidth (300+ in 4 + offices) Global network of fabrication partners Up to 265 systems currently (~1.8 GW) plug 43#44Plug Uniquely Positioned To Deliver on Robust Prospects: Dedication to Green Hydrogen Green H2 at work today! • →>> Plug created its own Demand (Worlds largest Merchant H2 user) To satisfy this demand, Plug is building with its own technologies a Green H2 plant network* Systems via Global Network of Fabrication Partners . Total Capacity for 1.8GW per year = 255 Systems and growing Execution Capacity & Flexibility • Dissociated System & Stacks manufacturing • Stack: Gigafactory Operating at GW level today. System: Regional, flexible, scalable, proven compliant manufacturing network + Strong dedicated experienced team plug Globally driven Supply chain 44#45ورام TM Green Hydrogen at Work™#46Plu TM Finance Update Paul Middleton, CFO Copyright 2023, Plug Power Inc.#47What Will Plug Look Like in 2026 and 2030? 2026 2030 $5B+ In Annual Sales 30%+ Gross Margin $20B+ In Annual Sales 35%+ Gross Margin 17%+ Operating Income 20%+ Operating Income A Global Hydrogen Ecosystem Market Maker Poised for Continued Substantial Growth Diversified Technology Company Global Hydrogen Solution Platform Generating Significant Earnings & Cash Flows Differentiated Market Position in Large Global Markets plug 47#48Plug's Building Blocks to Drive Growth 1. Large global markets accelerating the hydrogen economy 2. Broad product platform and traction with industry leaders 3. Green hydrogen platform will be a new market and driver in other product lines 4. Investing in capabilities to expand industry and geographic footprints 5. Driving the cost curve through overhead leverage, supply chain, & design enhancements plug 48#49Hydrogen Investments Accelerating Revenue Growth ($s in billions) 25,000 plug 20,000 15,000 10,000 CAGR ~35% 5,000 0 0.06 2014 0.7 >100% Growth over 2022 2022 Plug Power, Inc. CAGR ~50% 1.4 0.03 5+ 1.5+ 2023 2026 Non-consolidated JV's 20+ 2030 5+ 19 49#50Revenue Forecast Outlook Applications MH, EV, stationary, etc. - Market Tail Winds Regulatory Social Cost Curve Energy - Hydrogen Fuel, Electrolyzers, and Cryogenic equipment 2030 2026 • ~$14.4B • • 2023 ~$0.78B ~$3.1B ~$5.6B -$1.9B ~$0.62B • • • • · Action Plans Expand market channels - customers & partners Grow new markets - EV, Stationary Power, Aerospace Leverage global market for electrolyzers Build on cryogenic platform & converge on the pipeline Utilize flexible business models Develop new hydrogen solutions to accelerate adoption Cross sell using full hydrogen solution offering Scale capabilities (supply chain, mfg, green H2, etc.) Continue investment in cost downs & improved performance 50 50#512026 Target business model >30% gross margin ~13% OPEX leverage Continue innovation Vertical integration Supply chain leverage OPEX leveraging plug ты#52Gross Margin Map from Point A to Point B Equipment Improvements Service Improvements Fuel Improvements Higher volume = better leverage of fixed cost & supply chain pricing Stack enhancements to increase reliability and reduce costs Hydrogen generation vertical strategy yields improved margins plug Vertical integration to increase reliability and reduce costs Utilizing analytics for predictive maintenance & performance improvement Infrastructure design improvements increasing site efficiency & reducing costs Innovation leading to simpler design of fuel cells Leverage labor with cluster of customers in a dispatch model New PTC Incentives 52 42#53Success Yielding Improved OI and Operating Cash Flows (% of Revenue) Drivers ✓ Sales & Operating Margin Growth ✓ Core Business is not Capex Intensive ✓ Developing the Supply Chain Enables More Effective Working Capital Strategies Growth Drives More Efficient Cost of Capital Solutions 2026 Target Business Model Operating Income Operating Cash Flows plug 17% >15% 53#54Substantial Growth 2023 Electrolyzers Stationary power On-road Green hydrogen Material handling ты plug#55Key 2023 Execution . Successful execution of the electrolyzer business systems • Building systems at scale • • Building green hydrogen plants beyond Georgia Start ramp of stationary products for expansion in 2024 Develop financing solutions for the hydrogen plants. Project equity and/or debt solutions Corporate level debt solutions No dilution of present shareholders Continual focus on government policy plug 55#56Near Term KPIs for 2023 Forecast 1. Ramp ELX stack manufacturing to > 100 MW/month 2. Deploying first largescale stationary solutions 3. Commission 1st green hydrogen plant (Georgia) 4. Leverage MH pipeline to grow 2023 deployments by >50% 5. Build cryogenic pipeline to grow 2023 ~300% DONE (May 23 > 100) Within 30 Days Within 30 Days DONE Pipeline > 50% DONE (Pipeline >300%) plug 56#57Mid Term KPIs - 2nd half 2023 1. Ramp ELX container supply chain/fabrication/customer deployment to deliver >27 systems 2. Close on cryogenic sales pipeline (liquefiers, mobile refuelers, stationary storage, etc.) 3. Close additional largescale MW/GW plant sales opportunities in next 90 days 4. Deliver on upside MH opportunities 5. Drive key short term cost downs initiatives - supply chain, reliability, fuel, etc. 6. Nurture final government IRA guidance & leverage opportunities plug 51 57#582023 Financial Projections plug Condition Expected 2023 Revenue $1.4B 2023 Gross Margin $140M Lower Case Applications: $620M Energy: $780M $1.2B Applications $610M - Energy - $590M $50M Key Items Comment Shipping 27 5MW electrolyzer containers Sell an additional 60T of liquefiers Sell one more 500MW plant in the next 90 days - many are in the works Other opportunities in the works 58#59Liquidity Planning - Targeting $1B annually Green H2 Investment Leverage Opportunity -$6B ~$2.5B ~$1B ~$9M Total assets Cash/ST investments Property/Equipment Long-term debt Lucrative Project Portfolio GA Plant Example 15 TPD ASP $6 to $8/kg PTC Opportunity COGS $2/kg (net) • $35M Annual Net Positive Cashflows Ability to upsize to 30 TPD Range of Solutions Project Finance Project Equity (strategic) Corporate Debt DOE plug 59#60PLUG Nasdaq List plug Nasda en Hydroge at Work TM max ORIG THE FLIC ATTENI plug