Investor Presentaiton

Gross 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

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