Plug power ir deck 5.2018 f1

1. Copyright 2018, Plug Power Inc.
May 23, 2018
Infinite Drive

2. 2
Safe Harbor Statement
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 Inc. (“PLUG”), including but not limited to statements about PLUG’s expectations for 2016 and 2017, including GAAP revenue, number of GenDrive shipments, number of
GenFuel sites, number of ProGen modules, GAAP gross margin, bookings and net cash use, future product cost reduction, PLUG’s growth in multi-site customers, PLUG’s entry into new
markets and products, including but not limited to ProGen and the electric vehicle market in China and the viability and growth of such market. You are cautioned that such statements
should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have
been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In
particular, the risks and uncertainties include, among other things, 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 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 will not ship, be installed and/or converted to revenue, in
whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that a loss of one or more of our major customers could result in a material
adverse effect 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 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 or key personnel; the risks related to use of flammable fuels in our products; the cost and timing of
developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our
products; the risk that our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling
infrastructures for our products; market acceptance of our products, including GenDrive, GenSure and GenKey systems; the volatility of our stock price; 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; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our
product lines; our ability to successfully expand internationally; our ability to improve system reliability for our GenDrive, GenSure and GenKey systems; competitive factors, such as price
competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal,
state and international governmental regulations; risks associated with potential future acquisitions; and other risks and uncertainties referenced in our public filings with the Securities
and Exchange Commission (the “SEC”).
For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's
Annual Report on Form 10-K for the year ended December 31, 2017. You should consider these factors in evaluating the forward-looking statements included in this presentation and not
place undue reliance on such 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.

3. 3
Our Mission
Changing the way the world moves by developing
industry-leading hydrogen fuel cell energy solutions
for high growth mobility markets around the globe

4. 4
The global electric vehicles market is expected to reach >$350 billion by 20251
The Future of Mobility is Electric
Robotics &
Drones
Autonomous
Vehicles
Commercial
Trucks
Commercial
Buses
Industrial
Mobility
Industrial and commercial electric vehicles today represent 60% of the electric vehicle market2
1. IDTechEx Market Research: “Electric Vehicles Change the World 2017-2037”
2. Research and Markets: “Industrial and Commercial Electric Vehicles on Land 2017-2027"
EV Use Cases Will…
Have high utilization and
long run times
Require reliable
performance in harsh
environments
Leverage cost efficient,
rapid fueling options
Be adaptable across a
range of energy needs
Be fully sensored and
constantly connected
Have zero emissions

5. 5
Success in Our First Market:
Growing Share in Material Handling Applications
• Plug Power owns 95% of current market share for
hydrogen fuel cells
• Plug Power’s technology drives productivity and
streamlines operations for our customers
 Constant power and improved performance drives improved
operator efficiency
 Reduced downtime due to battery changes/charging
 Space savings
 IoT proactively identifies issues to maximize uptime
The global material handling market represents > $30 billion total market opportunity
Technology drives
performance
Reputation attracts
new clients
Growth enables
re-investment in
our business

6. 6
Success in Our First Market:
Loyal and Repeat “Blue Chip” Customers
M
u
l
t
i
-
multi-site & repeat customers

7. 7
60 installed sites
300+ hydrogen dispensers
15k fuelings/day, 10M+ total
Fueling infrastructure and
fuel delivery
Completesolutiondrivescustomeradoption
20,000+ units in the field
Drop-in replacement
150M+ operating hours
Hybrid electric fuel cell solution
for forklifts
98+% uptime performance
IoT data collection, monitoring
and control driving efficiency and
uptime
Complete service and
maintenance
Full Suite of Products Accelerates
Customer Adoption
Industry-leading high-power and
air-cooled designs
Lower cost / higher performance
35+ years of Plug Power IP
Hybrid fuel cell engines for a
variety of applications

8. 8
Walmart is a Long-Term Strategic Partner
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
2016
• 2,500 GenDrive units deployed in 2016
• Total of 25 sites commissioned to date
• >5,500 trucks in service across North America
2017 and
beyond
• Signed follow on multisite agreement to
continue expansion in 2017 and beyond
• Warrant structure connected to $600 million
future spend (>100 potential sites)
• Deployed 8 sites in 2017
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

9. 9
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
Multi Site Agreement Announced in 2017
• Over $70 million revenues in 2017 (10 sites)
• Multiple existing and new potential sites in scope
• Included collaboration for other mobility applications
Investment in Plug Power
• Warrant structure connected to $600 million future spend
Plug Power Signs Strategic Agreement with Amazon
Amazon establishes multi-year,
multi-site customer agreement with Plug Power

10. 10
Plug Power is the Leader in
Hydrogen and Fuel Cell Technology
1st to create a
market for HFC
technology
>150
HFC patents
12
HFC trademarks
20K+ units in
the field
150MM+
operating hours
70% reduction in
equipment cost profile
since 2013
>5x revenue
growth since 2013
Blue Chip
Customer Base
®

11. 11
GenKey Installs Cumulative GenDrive Units
Rapidly Growing Sales & Deployments
-
8
26
42
60
2013 2014 2015 2016 2017
4,400
6,700
10,600
14,800
> 20,000
2013 2014 2015 2016 2017

12. 12
R² = 0.99
13%
25%
50%
100%
GenDrive Unit Cost Over Time
Cost Controls and Economies of Scale
Drive Margin Expansion
Many factors will continue to support steady
cost reduction
• Volumes
− Multi-year sourcing allows us to take advantage of lower
pricing associated with higher volumes
• Dual source strategies
− Risk mitigation
− Cost reduction and supplier innovation
• Integration
− Functional & Vertical
• Tooling, Automation
• Industry leverage of key components
− Sector expansion drives component pricing
− Examples include membranes, batteries, etc
Cost Reduction is the Key to Success
Additional ~40%
cost reduction
Expected

13. 13
Significant Opportunity to Leverage First Market
Near-Term Growth Opportunities
Strong early customer base
with potential for expansion
Strategic relationships,
including our relationship with
Air Liquide, enable additional
opportunities
Europe
Top 7 clients represent at
least 200 uninstalled sites
Considerable opportunity to
sell additional services to
existing customers
Expanding
Relationships with
Existing Customers
Extension of GenDrive
product design addressing
comparable use case
requirements
Examples include ground
support equipment (GSE)
and automatic guided
vehicles (AGV)
Market Application
Expansion
>$30B total global
opportunity
>$15B addressable
opportunity between
European and U.S. markets
Large Penetrable
Market

14. 14
Moving Beyond Material Handling
Why the Electric Vehicle Market Continues to Grow
The world is going electric, and EVs provide value over traditional IC engines.
1. Design Simplicity
2. Lower Total Cost of Ownership
3. Higher Reliability
4. Self-Driven Vehicles / Autonomy
5. Climate Change
EVs: electric vehicles
IC: internal combustion

15. 15
Why Fuel Cell Vehicles will be a Big Portion
of the EV Market
1. Power Density is 10x BEVs
2. Asset Utilization
3. Sharing Economy
4. Fast Fueling
5. Range
FCEVs are Ideal for Commercial Vehicles.
Attributes of Fuel Cells Potential Opportunity
FCEVs: fuel cell electric vehicles

16. 16
Why Plug Power will be a leader in the Electric
Vehicle Market
• Plug’s broad technology platform is purposely
modular and scalable
• Plug core competencies including system
integration, service support, and fueling solutions
• Material handling applications are more
challenging than broader EV Opportunities
• Application requirements across the EV
market have commonality
Plug is market leader with > 20k fuel cell units and > 300 fueling dispensers deployed.
EVs: electric vehicles

17. 17
ProGen Platform Unlocks a Vast Opportunity Set
A Proven Record Sets the Industry Standard
15% increase in fuel efficiency (relative to former engines)
15% increase in run-time (relative to former engines)
2 million hours of run-time across GenDrive units
6,000 ProGen stacks used across stationary and mobile
Modular Design Enables Mass Adoption
• Currently incorporated into our mobile and stationary products
• Scalability allows customers to adopt fuel cell power on their terms
• Original equipment manufacturers (OEMs) can easily integrate
• Flexibility drives penetration into new markets: Ground support,
range extenders, commercial vehicles
ProGen
Stack Module
GenDrive
Unit
ProGen Fuel Cell Stack

18. 18
Best in Class design: 1/2 volume, 2X power density, 25% cost reduction (at volume)
Stack
Launch
ProGen
Launch
2010
2018/
2019
2012 2014 2016
StackCost
Plug Power Stack Technology:
The Heart of ProGen Engines
3.1
1.7
VolumetricPower(KW/L)
B
Best in Class
AutomotiveB
B
Best in Class
Graphite
B

19. 19
ProGen Product Applications
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

20. 20
TODAY
Vehicles within a defined space
e.g. Forklifts, Ground Support
Captive
TODAY & NEAR HORIZON
Vehicles that return home each night
e.g. FedEx, USPS
Vehicles stay in a defined region
e.g. Utility, delivery, buses, drones
Tethered
Local
1-3 YEARS
Supports broader range than local area
e.g. Taxis, longer range buses, trucks
Regional
3 YEARS+
Supports broader range than regional area
e.g. Personal vehicles
National
Clear Roadmap to Replicate First Market Success
Leveragingexistingtechnologyto
Increaserange&power
Example: H2 City

21. 21
China Represents a Substantial Opportunity
Plug Power’s experience and expertise is directly translatable to this growing market
• >$100B of new investment in 2015 – more than rest of world combined
• Large push to combat pollution and reduce global carbon footprint
• Fuel cells have been identified as a part of their 5 year plan with significant
subsidies proposed for FC vehicles at state and provincial levels
The world leader in investing in new energy technologies
• 10x increase in EVs from 2013 to 2015, driven by commercial vehicles
• Fuel cells provide longer range, faster fueling and better energy density for
high-performance and commercial/industrial applications
Building on momentum of battery EV expansion
2. Bloomberg New Energy Finance
8
7
10
36
128
0
100
200
300
400
500
2011 2012 2013 2014 2015
North America Europe China Japan RoW
Electric Vehicle Sales (Thousands)2
• Qualified first prototype with top tier China specialty vehicle OEM
• Established clear plan to develop China strategic partnership in 2018
• Current solutions provide scalable rollout with attractive margin profile
Plug has made significant progress in this market
8.3
39.6
102.9
0
20
40
60
80
100
120
2005 2010 2015
China New Investment in
Renewable Energy ($Bn)1
1. Global New Investment in Renewable Energy by Region, 2004-2015, $BN United
Nations Environment Program

22. 23
Plug Power is…
Leading the commercialization of hydrogen fuel cell technology
Leveraging our proprietary and flexible ProGen fuel cell engine platform
Expanding our market position in material handling applications
Replicating success in first market achieved in multiple new markets
Delivering strong and predictable revenue and margin growth

23. Corporate Headquarters
968 Albany Shaker Road, Latham, NY 12110
West Coast
15913 E. Euclid Avenue, Spokane, WA 99216
plugpower.com
Andy Marsh, President and Chief Executive Officer
Paul Middleton, Chief Financial Officer
Investor Relations
investorrelations@plugpower.com