Plug Power provides hydrogen fuel cell solutions for material handling and transportation applications. In 2017, Plug Power estimates it will generate $130 million in revenue, deploy over 20,000 fuel cell units, and complete 8.5 million hydrogen fuelings. Plug Power continues to reduce costs and expand relationships with major customers such as Amazon and Walmart to drive growth in the electric vehicle market.

1. Copyright 2017, Plug Power Inc.
2017
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, 2015. 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

4. 4
Plug Power is the Leader in
Hydrogen and Fuel Cell Technology
1st to create a
market for HFC
technology
150
HFC patents
8.5MM+
Hydrogen fuelings
19K+ units
deployed
150MM+
operating hours
70% reduction in cost
profile since 2013
3x revenue growth
since 2013
80% Blue Chip
Customer Base

5. 5
Success in Our First Market:
Growing Share in Material Handling Applications
• Plug Power owns over 95% of current market share for
hydrogen fuel cells
• Plug Power’s technology drives productivity and
streamlines operations for our customers:
❖ Constant power drives improved operator efficiency and
performance
❖ Reduced downtime due to elimination of battery
changes/charging
❖ Enhanced performance in cold and freezer environments
❖ Removal of battery room increases productive floor space
❖ Elimination of harsh and harmful chemicals and processes
The global material handling market represents a $40 billion total market opportunity
Technology drives
performance
Reputation attracts
new clients
Growth enables
new investments

6. 6
57 installed sites
~300 hydrogen dispensers
12.5k fuelings/day, 8.5M+ total
Fueling infrastructure and
fuel delivery
Completesolutiondrivescustomeradoption
18,000+ units deployed
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

7. 7
Success in Our First Market:
Loyal and Repeat “Blue Chip” Customers
Amazon Wal-Mart
History
 Relationship dates back to 2008, with Walmart
now having 33 sites with over 7,600 units in
the field
Multisite Agreement
 New commitment to bring total sites to nearly
60 by the end of 2019
 Ten sites already under contract and expected
to be completed in 2017 (~$80 million value)
Improved Financing
 Cash flow positive financing for GenDrive and
GenFuel infrastructure
 Low cost financing without restricted cash
History
 Plug Power and Amazon actively engaged in
Spring, 2016
 Amazon recognized Plug Power’s value
proposition; implemented first site in Q4 2016
Multisite Agreement
 $70 million estimated revenues connected to
GenKey installations in 2017
 Significant progress with 10 sites through Q3
2017
 The agreement is structured as a customer
purchased transaction, with favorable pricing
in the absence of a tax credit
The Relationships with Amazon and Walmart extend Beyond Multi-site Buildouts
Technology Collaboration: Working together to help develop new ProGen markets and applications
Warrant Agreements: Investment in Plug (warrants) connected to cash payments (~$600 million revenue target for each)

8. 8
Plug Power is…
Leading the commercialization of hydrogen fuel cell technology
Expanding our market position in material handling applications
Leveraging our proprietary and flexible ProGen fuel cell engine platform
Replicating success achieved in first market
Delivering strong and predictable revenue and bookings growth

9. 9
The global electric vehicles market is expected to reach $334 billion by 20241
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 value 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
✓Require long run times
✓Be fully sensored
✓Be constantly connected
✓Have zero emissions
✓Leverage renewable
fueling options
✓Connect and interact
with the grid

10. 10
Fuel Cells will Enable the Key Trends in the
Motive Industry
Adaptability
• Wide span of addressable power ranges (50W to >30 kW)
• Performance and cost optimization through hybrid design
• Enables a variety of use cases including delivery trucks/vans, busses,
cars, industrial vehicles, robots, drones, etc.
High Energy Density
• Energy scales with hydrogen storage
• Enables longer range, heavier payloads, increased hotel loads
(sensors, communications, active devices)
Fast Refueling
• Quick turn-around of high-value assets
• Enables 24/7 operations to address ever-increasing consumer demand
Scalable Infrastructure
• Scales with increased fleet size and energy needs
• Enables rapid deployment and scaling of EV platforms
Renewable Fuel Options
• Available today; scaling rapidly with expansion of renewable power and
advancements in hydrogen conversion technologies
• Enables truly flexible and renewable fuel options for transportation
Sharing
Economy
Fuel Cell Vehicles are Electric Vehicles with Significant Enabling Traits
Emissions
Autonomy
Electrification
Hotel Loads
Asset
Utilization
Each trend is driven by the value customers place on
time, reliability, convenience, predictability, and
cost savings
Last Mile

11. 11
Beyond Material Handling
Customer behavior in commercial applications drives the need to use fuel cells as part of the EV solution
Chinese Delivery Vans*
• Nearly doubles current battery-only range to 160 miles
• Prototypes were installed in May of 2017
• Significant on-road testing completed
• Passed all fuel cell system qualification tests1
FedEx
• Cargo payload not diminished
• Triples current battery-only range to over 150 miles
• Significant on-road testing taking place today
• 19 additional units to be deployed through 2018
Heavy Utilization - High Energy Intensity - Inability to Pause Operations
1. Qualification by the National Center of Supervision and Inspection on Motor Vehicle Products Quality
* We are actively and strategically exploring multiple opportunities in China in addition to expanding the relationship with our first customer

12. 12
Total GenKey Installs Cumulative GenDrive Units
Cumulative Hydrogen Fuelings (Thousands) Bookings (Millions)
Rapidly Growing Sales & Deployments
-
8
26
42
67
2013 2014 2015 2016 2017
(Est)
4,400
6,700
10,600
14,800
20,400
2013 2014 2015 2016 2017
(Est)
$75
$150
$205
$280
$325
2013 2014 2015 2016 2017
(Est)
150
1,200
4,600
8,500
2014 2015 2016 TODAY
Note: 2017 estimates are available in the guidance posted in our latest 10Q filing.

13. 13
GAAP Gross Revenue (Millions) Fair Value of PPA Assets Deployed**
Increased Visibility with Recurring Revenue Mix
$26.6
$64.2
$103.3
$85.9
$130.0
2013 2014 2015 2016** 2017E
$66.2
$35.2
2016 2017 (Est)
**Commenced utilization of new Power Purchase Agreement (“PPA”) financing in 1Q’16
Note: In 2017, adjusted gross revenues will reflect non-cash warrant charges

14. 14
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

15. 15
Continuing to lead the commercialization of fuel cells
• Plug experience remains unmatched with more than 18,000 fuel cells deployed accumulating over 150 million
hours of run time
Expanding Plug market position
• Added top retailers Amazon and Carrefour to our book of business, and meaningfully expanded our relationship
with Walmart through new multi-site agreement
Leveraging the ProGen fuel stack in our new designs
• The ProGen platform enables us work with a variety of OEM’s on stationary and motive power applications
Replicating success in material handling
• Adaptable technology across a range of power and energy needs, such as ground support and on-road delivery
applications with FedEx
Paving a path towards profitable revenue growth
• Significant cost reductions will continue to drive margins
• Enhanced predictability of revenue and deployments through new long-term contracts
Plug Power Success

16. Corporate Headquarters
968 Albany Shaker Road, Latham, NY 12110
West Coast Office
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