Copyright 2017, Plug Power Inc.

August 2017

Infinite Drive

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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.

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Our Mission

4

Plug Power is the Leader in

Hydrogen and Fuel Cell Technology

1st to create a

market for HFC

technology

150

HFC patents

7.5MM+

Hydrogen fuelings

15K+ units in

the field

135MM+

operating hours

70% reduction in cost

profile since 2013

>3x revenue

growth since 2013

80% Blue Chip

Customer Base

5

Success in Our First Market:

Growing Share in Material Handling Applications

Full suite of products through GenKey

solution accelerates customer adoption

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 enhanced operator

efficiency

❖ Reduced downtime due to battery

changes/charging

❖ Space savings

❖ IoT proactively identifies issues to

maximize uptime

The global material handling market represents a $30 billion total market opportunity

Co

mp

lete

Tu

rnke

y S

olu

tio

n

Hybrid electric fuel cell solution for forklifts

• Drop in replacement

• >15,000 units in the field; 135M + hours

Fueling infrastructure & fuel delivery

• 150+ hydrogen dispensers @ 48 installed sites

• 10k fuelings/day, 7M+ total

Complete service and maintenance

• 98+% uptime performance

• IoT data collection, monitoring and control

Fuel cell engines for a variety of applications

• Industry leading high power & air-cooled designs

• Lower cost, higher performance, 35+ yrs. IP

6

Success in Our First Market:

Loyal and Repeat “Blue Chip” Customers

M

u

l

t

i

-

multi-site & repeat customers

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Plug Power and Walmart Expand Relationship

History of a Long Term Partnership• Relationship dates back to 2008, with Walmart now

having over 6,600 units in the field

Multisite Program• Deployments at 30 sites expected over next three

years

• Ten sites already under contract and expected to be

completed in 2017 (~$80 million in value)

Improved Financing Terms• Low cost financing without restricted cash

• Resulting in cash flow positive financing for

GenDrive and GenFuel infrastructure

Warrant Agreement• Warrant structure connected to cash payments

• $600 million overall revenue target

Technology Collaboration• Leadership in helping develop new ProGen markets

and applications

Walmart : Early Adoption with Rapid,

Consistent Growth

Plug Power’s relationship with Walmart

represents the largest hydrogen enabled fleet

in the world

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Background• Plug Power and Amazon actively engaged in Spring,

2016

• Amazon recognized Plug’s value proposition,

including the ability to enhance warehouse

productivity

Pathway to Success• First site implemented in Q4 2016

• Multiple sites completed year-to-date 2017

• $70 million estimated revenues in 2017

Technology Collaboration• Leadership in helping develop new ProGen markets

and applications

Investment in Plug Power• Warrant structure connected to cash payments; full

vesting of warrant upon $600 million aggregate

spend

Plug Power Signs Strategic Agreement with Amazon

Amazon establishes multi-year,

multi-site customer agreement with Plug Power

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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

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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

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Fuel Cells will be a Viable Player in Addressing the

Trends Shaping the Motive Industry

Seeking Efficiency Through Vehicle…

ElectrificationFuel Cells: Range is not compromised, reduced emissions, shorter charging

times

❖ Plug fuel cells will replace batteries in the forklifts used in the

distribution centers of leading retailers and manufacturers

like Walmart, Amazon, Carrefour, and Mercedes (and others)

Asset UtilizationFuel Cells: Consistent utilization to meet consumer demand; fuel costs

scalable over larger fleets, centralized fueling, automation

❖ Plug Power services the BMW fleet, which has its trucks in

operation 24/7

AutonomyFuel Cells: Sensor-equipped, range, persistent use

❖ Plug Power is powering automatic guided vehicles at P&G

factories

Last MileFuel Cells: Ability to use within delivery vans, robots, drones, hastening

delivery times

❖ FedEx delivery vans incorporating ProGen engines, save time

spent on fueling, and without compromising range

Asset

Utilization

Last MileAutonomy

Electrification

Hydrogen Fuel Cells Are a Logical Enabler

Each trend is driven by the value individuals

place on time, reliability, convenience,

predictability, and cost savings

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Beyond Material Handling

Customer behavior in commercial applications drives the need to use fuel cells as part of the EV solution

Chinese Delivery Vans

• Will increase range of current battery-only truck

from 90 to 160 miles

• Prototypes were installed in May of 2017

• Three-way MOU signed to deploy commercial fuel

cell vehicles

FedEx

• Cargo payload not diminished

• More than double current battery-only range

to 150 miles

• First truck was ready for testing in June of 2016

• 19 additional units expected to be deployed through

2018

Heavy Utilization - High Energy Intensity - Inability to Pause Operations

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Total GenKey Installs Cumulative GenDrive Units

Total 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)

1501,200

4,600

7,500

2014 2015 2016 TODAY

Note: 2017 estimates are available in the guidance posted in our latest 10Q filing.

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$9.4

$24.0

$31.4

$38.4

$15.3

$20.5

$17.6

$32.6

$15.2

$22.6

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

GAAP Gross Quarterly Revenue

Commenced utilization of new Power Purchase

Agreement (“PPA”) financing in 1Q’16

Increased Visibility with Recurring Revenue Mix

Full year 2017 adjusted gross revenue is expected to be $130 million

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$14.8

$17.5 $17.3 $16.6

$8.9 $8.7

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

$20.0

Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

Fair Value of PPA Assets Deployed

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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

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2017 Guidance: Improving Operational and

Financial Performance

Metric 2017 Guidance

Gross Revenue (GAAP) Total: $130 million

Shipments

GenDrive

GenFuel Sites

ProGen Mods.

Total

5,600

25

100

Non-PPA

3,800

16

100

PPA

1,800

9

N/A

Adjusted Gross Margin* • 8% - 12%

Bookings • $325 million

Cash • $25-$35 million of free cash flow use

*Adjusted gross margin excludes charges related to Amazon and Walmart warrants

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Continuing to lead the commercialization of fuel cells• Plug experience remains unmatched with more than 135 million hours of fuel-cells in service

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 has enabled us work with OEM’s, leading to the 3-way MOU signed with Furui for delivery

vans

Replicating success in material handling• Adaptable technology across a range of power and energy needs: deployed multiple units of ground support

equipment (GSE), and developed the FedEx fuel cell commercial vehicle

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

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 Relationsinvestorrelations@plugpower.com