Safe Harbor Statement

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Legal Disclaimer

This presentation 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 regarding gross billings for 2021 and 2025 and other financial metrics such as annual sales, gross margins, OPEX leverage and operating income for 2025, including action plans in place to achieve such targets; statements regarding PLUG’s outlook, growth, strategies and drivers for growth, including potential acquisitions and joint ventures; PLUG’s position and capabilities in hydrogen generation, liquefaction and distribution of green hydrogen fuel, including its ability to generate long-term growth; expectations regarding the acceleration of zero emission sustainable solutions and PLUG’s ability to deliver such solutions; expectations regarding the projected timing of green hydrogen plants in the U.S.; expectations regarding the path to 500 TPD by 2025; expectations regarding fuel revenue in 2025; trends regarding service and fuel costs; market penetration growth expectations for fuel cell deployments, stationary power and new markets; expectations regarding the deployment of electrolyzers (MWs) to external customers by 2025; expectations regarding new market applications; expectations regarding the sales pipelines and the expected timing and amount of deliveries; expectations regarding the installation of electrolyzer solutions and the amount of TPD of green hydrogen that will be generated and sold; expectations regarding the amount of operating forklifts in the U.S. and Europe by 2030; expectations regarding PLUG’s ability to achieve cost parity with lead acid batteries and its projected market share and projected revenues by 2025 and 2030; expectations regarding the continued growth in material handling and PLUG’s ability to further such growth; expectations regarding PLUG’s ability to accelerate the adoption of fuel cell applications and decarbonize other industries;  expectations regarding E.U.’s hydrogen network and expansion opportunities outside of the E.U.; and expectations regarding Hyvia’s customer pilots and the timing of the offering of vehicles in Europe.  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 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 may not ship, be installed and/or converted to revenue, in whole or in part; the risk that a loss of one or more of our major customers, or if one of our major customers delays payment of or is unable to pay its receivables, a material adverse effect could result on our financial condition; the risk that pending orders may not convert to purchase orders, in whole or in part; the cost and timing of developing, marketing and selling our products; the risks of delays in or not completing our product development goals; our ability to achieve the forecasted gross margin on the sale of our products; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our products and services; 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 market, distribute and service our products and services internationally; our ability to improve system reliability for our products; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost of complying with current and future federal, state and international governmental regulations; our subjectivity to legal proceedings and legal compliance; the 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, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. 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.

 

In addition, the industry and market data contained in this presentation is based either on our management's own estimates or on independent industry publications, reports by market research firms or other published independent sources. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness, as industry and market data are subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey of market shares. Accordingly, you should be aware that the industry and market data contained in this presentation, and estimates and beliefs based on such data, may not be reliable. Unless otherwise indicated, all information contained in this presentation concerning our industry in general or any segment thereof, including information regarding our general expectations and market opportunity, is based on management's estimates using internal data, data from industry related publications, consumer research and marketing studies and other externally obtained data.  Certain financial or other projections are based on management estimates, currently available information and assumptions that may change.  Accordingly, there can be no assurance that we will achieve our projected financial or other expectations.  The expectations are inherently subject to significant economic, competitive and other uncertainties and contingencies, many of which are beyond the control of management.  Actually results may vary materially based on a number of factors.

Gross billings is based on the invoice value of equipment deployed and services rendered. Invoice value of equipment is measured on a relative basis using cash value within contracts with customers and it is attributed to the period in which the equipment is deployed. To that amount, PLUG adds the invoice value for services rendered in the period. These services include fuel provided, extended warranty contracts serviced, power provided under Power Purchase Agreements, etc. PLUG’s objective in presenting gross billings is to present to investors an operating metric that conveys commercial growth over time. Management also uses this operating metric as a measurement of commercial growth, a basis for establishing performance targets and annual budgets, and for making operating decisions. The significant estimates and assumptions underlying the metric include the allocation of revenue, excluding the provision for warrants, based on relative stand along selling prices used in our GAAP revenue numbers.