no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any...

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means – electronic, mechanical, photocopying,

recording or otherwise – without the permission of Plug Power Inc. COMPANY CONFIDENTIAL Copyright 2003 by Plug Power Inc.

Financing the Hydrogen Revolution, London, 26 February 2004Scott Hulett

Clean, Reliable, On Site Energy…

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SAFE HARBOR STATEMENT

This presentation contains forward-looking statements, including statements regarding the company’s future plans and expectations regarding the development and commercialization of fuel cell technology. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected. The forward-looking statements speak only as of the date of this presentation. The company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the company’s expectations or any change in the events, conditions or circumstances on which such statement is based.

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Product Development

Plug Power’s strategy is to be a leading provider of

clean, reliable on-site energy.

We will profitably develop, market, manufacture, sell and

support systems for energy consumers worldwide

who value reliability and energy security.

Sales & Support

STRATEGIC INTENT

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PRODUCT LINES

Backup power products• Telecommunications• Broadband • Industrial uninterruptible power supply

Battery-replacement modules • Material Handling Equipment

On-Site hydrogen generation• Industrial gas applications

Combined heat & power products• Remote residential• Small commercial applications

Home refueling systems • Residential & automotive

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PROGRESSIVE MARKET ENGAGEMENT STRATEGY

Attractive market opportunities - Niche and Mass Government support increasing Selling products now Pursuing opportunities to enter commercial markets

• BACK-UP– Telecom, Broadband & Uninterruptible Power Systems

• ON-SITE HYDROGEN GENERATION– Generator Cooling & Metal Fabrication

• RESIDENTIAL AND SMALL COMMERCIAL– Niche markets – Remote commercial and residential

– Mass markets - Grid parallel residential and light commercial

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Grid ParallelPower

2000

Innovators / Early Adopters

2020

Progressive market engagement

Value

Commodity

Pric

ing

RemoteStationary

Automotive

On-site H2

Generation

IntermittentPower

MARKET ENGAGEMENT

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FIELD EXPERIENCE

144 systems are currently in the field in 20 U.S. states and 9 countries at 37 different customer locations

Systems have logged 800,000 operating hours and over 2M kWh since 2001

Installations are generating electricity for research facilities, commercial buildings, multi-family homes, military bases, utility substations, residences, a fire station, national laboratories and universities.

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Grid ParallelPower

2000

Innovators / Early Adopters

2020

Value

Commodity

Pric

ing

RemoteStationary

Automotive

On-site H2

Generation

IntermittentPower

MARKET ENGAGEMENT

Progressive market engagement

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GenCore 5T

Value PropositionValue Proposition Backup power technology

designed to increase network reliability while reducing system operating expense

ApplicationsApplications Telecommunication back-up power Industrial uninterruptible power Substation back-up power

H2 fueled DC back-up power supply

Valve Regulated Lead Acid Battery Replacement

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System Reliability ImprovementSystem Reliability Improvement Enable power redundancy or replacement for

existing backup power system (batteries) Provide scalable backup power for system outages Increases network power security via remote

connectivity

Operating Expense ReductionOperating Expense Reduction Eliminates battery replacement and maintenance Reduces personnel callouts during power outages Alleviates space shortages for next generation

telecom networks Reduces customer churn resulting from network

outages

11GenCore systems replace or provide additional redundancy

~

Lighting

Heaters

Air Conditioning

911

T1

Critical Service

Transfer switch

AC Grid

AC Genset

Batteries(8 hr)

AC

DC

DC Genset

TYPICAL TELECOM INSTALLATION

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5kW Fuel Cell Stack

-48V DC Converter

Hydrogen Fuel Storage

-40C Cold Start Kit

Cell Voltage Monitoring

(shown with composite tank Storage option)

(Adjust -46Vdc to -56Vdc)

Scalable hydrogen fueled fuel cell back-up power system

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• 5kWe-net rated system (80% operating load)• 8 hrs of outage coverage• Average 8 outage hours per year• 4 Yr Battery Life• Battery cost of $180 (100A-hr)

LIFE CYCLE COST

Capital Cost (Installed)

Cost of Ownership(5 Years)

Cost of Ownership(10 Years)

17,500 26,992 34,475

16,490 18,533 20311GenCore

Battery Solution – New(w/Battery Cabinet)

11,000 19,765 26,706Battery Solution - Retrofit(Battery replacement)

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4hrs / E-GHybrid

Weight (Lbs)

Footprint (ft2)

Volume (ft3)

Price (installed)

GenCoreGenCore

800

9.7

35.4

1,250

10.0

47.9

16,490 16,490

2,770

12.4

53.8

15,268

LPGFuel Storage

(Steel)Fuel Storage(Composite)

3,790

7.4

44.1

8hrs Battery

11,667

PHYSICAL COMPARISON

Light weight, low profile

Max Height 44”72”52” 72”

Big ValueItem

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OEM/Distributor channel• Field Service• Direct Sales• Product content• Collaboration

1. Technical2. Marketing

Telecom/Cable Broadband/UPS

Multiple OEMs

Plug Power

Distributors

Fueling Service• Turnkey re-fueling• Storage inventory• Billing

Partnering for success

GENCORE MARKET ACCESS

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Cost effective solution

Predictable performance/runtime

Scaleable

Low maintenance requirements

Tolerant/flexible in diverse environments

Extended back-up time operation

Simple operation

VRLA

Light-weight

Environment friendly

First Life-cycle

TECHNOLOGY COMPARISON