1. 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 2004 Scott Hulett Clean, Reliable, On Site Energy …

2. 2 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.

3. 3 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

4. 4 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

5. 5 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

6. 6 Grid Parallel Power 2000 Innovators / Early Adopters 2020 Progressive market engagement Value Commodity Pricing Remote Stationary Automotive On-site H 2 Generation Intermittent Power MARKET ENGAGEMENT

7. 7 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.

8. 8 Grid Parallel Power 2000 Innovators / Early Adopters 2020 Value Commodity Pricing Remote Stationary Automotive On-site H 2 Generation Intermittent Power MARKET ENGAGEMENT Progressive market engagement

9. 9 GenCore 5T Value Proposition  Backup power technology designed to increase network reliability while reducing system operating expenseApplications  Telecommunication back-up power  Industrial uninterruptible power  Substation back-up power H 2 fueled DC back-up power supply Valve Regulated Lead Acid Battery Replacement

10. 10 System 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 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

11. 11 GenCore 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

12. 12 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

13. 13 5kW e-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) 17,50026,99234,475 16,49018,53320311GenCore Battery Solution – New (w/Battery Cabinet) 11,00019,76526,706Battery Solution - Retrofit (Battery replacement)

14. 14 4hrs / E-G Hybrid Weight (Lbs) Footprint (ft 2 ) Volume (ft 3 ) Price (installed) GenCore 800 9.7 35.4 1,250 10.0 47.9 16,490 2,770 12.4 53.8 15,268 LPG Fuel Storage (Steel) Fuel Storage (Composite) 3,790 7.4 44.1 8hrs Battery 11,667 PHYSICAL COMPARISON Light weight, low profile Max Height44”72”52”72” Big Value Item

15. 15 OEM/Distributor channel Field Service Direct Sales Product content Collaboration 1. Technical 2. Marketing Telecom/Cable Broadband/UPS Multiple OEMs Plug Power Distributors Fueling Service Turnkey re-fueling Storage inventory Billing Partnering for success GENCORE MARKET ACCESS

16. 16  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 FirstLife-cycle TECHNOLOGY COMPARISON