Plug Power, Inc.

Greetings and welcome to the Plug Power First Quarter 2021 Earnings Conference. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If you would like to ask a question, you may press star 1 on your telephone keypad. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Teal Hoyos, Director, Marketing Communications. Thank you. Please go ahead.

Thank you. Welcome to the 2021 First Quarter Update Call. This call will include forward-looking statements. These forward-looking statements contain projections of our future results of operations or of our financial positions or state other forward-looking information. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We believe that it is important to communicate our future expectations to investors. However, investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read as a guarantee of future performance or results, as such statements are subject to risks and uncertainties that could cause actual results or performance to differ materially from those discussed as a result of various factors, including but not limited to risks and uncertainties discussed under Item 1A, Risk Factors, in our annual report on Form 10-K for the fiscal year ending December 31, 2020. as well as other reports we file from time to time with the FDC. These forward-looking statements speak only as of the day in which the statements are made, and we do not undertake or intend to update any forward-looking statements after this call or as a result of new information. At this point, I would like to turn the call over to Plug Power's CEO, Andy Marsh.

Well, thank you, Teal, and good morning, everyone, and thanks for attending our first quarter conference call. We issued our investor letter this morning, which covers our performance for the first quarter. I'd like to comment on a few items before we take your questions. First item I'd like to highlight is the importance of the resilient green hydrogen network the company is constructing across the United States. We're presently targeting to have 500 tons of green hydrogen available by 2025, and an additional 500 tons globally by 2028. The network in the U.S. will go coast to coast with sites already targeted for Camden, Georgia, to serve specifically Florida, a site outside Lancaster, Pennsylvania, a site west of Fort Worth, Texas, and a site in upstate New York in Genesee County. At the 45-ton plant in Genesee County, New York, The feedstock will be clean electricity generated from Niagara Falls. This will be the largest green hydrogen plant in the world. What's important about our plant is there's pent-up demand for green hydrogen solutions among our customers today. Over the last few years, our value proposition has expanded beyond improving our customer operations and now is tightly entwined with companies achieving their CO2 reduction goals. There are many applications beyond material handling like stationary power, on-road vehicles, and other industrial offerings that can only be decarbonized with hydrogen. But to truly decarbonize, green hydrogen is required. Our network will not only offer us a revenue and margin opportunity, But, you know, what I really think about, it's an accelerator of all our products, both fuel cells and electrolyzers. Customers want green hydrogen, and Plug Power is making that commitment to deliver. One of our distinct advantages in building our network is, unlike the industrial gas companies, we do not have existing fossil fuel-based assets. We don't have to worry about stranding multi-billion dollars of investments. This is an impediment to some companies as they seek to decarbonize. They're caught in the middle, supporting gray or blue hydrogen assets, which are not wanted by companies, governments, or the environmental community. Our network is the hydrogen network for the 21st century, and it's just starting. And not only will we be delivering green hydrogen, but we will be delivering it in vehicles that operate from green hydrogen. Plug power, by the way, fuel cells in those vehicles. Another subject I like to highlight is that Plug has become a global company overnight. Two obvious examples are our joint ventures with Renault, IVEA, and our relationship in the joint venture being established with SK. Another example of our global efforts is our funnel for the electrolyzer business is already in the billions of dollars, with over 80% of the opportunities outside North America. The funnel for vehicles is also similarly distributed, and our activity as material handling is rapidly growing in New York. In 2020, the company was almost exclusively an American company in both sales and opportunities. But over the past six months, the company has been transformed into a global enterprise. And you know, kind of thinking about questions you're going to ask. And finally, we're almost to the end of the second quarter, and we can provide some insights on our progress. Investors should expect $115 to $120 million of gross billings for the quarter. This is approximately 40% of our target revenue of $475 million for the year. Usually at this point in the second quarter, we're about 33% of our annual revenue will have been achieved. We're at a run rate that is higher from both the revenue and growth rate level than we've experienced in the past. We also foresee a very strong third quarter. We are pleased with this level of progress so far this year. So we're now ready. Paul and I are now ready to take your questions.