Plug Power, Inc.

Greetings and welcome to Plug Power's fourth quarter 2021 earnings conference call. At this time, all participants are in a listening only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Teal Hoyos, Director of Marketing.

Thank you. Welcome to the 2021 fourth 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 position or 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 or understood as a guarantee of future performance or results. 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, 2001, as well as other reports we file from time to time with the SEC. 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 CEO, Andy Marsh.

Well, thank you, Teal, and good afternoon, and thank you for joining our year-end conference call. Before we take questions, I'd like to make a few comments about the future. 2021, Plug Power grew revenue over 50% despite the constraints of supply chain and the impact of the pandemic. In 2022, Plug almost doubled revenue. Our position as the first mover in creating the hydrogen economy is our top priority. We've achieved this position because we have focused on customers like Walmart, Partnerships like SK, our technologies, our products, and probably what I'm most proud of is a foster creative environment for our great staff. Why is our position as a first mover so important? Because hydrogen and fuel cell are a $10 trillion opportunity that will change the energy landscape. Many large financial institutions are predicting that up to 20% a world's energy will come from hydrogen. It is our belief to accelerate that transition to a hydrogen economy requires green hydrogen because it is critical for reaching the global climate goals. And to achieve that goal, green hydrogen needs to be ubiquitous. Sometimes I think it's a mess that the steps we have taken in the past few years have been to achieve this goal. And let me reemphasize, it needs to be green because any other solution is a half step. The focus in green hydrogen is why we are building out the first green hydrogen network in the U.S. We'll have over 500 tons per day by 2025 and are going to duplicate this network around the world with partners like Acciona in Spain. It's also why we've acquired companies that know how to build hydrogen plants, generate hydrogen, leveraging electrolyzers, liquefying hydrogen like our recent acquisition of JUUL, and transporting hydrogen. We are also leveraging all the learnings from our own years of experience to make these offerings better. This journey will continue as we explore partnerships for pipeline and storage. PLUG can not only Plugged can not only provide the green hydrogen, but also the apps. We have built more fuel cells than any one else in the world, fuel cells that can be used in a variety of applications, from powering forklift trucks for Home Depots, for on-road vehicles with our JV Renault, stationary products with SK, and you'll see more and more apps in the future. We believe that green hydrogen creates the possibilities that the business can continue to double for years and years to come. We believe the future is now. Like many, I've been watching the tragedies unfolding in Ukraine. This crisis is highlighting to people and nations that autocratic governments can't be the gas stations to the world. Liberal democracies will be accelerating the energy transition because of this horrible event. And Plug is uniquely positioned to create the future as we can help people, companies, and governments transition to a carbon-free solution, not in some distant future, but today. We can do this because in very simple terms, Plug creates and builds real products today for this new world. Paul, Sanjay, and I are now ready to take your questions.