Forward-Looking Statements

2. Forward-Looking Statements • This presentation contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in registration statements, annual reports, and other periodic reports and filings of the Company filed with the Securities and Exchange Commission. All statements, other than statements of historical facts, which address the Company’s expectations of sources of capital or which express the Company’s expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. As a result, there can be no assurance that the Company’s future results will not be materially different from those described herein as “believed”, “anticipated”, “estimated” or “expected”, which reflect the current views of the Company with respect to future events. We caution viewers that these forward-looking statements speak only as of the date hereof. The Company hereby 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. Plug Power • Company overview • Resources • Progressive market engagement strategy • GenSysTM Products • GenCoreTM Products

4. Plug Power Inc. Headquarters 135,000 Total Square Feet 35 Acres • Founded in 1997 • as a joint venture between DTE Energy and • Mechanical Technology, Inc. • Offices in Washington DC and • The Netherlands • Traded on the NASDAQ under PLUG • (IPO in October of 1999) • The Company has grown from 22 • to >350 employees Manufacturer of PEM fuel cells for electric power generation

5. Resources • Intellectual property • Manufacturing capability • Field experience • World class strategic partners • Strong government relationships

6. Intellectual Property 53 Patents Issued, 130 Pending • CHP - combined heat & power • (Nov. 99) patent issued to provide electrical power, domestic hot water and heat to a building • (May 02) patent issued relating to the control of a fuel cell powered heating system • Anti-Islanding • (April 01) patent issued relating to a method of preventing power from going onto grid when grid is non- functional Plug Power's Issued U.S. Patents by Subject Matter Stack 15% Misc. Mech. Plate 9% 28% Thermal Mgmt 4% Water Mgmt 13% MEU Electronics CHP Control 9% 7% 4% Algorithms 9%

7. On-site 50,000 sq ft production facility with approximately 100 personnel Organized around lean facility principles Flexible by design Single piece flow layout Automated test facility Manufacturing Lead-time to installation is generally less than 10 weeks

8. Field Experience 1999 - 2002 Our systems have operated in more than 56 different field locations Our experience has enabled us to: Understand interconnection issues Reduce system installation time Collaborate effectively with multiple utilities Identify strategic intellectual property Operate systems in a variety of environmental conditions

9. Certifications First fuel cell company to receive certification as compliant with California’s “Rule 21” grid interconnection standard

10. GE Fuel Cell Systems • Joint venture company between GE Power Systems and Plug Power, formed in 1999 • Exclusive global* distributor of Plug Power PEM fuel cell products • Offices co-located with Plug Power in Latham, New York • Provides Plug Power with direct customer requirements for products • Leveraging GE Power System’s worldwide resources to facilitate establishment of key distribution partners * Except Illinois, Indiana, Michigan & Ohio

11. DTE Energy Technologies • DTE Energy Technologies is an unregulated subsidiary of DTE Energy – a leader in the energy industry • 28.1% of Plug Power is owned by DTE Energy • DTE Energy Technologies has exclusive distribution rights for PEM fuel cells in Illinois, Indiana, Ohio and Michigan • Dedicated staff of marketing and engineering specialists working with Plug Power to develop and market fuel cells • The fuel cells will be marketed under the energy|now brand

12. Vaillant GmbH • Key distributor and co-developer of combined heat and power (CHP) products • 15 production sites in 7 countries throughout Europe • Established distribution, installation and service network with more than 7,500 employees Vaillant is Europe’s leading heating appliance manufacturer Vaillant’s Market Position # 1 # 2 # 3

13. Honda • Recently signed an MOU with Honda Research & Development Co., Ltd. of Japan • Companies’ intent is to work together on a home – based hydrogen refueling system • System would provide the home with electricity, hot water and heat • Also would provide hydrogen fuel for a fuel cell vehicle • Expect a definitive agreement to be signed by the end of the year AC Electric Power Natural Gas Reformer Subsystem Stack Subsystem Power Conditioner HEAT Purification Subsystem Compression Subsystem Storage Subsystem H2 Car

14. Progressive Market Engagement Strategy • Attractive market opportunities • Government support increasing • Selling products now • Pursuing opportunities to enter new markets • Hydrogen UPS & Back-up • CHP & Remote Stationary

15. Stationary PEM Fuel Cell Market>200 kW 2010 - $6 Billion Total Segmented by Electrical Output Range Segmented by Geography 101 to 200 kW $0.1 Billion North America Asia $1.9 Billion 26 to 100 kW $2.2 Billion 1 to 10 kW $2.1 Billion $3.1 Billion 11 to 25 kW Europe $0.7 Billion $1.9 Billion …..Growing to $10 Billion by 2020 Source: Plug Power

16. Conferencing on Federal Energy Bill in progress Tax credits of $1,000/kW for stationary fuel cells pending Demonstration funding for PEM fuel cells from the Dept. of Defense Research & development funding from NIST/ATP & DOE Uniform interconnection standards under consideration Net metering requirements being considered Increased attention & funding for hydrogen infrastructure & technologies New York Executive Order No. 111 requires 10% of state facility energy supply from “green” power sources by 2005, 20% by 2010 10% is 650 MW of current consumption California Power Authority target of 370 MW fuel cells by 2002 - 2005 Plug Power is on the approved bidders list Texas Policy recommendation for demonstration program funding and other issues due Sept. 2002 Other states working on initiatives include: NJ, CT, MI, MA & OH Government support for DG is increasing Federal government initiatives State government initiatives

17. Market Timing / Industry Cost Curve 100,000 Innovators / Early Adopters 10,000 Backup & Standby Peak Shaving Remote Stationary 1,000 System Cost ($/kW) Stationary Mass Markets Residential CHP Automotive 100 10 2000 2010 2020

18. GenSysTM Product Offerings Combined Heat and Power Fuel Cell Systems

19. Performance Characteristics • Attributes • Size (L X W X H): 841/2” X 32” X 681/4” • Installation: Outdoor • Electrical Connection: Grid Parallel • Fuel: Natural Gas • Performance • Power Output: 2.5 - 5kWekW / 3-9kWth • Efficiency: 28% Electrical / 70% Overall • Voltage: 120/240 VAC @ 60Hz • Power Quality: IEEE 519 • Heating Loop Temp.: 65°C • Emissions: NOX < 1ppm • SOX < 1ppm • Audible Noise: < 65 dBa @ 1meter • Certifications • Power Generation: CSA International (Ansi Z2183) • Power Conditioning: UL - 1741 • Electromagnetic Noise: FCC Class B

20. Field Installation Profiles Customer Number Mission • LIPA 75+20 Grid Support to address load pocket • LIPA (Remote Sites) 17 Remote Installations @ LIPA Customers • LIPA (UPS) 3 Hydrogen Demonstration • US Army - Watervliet Arsenal 10 PEM Demonstration • DTE Energy Technologies 2 Substation DC Support • National Fuel Gas Corp. 2 Residential Demonstration • Kubota Corporation 3 Demonstration, Certification • Verizon Communications 1 Telecom Premium Power • US DOE - Oak Ridge National Laboratory 1 Thermal Integration • Houston Advanced Research Center 1 Demonstration • US DOE - Air Products & Chemicals Inc. 1 50 kW Vehicle Refueling Station • Marubeni 1 Demonstration • Florida Power and Light 2 Residential Demonstration • Flint Energy 1 Commercial Demonstration • Concurrent Technologies Corp 1 Laboratory Development • Public Service Co. of Colorado 1 Residential Demonstration - (HPower knock out) • Logan Energy (Ft. Bragg & Barksdale AFB) 2 Military Applications - (Avista, DCH knock out) • Vaillant 6 Lab and Multi-family housing

21. Customers - Long Island Power Authority • 75 units currently installed at LIPA’s • West Babylon, NY • Long Island substation • 17 additional systems to be installed • in remote Long Island sites “The world’s largest installation of grid-connected PEM fuel cell systems” Richard M. Kessel, Chairman Long Island Power Authority

22. Customers - Watervliet Arsenal 10 (5 kW) systems Have exceeded 95% availability since installation “The installation of these units represents the largest implementation of PEM fuel cells at a military facility” Franklin Holcomb CERL Principal Investigator R&D test lab Base Housing Telecommunications Room Program funded by the United States Army Corps of Engineers, Construction Engineering Research Laboratory

23. US Army Watervliet Arsenal - Data www.dodfuelcell.com/index.html

24. Customers - Europe North Rhine-Westphalia Program Partners Vaillant Ruhrgas E.ON Engineering ELE EUS Gelserkirchen - 63 people Essen - 40 People CE certified Fuel Cell Heating Appliances installed to provide heat, hot water and electricity for two German multi-family homes.

25. Fuel Cell Heating Appliance Peak Heater Hot Water Storage Tank Fuel Cell Unit

26. Technology Assessment R&D Prototype TODAY Proof-of-Concept CHP Fuel Cell Development Production Practical Field Test Laboratory Cooperation with suppliers and key partners Market Preparation & Qualification Market Entry Early Customer Acceptance Test Product Demon-stration Systems Pilot Systems a-Unita-Test Serial Product TDU Test of sales, distribution and support systems

27. GenSysTM 5CB Characteristics • Attributes • Size (L X W X H): 841/2” X 32” X 681/4” • Installation: Outdoor • Electrical Connection: Grid Parallel (Standby/backup) • Fuel: Natural Gas • Performance • Power Output: 2.5 - 5kWekW / 3-9kWth • Efficiency: 28% Electrical / 70% Overall • Voltage: 120/240 VAC @ 60Hz • Power Quality: IEEE 519 • Heating Loop Temp.: 65°C • Emissions: NOX < 1ppm • SOX < 1ppm • Audible Noise: < 65 dBa @ 1meter • Certifications • Power Generation: CSA International (Ansi Z2183) • Power Conditioning: UL - 1741 • Electromagnetic Noise: FCC Class B Smaller, Lighter, Less Expensive & Standby/Backup

28. The Virtual Power Plant Load Profile Net Control Peak Demand Power Hot water Heat Gateway FCHA Operating Gas Service Software/Controls Development – Improved Ease of Use

29. Market Timing / Industry Cost Curve 100,000 Innovators / Early Adopters 10,000 Backup & Standby Peak Shaving Remote Stationary 1,000 System Cost ($/kW) Stationary Mass Markets Residential CHP Automotive 100 10 2000 2010 2020

30. The Next Generation Smaller, Lighter, Less Expensive & More Efficient

31. GenSysTM Targets Attributes Markets: Residential Remote Residential Installation: Indoor Outdoor Electrical Connection: Grid Parallel(Standby) Grid Independent Fuel: Natural Gas LPG Performance Power Output: 5kWe (9kWth)5kWe (9kWth) Electrical Efficiency: 35% 30% Overall Efficiency: 80% 70% Voltage: 120/240 VAC 120/240VAC / TBD VDC Power Quality: IEEE 519 IEEE 519 Audible Noise: < 55 dBa @ 1meter < 55 dBa @ 1meter Certifications Power Generation: CSA International Power Conditioning: UL – 1741 Electromagnetic Noise: FCC Class B Field Experiences and Partnerships Drive Development

32. Market Timing / Industry Cost Curve 100,000 Innovators / Early Adopters 10,000 Backup & Standby Peak Shaving Remote Stationary 1,000 System Cost ($/kW) Stationary Mass Markets Residential CHP Automotive 100 10 2000 2010 2020

33. UPS Market Latin America Other 3% Rest of World 8% Medical 1% Asia IT 45% 8% 21% North America 49% Industrial 9% Europe 26% Telecom 30% EU + USA = 75% IT + Telecom = 75% Volume driven by IT & Telecom in US & EU

34. 0 to 5,000 W (net) Output Load following capability Suitable for outdoor locations 60db @ 1m Ambient conditions Temperature -20 C to 40 C Humidity 0 to 95% Separate Cooling Module Voltage Control Mode Regulated Voltage Output (48 to 58Vdc) Power Control Mode RS232 or RS422 Duplex Communications CSA, FCC Class A, UL Prototype Back-up Power Product

35. Telecom / Broadband / UPS • OEM/ channel to market • Field Service • Direct Sales • Brand • Value-add scope • Collaboration • Technical • Marketing Multiple OEMs Plug Power Premium Power Systems GenCoreTM Strategy Battery Replacement Fuel Cell System

36. GenCoreTM Value Proposition Primary • Reliable • Starting • Operation • Low cost of ownership • Quiet operation • Convenient low maintenance cycle Secondary • Small size • No combustion emissions • Easy install • Zoning / Permitting • Installation Time

37. Summary • Substantial intellectual property • Extensive real world experience • Delivering products now – generally < 10 weeks from order to installation • Possess the necessary certifications • Strong partners • Structured Product Development Process • Well-defined market strategy • Diverse customer base including repeat orders

38. WASHINGTON, D.C. 499 South Capitol Street, SW Suite 606 Washington, D.C. 20003 Phone: (202) 484-5300 Fax: (202) 554-2896 EUROPE 7301 BC Apeldoorn Postbus 880 The Netherlands Phone: 31 55 53 81 000 Fax: 31 55 53 81 099 HEADQUARTERS 968 Albany-Shaker Road Latham, New York 12110 Phone: (518) 782-7700 Fax: (518) 782-9060 www.plugpower.com