Plug Electrical power Supplies Business Update

Report Initially Quarter 2021 with Gross Billings of More than $70 Million, Up Additional Than 60% Calendar year-More than-12 months Reiterates Long-expression Once-a-year Gross Billings Targets

Proceeds to Work Expeditiously to Comprehensive Earlier Introduced Economic Restatement and Expects to File 2020 Annual Report on Type 10-K Inclusive of the Restated Time period Inside of the Upcoming Five Days

Data files Form 12b-25 to Increase Submitting Day for 1st Quarter 2021 Variety 10-Q

LATHAM, N.Y., May well 10, 2021 (World NEWSWIRE) — Plug Ability Inc. (NASDAQ: PLUG), a leading service provider of turnkey hydrogen solutions developing the world-wide inexperienced hydrogen economy, currently delivered a company update as it performs to total its previously declared economic restatement and file its Sort 10-K for the calendar year ended December 31, 2020.

Plug Power proceeds to execute on its business aims and continues to be well-positioned to leverage its business leadership to seize a meaningful share of the $10T+ hydrogen economic climate. For the to start with quarter of 2021, the Business expects to report about $70 million in gross billings, a additional than 60% maximize from the first quarter of 2020, and expects to report about $67 million of web income, also a additional than 60% raise from the to start with quarter of 2020. In addition, the Corporation maintains a powerful equilibrium sheet with about $5 billion of dollars to fund foreseeable future development initiatives. The Firm expects its 2nd quarter gross billings to exceed $105 million, an approximate 50% improve from the second quarter of 2020, and expects to report in excess of $102 million of web profits, also an approximate 50% raise from the second quarter of 2020. The Business is reiterating its previously disclosed once-a-year gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.

Andy Marsh, Plug Power’s President and Chief Govt Officer, explained, “The fundamentals of our company remain robust with document initially quarter gross billings. As evidenced by the continued development of our strategic pipeline, we remain firmly dedicated to executing on our mission to create out the hydrogen financial state in North The us and beyond. We carry on to provide point out-of-the-artwork gasoline cell and eco-friendly hydrogen options to our shoppers, and stay confident in the advancement trajectory of the organization. We are performing to finish our earlier introduced monetary restatement as expeditiously as achievable.”

Tale continues

The Company’s company momentum is even further reinforced by the latest strategic partnerships, together with:

• An settlement with BAE Systems, a leading supplier and integrator of lower and zero emission electric powered propulsion devices and software integration, to collaborate on giving zero emission powertrains to hefty-obligation transit bus original products makers in North The united states. Plug Electricity will combine its ProGen fuel cell engines into BAE Systems’ smart electric drive methods, supplying hydrogen and refueling infrastructure to finish-customers’ use points.

• Finalizing Electrical power Invest in Agreements with multiple strategic associates such as Brookfield Renewables, APEX, NYPA and other folks, reflecting continued execution on developing the first inexperienced hydrogen technology network in the U.S.

• An arrangement to produce two 15 ton for every working day liquefaction crops with Chart Industries, which will employ Chart’s helium refrigeration technological know-how, chilly box structure and rotating equipment. This positions the Firm to have two hydrogen services functioning by the end of 2022 as beforehand announced, and a engineering platform to leverage for future hydrogen era web sites. These eco-friendly hydrogen plants will be located in the Mid-Atlantic and Southeast U.S.

• Formalizing the formation of the Company’s joint undertaking with Renault anticipated by the finish of the next quarter for on-highway mild professional vehicles in Europe.

• Additionally, the Corporation expects to finalize joint ventures with SK for the Asian market place and Acciona for hydrogen manufacturing in the Iberian Peninsula by the conclude of the 3rd quarter.

Economic Restatement and Filing of Type 12b-25

As previously announced on March 16, 2021, the Company has determined to restate its previously issued economical statements for fiscal a long time 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in the Company’s Form 10-K for the 12 months ended December 31, 2020, largely relating to mistakes in accounting for many non-funds goods, together with:

• The reported book worth of right of use property and similar finance obligations

• Reduction accruals for specified assistance contracts

• The impairment of certain very long-lived assets and,

• The classification of selected fees, ensuing in a lower in analysis and advancement expenditure and a corresponding boost in expense of earnings.

As beforehand disclosed, the restatement is not envisioned to influence the Company’s dollars situation, business enterprise operations or economics of commercial preparations, and the restatement does not modify the fundamentals of the Company’s organization or advancement developments.

Plug Electrical power is functioning expeditiously with its independent auditor, KPMG LLP, to complete the restatement and file its Type 10-K. Plug Power and KPMG at this time anticipate that the Business will file its Kind 10-K within just the next 5 days.

Provided the time and aim dedicated to the restatement course of action and the completion and filing of the Company’s 2020 Type 10-K, the Company needs supplemental time to entire its customary quarterly evaluation and reporting course of action and the submitting of its Sort 10-Q for the initially quarter ended March 31, 2021. As a end result, the Corporation has submitted a Kind 12b-25 with the U.S. Securities and Trade Fee to extend the Kind 10-Q submitting owing day from Could 10, 2021 to May well 17, 2021. The Enterprise is dedicated to filing its Kind 10-Q as expeditiously as feasible subsequent the completion of its restatement and filing of its Type 10-K.

About Plug Ability

Plug Electrical power is making the hydrogen economic climate as the main company of in depth hydrogen fuel mobile turnkey alternatives. The Company’s progressive technological innovation powers electric motors with hydrogen gasoline cells amid an ongoing paradigm shift in the energy, power, and transportation industries to handle local climate adjust and strength safety, while assembly sustainability objectives. Plug Electricity developed the 1st commercially practical current market for hydrogen gasoline cell technology. As a final result, the Company has deployed more than 40,000 fuel cell techniques for e-mobility, a lot more than any one else in the entire world, and has become the largest customer of liquid hydrogen, acquiring constructed and operated a hydrogen freeway across North The usa. Plug Ability provides a sizeable value proposition to finish-consumers, which includes significant environmental advantages, effectiveness gains, fast fueling, and reduce operational charges. Plug Power’s vertically-integrated GenKey answer ties together all crucial factors to electricity, gas, and supply service to clients these as Amazon, BMW, The Southern Corporation, Carrefour, and Walmart. The Organization is now leveraging its know-how, modular products architecture and foundation
al consumers to fast develop into other key markets which includes zero-emission on-highway cars, robotics, and facts facilities. Discover much more at www.plugpower.com.

Forward-Seeking Statements

This push launch consists of forward-seeking statements within the that means of the federal securities laws. These statements include, but are not confined to, statements concerning the Company’s expectations pertaining to gross billings and earnings for the to start with and second quarters of 2021, and gross billings for the a long time 2021, 2022 and 2024, the Company’s strategic partnerships with BAE Methods, Brookfield Renewables, Apex, NYPA, Chart Industries, Renault, SK and Acciona, such as anticipations with regards to the timing, completion and good results of such partnerships, the mother nature and extent of the accounting variations and problems and the predicted affect of the accounting alterations and the restatement on the Company’s prior and foreseeable future monetary statements, money position and benefits of operations, and the Company’s expected skill and timing of its filing of its 2020 Variety 10-K and Q1 2021 Sort 10-Q with the Securities and Exchange Commission. These ahead-wanting statements are built as of the date hereof and are primarily based on present anticipations, estimates, forecasts and projections as properly as the beliefs and assumptions of management. Forward-wanting statements are matter to a amount of threats and uncertainties, numerous of which contain components or circumstances that are outside of the Company’s handle. The Company’s real results could vary materially from all those said or implied in ahead-searching statements due to a variety of factors, together with, but not minimal to, the chance that more information and facts may perhaps arise prior to the filing of the restated fiscal statements the ultimate dedication of the Audit Committee regarding matters relating to its inner evaluate the timing and greatest conclusions of KPMG pertaining to the audit of the Company’s money statements, the possibility that the completion and filing of the Company’s Annual Report on Variety 10-K and/or its Quarterly Report on Form 10-Q will acquire for a longer time than predicted, the risk of possible litigation or regulatory action arising from the Company’s failure to timely file its Annual Report on Variety 10-K and/or its Quarterly Report on Type 10-Q and the hazards related to the restatement, like the opportunity impression on the Company’s name and its business associations. These and other probable dangers and uncertainties that could lead to real success to differ from the results predicted are a lot more fully specific in the Company’s filings and stories with the SEC, which include the Yearly Report on Form 10-K for the yr finished December 31, 2019, as amended and supplemented by the Quarterly Experiences on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as well as other filings and experiences that are submitted by the Firm from time to time with the SEC. Each and every ahead-on the lookout statement in this press launch speaks only as of the day of the particular assertion. The Corporation disclaims any obligation to update ahead-on the lookout statements besides as may possibly be necessary by regulation.

Gross billings is dependent on the bill worth of products deployed and services rendered. Bill worth of equipment is calculated on a relative foundation using dollars value within just contracts with shoppers and it is attributed to the interval in which the devices is deployed. To that total, the Business provides the invoice price for providers rendered in the period. These providers involve gasoline provided, extended warranty contracts serviced, energy delivered beneath Electric power Order agreements, and many others. The Company’s goal in presenting gross billings is to present to investors an functioning metric that conveys industrial development about time. Administration also takes advantage of this operating metric as a measurement of industrial expansion, as properly as setting up efficiency targets, yearly budgets and can make operating decisions primarily based in element on gross billings. The significant estimates and assumptions fundamental the metric include things like the allocation of income, excluding the provision for warrants, centered on relative standalone promoting costs applied in our GAAP earnings numbers.

Media Call
Andrea Rose / Clayton Erwin
Joele Frank, Wilkinson Brimmer Katcher
212-895-8666 / 212-895-8696
[email protected] / [email protected]

Supply: PLUG