Plug Power Inc (PLUG)

[WeTheMarket]

UK and Steve, I forgot to include the following slide. The projections on the plot, which are worldwide market numbers, appear very conservative to me. For example, the maximum projected number of 100,000 FCEV trucks and buses worldwide by 2030 seems very conservative.

Other items he mentioned in the Q&A that I found insightful are as follows:

- 70% of the production cost of green hydrogen (in electrolisys) is OPEX (not CAPEX), or the cost of electricity, which varies greatly from time to time, from place to place, nonetheless, he expects it drop significantly over time.

- He is not concerned about supply of rare metals iridium and platinum. Especially not worried about platinum, the amount of platinum in fuel cells is less than the amount in Internal Combustion Engine (ICE) Vehicles and more easily/cheaper to recycle in fuel cells and at a much higher recovery rate. Iridium also not a concern, if and and when it will become a concern there are already alternatives in consideration now that could be commercialized if/when necessary to do so.

- The 30,000 hours of operation lifetime for fuel cells quoted in the slides does not mean that the fuel cells die after 30,000 hours of operation, it simply means that their efficiency/power drops by more than 10% after 30,000 hours of operation (i.e., their threshold in the consideration of the lifetime of fuel cells).

- He believes that SOFC will eventually dominate the fuel cell market for some applications, because of their lower cost and efficiency benefits, but it will take a long time as they are still in the development stage, he thinks they will start to be commercialized in 10 years, which I also find to be a very conservative assumption