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Minutes of Meeting

Project: US$6.1 billion Uzbekistan SAF and e-SAF Project

Meeting: Ningbo FEED Alignment Summit

Chair: Goldfinger 007 Allied Biofuels

Objective: Formally allocate responsibilities everyone had already more or less understood.

Opening

Gold Finger 007 welcomed Sinopec Engineering Group, Topsoe, Sasol, Plug Power, and Allied Biofuels.

> “Thank you all for attending. Today we will establish clear alignment on the scope breakdown, confirm full confidence, and make sure every interface has a responsible party.”

Everyone confirmed they were aligned.

Scope Breakdown

To Sinopec:

> “Sinopec, you will do the FEED, systems integration, detailed engineering, and open-book cost development. You are also positioned to roll into EPC. In short: please turn this US$6.1 billion collection of equipment, technologies, interfaces, utilities, and optimism into a buildable plant. And make it look good for the FID!”

To Topsoe and Sasol:

> “Topsoe and Sasol, you will provide the e-SAF technology package, including the engineering design package, licenses, and technical services. Please ensure that SynCOR™ and Fischer-Tropsch operate together peacefully at world scale.”

To Plug Power:

> “Plug, you will support the project with up to 2.4 GW of PEM electrolyzers and the basic engineering package. Please provide sufficient electrolyzer information for the rest of the project to confidently insert it into the FEED estimate.”

To Allied Biofuels:

> “Allied will coordinate the vision, stakeholder alignment, Presidential Decree, FID objective, and—most importantly—the confidence.”

Closing

Mr. Gold Finger 007 concluded:

> “Excellent. Sinopec will do the FEED and potentially EPC; Topsoe and Sasol will provide the e-SAF technology; Plug will support the electrolyzers; Allied will maintain full confidence. The scope is now clear. We really needed to have this Pre-FEED meeting.”

The meeting was adjourned.

> “All good? Let’s go for dinner. Iceberg cake for dessert.”

Plug has been more serious with their project announcements. Despite the fact they published a stupid iceberg sketch, I hope they continue keeping a lower and more serious profile in the media.

Alfred Goldfinger 007 posted today an announcement of a Kickoff meeting for a FEED study. WTF!!?? This is something that makes sense to put in the weekly newsletter for employees but not make a fuss about in the media...

Please Plug, do not put this on LinkedIn or your site.

Huge losses and positive Q4 EBITA?

Plug will have over $60million losses just from selling hydrogen in 2026. And they are selling more fuel cells so in the future hydrogen fuel sales will impact their losses even more. But that will be in 2027 and after. Q4 2026 will be positive because of the increased revenue from hydrogen equipment sales.

We will see Plug announce positive Q4 EBITA with $750m or more losses in 2026 and increased future hydrogen fuel sales money losing obligation

Many years ago Plug targeted 500tpd of liquid hydrogen. The purpose was to become independent from Linde and Air Products and to provide to clients what Plug thought will be in demand.. Green Hydrogen

Well that was a disastrous idea. NY and Texas are being sold even though Plug had stated that they had significant progress. Now everyone is hoping these sales go through to avoid dilution!

I want to bring to our attention what I believe really brought Plug to bankruptcy risk and why it isn't going away.

Nobody wants green hydrogen. Especially liquid green hydrogen. It is too expensive compared to hydrogen produced from natural gas. It is indicative that the only NASA (very small) contract that Plug won is over $12per kg. I believe this is a very limited contract that Plug won to prove to NASA that their plants are reliable. But now we know their cost!

Plug negotiated with Linde better terms for the hydrogen they supply to them. That is the biggest cost reduction Plug had. Thanks to Linde. The "Going Concern" that the accountants flagged was that they will bankrupt if costs don't go down. So Linde agreed to bring the cost to viable levels.

The link provided in the beginning is the only data we have for the production at Georgia. I think there is a similar announcement for Plug's other plant.

How much is Plug actually producing at their own plants? Maybe less than 10% of what they sell. Their dependence on Linde is a huge point of concern. That is why Walmart had the special agreement for the IP incase they bankrupt. They can use Plug IP and design with another manufacturer (that Plug must appoint!). Hydrogen they will buy from Linde.

These plants at $12/kg are a financial risk and Plug keeps production at minimum levels for that reason