Eos Energy Storage CREA Energy Innovations Summit Denver

Eos Energy Storage CREA Energy Innovations Summit | Denver, CO Philippe Bouchard, VP of Business Development

Today’s Electricity Grid is Massively Overbuilt & Under Utilized… G eneration T ransmission D istribution # in U. S. 17, 350 plants 164, 000 miles 3 million miles Utilization 47% 43% 34% Projected spend 2010 -2030 $505 B $298 B $582 B Projected underutilization ~$822 B of future US infrastructure will be underutilized without storage Ratepayers fund hundreds of $Bs of infrastructure to serve peak demand confidential Sources: “Electric Power System Asset Optimization. ” NETL, March 2011; “The Power of Five Percent. ” The Brattle Group, May 2007 2

Regional Spending on T&D Projects Completed by 2020 Heavily Weighted Towards the Rockies ~66% of projected infrastructure spend through 2030 is distribution system upgrades confidential Sources: “Electric Power System Asset Optimization. ” NETL, March 2011; “The Power of Five Percent. ” The Brattle Group, May 2007 3

Significant growth in energy storage industry has already begun Energy storage market to reach ~$25 B by 2022 Battery Energy storage market projection (GW) 16 14 Behind the meter In the Grid Co-located (renewables) Co-located (conventional) 12 ($B) 25 20 2013 RFPs outstrip previously installed capacity 2013 energy storage announced RFPs exceed total current global installed non-hydro storage capacity (MW) 2500 2013 represents a~$4 B market Japan Europe 2000 California 10 15 1500 10 1000 5 500 8 6 4 Long Island US PR 2 0 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 So. Cal Edison Italy 2013 RFPs Currently installed confidential Source: IHS “The Grid connected energy storage market” 2014 DOE Storage Database; Press searches 4

Eos Aurora Designed Specifically to Meet Market Requirements for Grid-Scale Storage Eos Aurora 1000|4000 v Grid-Scale Energy Storagev Eos Znyth. TM Sub-Module DC battery performance attributes Low cost / k. Wh $160/k. Wh Long life (high # of cycles) 10, 000 cycles (30 years) Energy density 6 MWh in a 40 ft container High energy efficiency 75% round trip efficiency Safety Non-hazardous, non-combustible Eos Aurora optimized to meet customer requirements and to provide lowest LCOE confidential 5

Levelized cost of energy is critical metric for adoption; Eos LCOE lower than incumbents and competitors EOS Eos outcompetes gas peaking turbines on an LCOE basis 6

Eos Partnering with Major Utilities on Business Case Driven Product Development & Demonstration Optimize Demonstrate Deploy Eos Genesis collaboration includes: 1. Detailed business case analysis to identify profitable opportunities for deployment 2. Testing and evaluation of Eos’ novel Znyth. TM battery technology leveraging partner facilities and testing platforms 3. Pilot demonstration of Eos Aurora systems to understand real-world costs and to optimize value streams Together Eos’ Genesis Partners represent: Customers GW Generation Miles of T&D Countries 7

Powerful Business Cases for Storage MW-Scale Grid-Connected • • • Behind-themeter Storage 1 Electricity peak shifting (arbitrage) Generation capacity Transmission or distribution deferral Ancillary services Renewables integration premiums • • • 2 Time of Use (TOU) energy management Demand charge reduction $2. 1/W locational capacity program Permanent Demand Reduction Demand response program participation 8

Example: Grid-Connected ‘Triple Play’ Example Financials: 5 MW Eos Installation Cost • Installed capital cost of ~$1, 970 per k. W • Annual operating cost = $200, 000 per yr ~$10. 1 M TOTAL per MW (10 yr period, ~70% Gross RTE) Revenues 1. Average Energy Arb $ / MWh ~$2. 7 M / yr (Avg 2. Gen Capacity $ / k. W – year Financing assumptions: 75% debt @ 8. 0%, 10 yr All Equity Leverage Annual) 3. T&D Value $ / k. W – year IRR • After tax, residual value 23% 56% Equity Payback • Total of outlay + any negative cash flows • After tax, 10% discount rate $10 M $2. 5 M 4 years 2 years Eos installation creates 56% IRR and 2 -year payback confidential 9

Example: 50 MVA Substation Deferral Energy storage can be used on a targeted basis to provide locational capacity and to defer costly T&D upgrades, improving reliability and lowering costs for the utility / ratepayer A • T&D upgrade performed as usual; upfront Y 1 spend B • Storage installed Y 1 utility-owned, 5 -year T&D deferral • C Storage installed Y 1, 10 -year contract (developer monetizes market revenues) NPV: ($10. 5 M) NPV: ($6. 9 M) + $10. 3 M addition to rate base + $16. 1 M addition to rate base +$10. 3 M addition to rate base in Y 5 confidential 10

Example Peak Load Shaving Battery / Load Profile

Example: Behind-the-Meter ‘Triple Play’ Example Financials: 100 k. W Eos Install Cost Gross Revenues (Avg Annual) • Installed capital cost • Operating cost = ~$5, 000/yr $310, 00 0 Assumes 10 yr period, ~70% RTE 1. Average Energy Arb ($/k. Wh) 2. ↓Demand charge ($/k. W-month) 3. Targeted DSM ($/k. W installed) $75, 000 Financing assumptions: 50% debt @ 10%, 10 yr All Equity Leverage IRR 100 k. W Project Concept Design Equity Payback • After tax, residual value • Total of initial outlay + any negative cash flows • After tax, 10% discount rate 23% 44% $310 K $166 K 4 yrs 2 yrs Eos low-cost, energy dense, and safe battery flattens customer load while increasing resilience Images and financial projections provided courtesy of Convergent Energy + Power confidential 12

Behind-the-Meter Business Case July 2010 Without Battery With Battery 10 000 Max k. W 9 000 1 2 3 Hours 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Demand Charge Reduction 8 000 7 000 2 Hour “Demand Response” Call 6 000 Balance charge / discharge profile to reduce the monthly peak without creating a new one 5 000 4 000 • 13

What We’re Hearing from the Solar Industry First Solar CEO, Jim Hughes: * Market cannot respond to falling solar prices because of structural limits: ✴ Transmission capacity constraints ✴ Grid stability issues ✴ Load shape and growth ✴ Utility resource planning cycles * The key to long term growth is to solve for these constraints. * Price alone won’t do it… Critical question: What is the sustainable business model and where does storage fit in? cleantechsummit. com 1) Jim Hughes, First Solar. Tomorrow’s Utility: The View from the Sun. Clean. Tech Investor Summit. Feb 2013. http: //cleantechsummit. com/resources-2/

Eos continues to make strong progress and will deliver first systems to Genesis partners in Q 4 2014 Q 2 2013 Q 3 2013 2 k. W Modules Internal Testing Feb 2013 Manufacturable Sub-Module Design Q 3 2013 Q 4 2013 Q 1 2014 Q 2 2014 AC-Integrated System Q 4 2013 3 rd Party Testing & Validation Q 2 2014 Q 3 2014 Q 4 2015… Planned Pilot Projects GDF Suez Con Ed Q 4 2014 Commence MW Genesis Production 2014 Focus: Demonstrate k. W-scale, test and optimize AC-integrated systems with Genesis partners, ramp up manufacturing confidential 15

Eos to Announce 2016 Commercial Product Offering and Aegis Program In December, Eos plans to announce availability of its 2016 & 2017 commercial product (DC battery), also offered with full AC integration via Eos’ new Aegis Program COMMERCIAL PRODUCT AEGIS PROGRAM • Firm delivery of 1 MW/4 MWh systems available at $300/k. Wh for 2016 install and $160/k. Wh for 2017 install • 1 year standard warranty; up to 5 yr warranty at additional cost Aurora 1000 | 4000 (DC battery system) • Establishes formal relationships with system integrators to provide ACintegrated, turn-key systems via multiple distribution channels • Aegis partners can provide warranty wrap and option for extended performance guarantee • Aegis partners to be announced in near future 2015 demonstration partners will have priority access to 2016 volume confidential 16

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