Richard Baxter President Mustang Prairie Energy Storage Pricing

Richard Baxter President Mustang Prairie Energy Storage Pricing Survey & Energy Storage Financing Study Series Wednesday, Sept 25 th 10: 00 AM 1

Project Team Richard Baxter is President of Mustang Prairie Energy where he bridges the financial and technical sides of the energy storage industry for investors, lenders, developers, and manufacturers Energy Storage Financing Richard Baxter President Mustang Prairie Energy • • Energy Storage Financing: A Roadmap for Accelerating Market Growth Energy Storage Financing: Performance Impacts on Project Financing Energy Storage Financing: Advancing Contracting in Energy Storage Financing: Project and Portfolio Valuation SAND 2016 -8109 SAND 2018 -10110 SAND 2019 -xxxx SAND 2020 -xxxx Energy Storage System Pricing • Lazard Levelized Cost of Storage, LCOS 1. 0, 2. 0, 3. 0 (pricing survey and cost modeling) • Energy Storage Pricing Survey: 2018 (unpublished) • Energy Storage Pricing Survey: 2019 November 2019, SAND 2019 -xxxx Author • Penn. Well - Energy Storage: A Nontechnical Guide Former Board Member • Novo. Carbon Corporation (TSX-V: GLK) • Energy Storage Association (ESA) • Charitable Foundation of the Energy Bar Association Former Executive Director • Advancing Contracting in Energy Storage (ACES) Working Group • ESA Best Practice Guide October, 2019 2

Today Energy Storage Pricing Survey The Energy Storage Pricing Survey series provides the energy storage industry with a standardized system cost benchmark for energy storage systems of a range of system power and energy ratings so customers can compare prices of different technologies at different system scales. The pricing survey is also intended to provide emerging energy storage technologies a widely accepted system cost benchmark. Energy Storage Financing The Energy Storage Financing study series is an outreach effort to the financial industry to help reduce and mitigate the risk of investing in energy storage technologies and projects. The goal is to reduce barriers of entry, reduce transaction costs, and promote wider access to low cost capital in order to accelerate energy storage project development. Studies to date have evaluated the roadmap for accelerating market growth, performance impacts on project financing, advancing contracting in energy storage, and project and portfolio valuation. Advancing Contracting in Energy Storage (ACES) Working Group Industry led & funded effort to develop Best Practice Guides for the energy storage project development community 3

Energy Storage Pricing Survey: 2019 Survey Overview Pricing Survey Goals • Pricing Benchmark for all Storage Technologies • Internally Consistent Cost Structure • Input to SNL Valuation Models Power Rating • Steps: 10 k. W, 100 k. W, 1 MW, 100 MW • Stand in for Different Market Roles Energy Rating • Steps: 1 – 8 hours of Storage • Specific by Technology Coverage • 10 Year Forecast • Incorporate History to Common Pricing Structure • Expand Technologies Covered Synthetic Price Quote What Is it? • An Average System Price • Specified Power / Energy Rating Difference • Calculate Average Component Costs • Specific to System Scale (k. W & k. Wh) Construction • Build System Cost from Components • Components cost are Standardized • Calculate Component Costs Benefits • Utilize Component or System price Quotes • Specific OEM Price Quote remains • Maintains anonymity Results • SNL Report – November, 2019 • Data XLS to Sandia National Laboratories 4

Energy Storage Pricing Survey: Project History Alternative Experience Lazard Levelized Cost of Storage (LCOS) LCOS 1. 0 • Pricing Survey, 67 Companies Surveyed • Capital Cost Pricing Model Lazard Levelized Cost of Storage (LCOS) LCOS 2. 0 • Pricing Survey, 105 Companies Surveyed • Capital Cost Pricing Model Lazard Levelized Cost of Storage (LCOS) LCOS 3. 0 • Pricing Survey, 75 Companies Surveyed • Capital Cost Pricing Model Energy Storage Pricing Survey 2018 • Pricing Survey, 70 Companies Surveyed • Unpublished Energy Storage Pricing Survey 2019 • Pricing Survey, 70+ Companies Surveyed • Publish Date: November, 2019 Lazard Levelized Cost of Storage (LCOS) GTM / ESA Bloomberg One-Off Reports Coverage • Typically centered on Lithium • Limited system range • Not internally consistent (Bottom Up) 5

Energy Storage Pricing Survey: Methodology – Coverage / Filter Technology Coverage Filter 6

Energy Storage Pricing Survey: Methodology – System Structure ESS BESS SM BOS PCS SM Storage Module Rack Level System (DC) EMS BESS Battery Energy Storage System Containerized System (DC) ESS Energy Storage System Complete Storage System (AC) EPC Storage Module (SM) Balance of System (BOS) Power Conversion System (PCS) Energy Management System (EMS) Engineering Procurement & Construction (EPC) Racking Frame / Cabinet Container Bi-directional Inverter Application Library Project Management Local Protection (Breakers) Electrical Distribution & Control Electrical Protection Economic Optimization Engineering Studies / Permitting Rack Management System Fire Suppression Connection to Transformer Distributed Asset Integration Site Preparation / Construction Battery Management System HVAC / Thermal Management Data Logging Foundation / Mounting Communication Commissioning Battery Module Storage Module (SM) • Module Level • Rack System Battery Storage System (BESS) • DC Level • Containerized (BOS) Energy Storage System (ESS) • AC Level • PCS & Software Installed • AC Level • Included EPC Costs 7

Energy Storage Pricing Survey: Methodology – Data Gathering Data • System Component • System - DC or AC Level • EPC Costs • Performance Weighting • Direct / Indirect • Commercial Success Primary - Interviews • Direct (Component) • Indirect (System) Secondary - Published • Published Price Quotes • Reports • Media Participating Company Type ESPS 18 Energy Storage OEM 30 Government / Academia 3 System Integrator 6 Power Electronics 9 Project Developer 6 Financial Industry 4 Consultants 7 Balance of System 1 EPC 4 Total Interviews 70 Published Data Sources Total All Data Sources Individual System Price Quotes 3 73 197 All Price Quotes Tracked to Specific Power / Volume Cost 8

Energy Storage Pricing Survey: Results Experience Data Graph Highlights Difference by Power / Energy Forecast Price: by Technology, Power and Energy Lithium-Ion: Energy 1200 1000 800 600 400 200 0 10 1 0. 01 Size (MW) Li: 2 -Hr ($/k. Wh) Li: 3 -Hr ($/k. Wh) Li: 4 -Hr ($/k. Wh) Li: 6 -Hr ($/k. Wh) Li: 7 -Hr ($/k. Wh) Li: 8 -Hr ($/k. Wh) Li: 5 -Hr ($/k. Wh) 9

Energy Storage Financing: Project Overview Outreach to Financial Industry • Reduce Barriers to Entry • Reduce Transaction Costs • Promote Wider Access to Low Cost Capital Study • Interviews • Workshops & Summits • Surveys • Final Report • Completion: June, 2020 Reports • Energy Storage Financing: A Roadmap for Accelerating Market Growth • Energy Storage Financing: Performance Impacts on Project Financing • Energy Storage Financing: Advancing Contracting in Energy Storage • Energy Storage Financing: Project & Portfolio Valuation SAND 2016 -8109 SAND 2018 -10110 SAND 2019 -xxxx SAND 2020 -xxxx 10

Energy Storage Financing: Summits & Workshops Summits 2019 U. S. DOE Energy Storage Financing Summit (NYC) • Jan 23 rd 2019, New York, NY • 160+ Attendees 2018 U. S. DOE Energy Storage Financing Summit (SF) • October 6 th, 2018, San Francisco, CA • 100 Attendees 2018 U. S. DOE Energy Storage Financing Summit (NYC) • Jan 18 th, 2018, New York, NY • 124 Attendees 2017 U. S. DOE Energy Storage Financing Summit (DC) • June 7 th, 2017, Washington, D. C. • 83 Attendees 2017 U. S. DOE Energy Storage Financing Summit (NYC) • Jan 11 th, 2017 New York, NY • 68 Attendees 2014 U. S. DOE Energy Storage Financing Summit (NYC) • Dec 16 th, 2014, New York, NY • 65 Attendees Stakeholder Meetings 2018 Energy Storage Association Expo & Conference • April 18 th, 2018, Boston, MA • 93 Attendees 2017 Energy Storage Association Expo & Conference • April 18 th, 2017, Denver, CO • 36 Attendees Valuation Workshops Morning Sessions of Summit • Highlight Development of Valuation Tools Project Valuation Tools • DOE sponsored valuation Models • Open access Market Models 11

Project History: ESF 1 - A Roadmap to Accelerate Market Growth Challenges Study #1 Technology • Commercialization • Capabilities & Performance Codes, Standards & Regulations • Development & Adoption • Application Based, Not Technology Public Policy • Market Rules Revenue Roles • Sustainable Support Finance • Interested Capital • Risk Management (Insurance) Accelerate Growth Data & Analysis • FTM – Market Signals • BTM – Customer Load Data/Usage • Standardized Models Codes, Standards & Regulations • Safety / Performance • Installation – Ordinances Financing / Contracts • Performance Metrics • Reliable Revenue • Warranties • Insurance 12

Project History: ESF 2 - Performance Impacts on Project Financing Challenges Study #2 Performance • System Rating • Technical Performance • System Performance Technology Design Review • Equipment / Integration • EPC / Commissioning • Operation Economic • Cost • Revenue Project Development • Revenue Contracts • Supporting Technical Documents Next Steps Data • Engineering & Technical Services • Performance Testing & Verification • Data Formatting Project Modeling • Market / Economic Data • Project Economic Models • Simulation Models Financial Performance Metrics • Grid Services • Utility • Consumer 13

Project History: ESF 3 - Advancing Contacting in Energy Storage (1/2) Why Contracts Matter Study #3 Contract Standardization Revenue Certainty • Power Purchase Agreements • Energy Savings Performance Contracts Best Practices • Documenting Expertise • Disseminate Technical Advancements Risk Reduction • Project Documentation • Technical Material • Market Segments Roles Model Contracts • Trade Associations • Reduce Costs / Expand Market Non-Lithium Technologies • Level Playing Field • Quantify Differentiation Industry Standards • Safety • Reliability & Performance • Business Practice 14

Project History: ESF 3 - Advancing Contacting in Energy Storage (2/2) Project Developers Study #3 Reduce Time • Technical Documents • Engineering • Warranties • Project Documentation • Technical Documents • Permitting / Real Estate • Off-Take Agreements • Compliance with Codes & Standards Reduce Cost • Standardize Project Documentation • Regional Market Rules / Qualification Verification Investors (Equity / Debt) Reduce Review Time • Reduce Time Needed to Review Package • Standardization of Economic Analysis • Clearly Defined Assumptions Risk Reduction • Project Documentation • Technical Material • Uncover areas where technology can not support usage pattern 15

Current Study: ESF 4 - Project & Portfolio Valuation Project Valuation Study #4 Portfolio Valuation Project Pro-forma Model • Cost • Revenue • Timeline Supply Chain • Equipment • Services • Construction: EPC / ECI Market Simulation • Models • Revenue Streams • Value Stacking Trading Desk • Regional Variation • Layer Products • Capital Access Bankability • IE Reports • Non-Lithium Applications • Specialization • Hybrid 16

Advancing Contracting in Energy Storage (ACES) Working Group An industry led and funded effort to develop Best Practice Guides for the energy storage project development community, formed as a project of the California Clean Energy Fund Innovations. Best Practice Guides Reduce the internal cost of project development and financing for project developers and investors; • Help project developers craft higher quality project development packages faster and cheaper; • Help investors reduce their time reviewing proposals through their evaluation process; • Document the industry expertise in the different project development components; and • Structured so that all readers, can understand the issue, how energy storage impacts it, provide current insights, and how to find additional resources. The development of all of the Best Practice Guides has been guided by asking a simple question: What do you need to do your job better, faster, and cheaper? 17

ACES Working Group: Highlights ACES Best Practice Guide to be turned over to the Energy Storage Association for publication in October, 2019 Groups Involved Sponsors 7 Legal Counsel 2 Advisory Board 16 8 Committees Report April 2018 – April 2019 Best Practice Guides 8 Chapters 29 Committee Conf. Calls 27 Total Pages 300 Call Participants Release October, 2019 Investor Review Board 10 Participating Firms 32 Total 67 252 18

ACES Working Group: Organizations & Firms Sponsors • • Key Capture Energy K&L Gates LLP Mustang Prairie Energy National Electrical Contractors Association (NECA) NEC Energy Solutions Powin Energy Clark ATC Advisory Board • • • • Investor Review Board • • • Blackrock CIBC Hitachi Capital America New Energy Fund The New York Green Bank Nord/LB Quercus-Partners Siemens Financial Services Susi Partners Sustainable Investments Tortoise Advisors American Council on Renewable Energy (ACORE) California Energy Storage Alliance (CESA) Legal Counsel Clean Energy States Alliance (CESA) Coalition for Green Capital • Kirkland & Ellis LLP Electric Power Research Institute (EPRI) • Morrison & Foerster LLP Energy Storage Association (ESA) NAATBatt International (NAATBatt) National Electrical Contractors Association (NECA) New Energy Nexus (formerly California Clean Energy Fund) North American Energy Standards Board (NAESB) New York Battery and Energy Storage Technology Consortium (NY-BEST) Pacific Northwest National Laboratories (PNNL) Rocky Mountain Institute (RMI) Sandia National Laboratory (SNL) Solar Finance Council (SFC) Union of Concerned Scientists (UCS) Participating Firms • • • • • • Participating Firms (Cont. ) Acelerex • Norton Rose Fulbright US LLP Anbaric Development Partners • Panasonic Black & Veatch • Power Edison Canadian Solar • Rhynland Cleantech Strategies • Schneider Electric CSA Group • Sound Grid Energy Partners DNV-GL • Sparkplug Power Energi Insurance Services • Starwood Energy Group Energy Storage Consulting • Strata Solar Energy Tariff Experts • USI Insurance Services Eversheds Sutherland US LLP • Willis Towers Watson FLEX GE Power Hartford Steam Boiler (Munich RE) Helix Power Highview Power Hotstart Inc. Hugh Wood Inc. Munich RE New Energy Risk Nexus Infrastructure Capital Management 19

ACES Working Group: Best Practice Guide BPG 1: Project Development—Bill Holmes, K&L Gates • • • Real Estate—Kyle Wamstad, Eversheds Southerland Permitting—Kyle Wamstad, Eversheds Southerland Regulatory—Robert Fleishman, Kirkland & Ellis Incentives—Buck Endemann, K&L Gates Off-Take Agreements—Bill Holmes, K&L Gates Tax—Elizabeth Crouse, K&L Gates BPG 5: Construction—Richard Baxter, Mustang Prairie Energy • EPC Contract—Richard Baxter, Mustang Prairie Energy • Commissioning—Richard Baxter, Mustang Prairie Energy • Electrical Contractors—Bernie Kotlier, NECA BPG 6: Operation—Matt Koenig, DNVGL • • BPG 2: Engineering—Mark Manley, Black & Veatch • • Independent Engineering Report—Mark Manley, Black & Veatch Bankability Study—Mark Manley, Black & Veatch Interconnection Study—Dan Sowder, Sound Grid Partners Warranty—Davion Hill, DNVGL BPG 7: Risk Management—John Mooney, Hugh Wood • Project Risk Insurance—David Tine, Hartford Steam Boiler • Exotic Insurance—John Mooney, Hugh Wood • Surety—Dixon Wright, USI Insurance BPG 3: Project Economics—Russ Weed, Cleantech Strategies • • Applications—Mike Jacobs, Union of Concerned Scientists Rate Design—James Bride, Energy Tariff Experts Project Proforma—Richard Baxter, Mustang Prairie Energy Case Study—Ray Byrne, Sandia National Laboratories Operation & Maintenance—Joe Krawczel, Strata Solar Performance/Availability Guarantee—Matt Koenig, DNVGL End of Life—Ray Lizotte, Schneider Electric Thermal Management—James Hunt, Hotstart BPG 8: Codes & Standards—Charlie Vartanian, PNNL • Safety—Dave Conover, PNNL • Reliability & Performance—Ryan Franks, CSA Group BPG 4: Technical Performance—Scott Daniels, Schneider Electric • Data Interoperability—Dixon Wright, USI Insurance • Degradation / Augmentation—Richard Baxter, Mustang Prairie Energy • Performance Measurement—Scott Daniels, Schneider Electric 20

Thank You Richard Baxter President Mustang Prairie Energy rbaxter@mustangprairie. com Dr. Imre Gyuk – U. S. Department of Energy Babu Chalamala & Ray Byrne – Sandia National Laboratories 21

Appendix 1: Richard Baxter President Mustang Prairie Energy ACES Working Group Best Practice Guide Chapter Details 22

ACES Working Group, BPG 1: Project Development Chapters Real Estate Insights Permitting Regulatory Challenges • • The credit agreement is the main document which is non-recourse to the developer. Local jurisdictions have impact on Real Estate & Permitting Site Specific: Easements, building codes, and other safety restrictions Tax implication wrt interconnection at the AC/ DC levels • If the project doesn’t work out economically due to a regulatory change, how is this dealt with in the credit agreement. Experience in the developer is critical—how do you define experience? # of projects or MWs? Retroactively fitting energy storage into existing projects causes problems and opening loan documents is highly problematic. • • Incentives Off-Take Next Steps • • What are the issues people need to know in order to install and operate a project? How can a developer translate experience from one jurisdiction to another Tax 23

ACES Working Group, BPG 2: Engineering • Chapters Insights Independent Engineering Report • • • Bankability Study Challenges • Interconnection Study Warranty Next Steps • Independent Engineering report are important to investors to define design and operating characteristics and costs, and provide an opinion about degradation and the life of project, and define the risk for catastrophic failure. Battery degradation curves are critical, with many times different groups on a project having different expectations. Interconnection is a critical point from a project development perspective. Understanding the different degradation curves of the different technologies under various use cases Energy storage is a more complex technological system than solar, so it will require more technological performance confidence. Developing metrics for different performance characteristics so non-technical people can incorporate performance into contracts more easily 24

ACES Working Group, BPG 3: Project Economics • Chapters Insights • • Many external inputs are important to project economics: demand charge, standby charge, capacity charge etc. Different utility tariff structures make the project economic determination dependent upon utility / ISO location. Proforma important to provide clarity into assumptions and expectations for developers and investors Applications • Rate Design Challenges • • Determining the proper risk adjustment for the Proforma model relies on clear understanding of technology and market rules Investors are more conservative about revenue streams than developers Case studies important to showcase assumptions in action Project Proforma • Case Study Next Steps • Having more standard definitions of market rules across jurisdictions would help developers tremendously. Clarity that regulatory environment will not change abruptly in mid-life of project; having adjustments in contracts if they do. 25

ACES Working Group, BPG 4: Technical Performance Insights • • • Chapters Data Interoperability • Challenges Degradation / Augmentation Performance Measurement • • Next Steps • Performance needs to be understood at battery, module and system level. Detailed data allows cell level warranty limits to be expressed at full system operation limits. Data monitoring, measuring control, monitoring, metering and communication with ISOs need to be taken into account. What is performance and how is it measured? People need to understand where system performance is coming from. Comparing performance by different energy storage technologies for the same use cases Develop application based performance requirements that can be applicable to different energy storage technologies Operation and maintenance contracts designed to be flexible, yet provide clear understanding for requirements to keep equipment both within warranty, and to hit contract requirements 26

ACES Working Group, BPG 5: Construction • Insights • Chapters EPC Contracts Challenges Credit worthiness is a concern with EPC contractors. It’s imperative to get someone to stand behind warranties provided by the EPC wrap. Using experience electrical contractors and electricians can reduce construction time and reduce outages during operation • • • How do you compare the experience of different EPC firms What type of EPC wraps are provided? How do you ensure you know where the limitations are in the contracts? • • The industry needs more standard construction and commissioning procedures We need to see a few failures and see how the existing contracts protect the groups involved Commissioning Construction Training Next Steps 27

ACES Working Group, BPG 6: Operations • Chapters Operation & Maintenance Contracts Performance / Availability Guarantee Insights Challenges • • Allocation of responsibility among various parties in O&M agreement is a key factor for determining responsibility Limits to initial specifications after installation Experience of operator gaining in importance to how the project delivers the promised cost savings. • • Who’s responsible for maintaining an alert system including fire suppression system? There are limitations to initial specifications when people want to adjust operation after installation. • End of Life considerations needs to become more integrated and standardized into contract Clearer understanding of the mutual impact of warranty, usage patterns, and maintenance. End of Life First Responders Next Steps • Thermal Management 28

ACES Working Group, BPG 7: Risk Management • Insights • Chapters Project Risk Insurance • Challenges • Next Steps • Exotic Insurance Surety Project life cycle should be viewed with an eye towards engineers and project developers. The investor is putting funds into a project and expects it to be done on time, ahead of budget, and without surprises. What issues provide risk mitigation for and which strategies are deployed for ES with the developer in mind. How do you define and value the different possibilities of project interruption and failure Ensure that those able to take on the project risks are adequately compensated. 29

ACES Working Group, BPG 8: Standards • Insights • • Chapters Safety • Challenges • Reliability & Performance Next Steps • How codes & standards documents are implemented have significant impact on project approval When investors know what needs to be done in terms of awareness and adherence to Codes & Standards, they are more likely to put funds into a project. The developer needs to know why these are important and how they impact getting project approval and ultimately to market quicker It’s important to not only convey codes and standards material, but to emphasize why it’s important for the developer and/or investor and its implication in the process. Energy storage industry has well defined safety standards, and needs better reliability and performance standards Develop common reliability and performance standards to promote more reliable operation of energy storage systems 30

Appendix 2: Richard Baxter President Mustang Prairie Energy U. S. DOE Resources Supporting Energy Storage Financing 31

U. S. DOE Resources Supporting Energy Storage Financing U. S. Department of Energy Database Global U. S. DOE Energy Storage Database: https: //www. energystorageexchange. org/ Funding and Financing for Energy Projects Funding & Financing for Energy Projects: https: //energy. gov/funding-financing-energy-projects Areas of Support: Loan Programs Office: https: //energy. gov/funding-financing-energy-projects State Energy Program: https: //energy. gov/eere/wipo/state-energy-program Federal Financing Facilities Available for Energy Efficiency Upgrades and Clean Energy Deployment: Link to Report Federal Financing Programs for Clean Energy: https: //energy. gov/sites/prod/files/2016/05/f 32/Federal%20 Financing%20 Programs%20 for%20 Clean%20 Energy. pdf 32

U. S. DOE Resources Supporting Energy Storage Financing (cont. ) Sandia National Laboratory (SNL) Energy Storage Program U. S. Department of Energy, Energy Storage Systems https: //www. sandia. gov/ess-ssl/ U. S. Department of Energy, Energy Storage Systems: Publications: http: //www. sandia. gov/ess/sandia-national-laboratories-publications/ Energy Storage Valuation Modeling Qu. ESt Model, https: //energy. sandia. gov/tag/quest/ Key Reports DOE/EPRI Electricity Storage Handbook with NRECA: http: //www. sandia. gov/ess/publications/SAND 2015 -1002. pdf DOE OE Energy Storage Systems Safety Roadmap Focus on Codes and Standards— SAND 2017 -9147 R: http: //www. sandia. gov/energystoragesafety/wpcontent/uploads/2017/08/Roadmap-CS-report-August-2017 -final. pdf Energy Storage Financing: A Roadmap for Accelerating Market Growth http: //www. sandia. gov/ess/publications/SAND 2016 -8109. pdf Energy Storage Financing: Performance Impacts on Project Financing, https: //www. sandia. gov/ess-ssl/wp-content/uploads/2018/12/ESF 2 Mustang. Prairie_SAND 2018 -10110_final. pdf DOE OE Energy Storage Systems Safety Roadmap, http: //www. sandia. gov/ess/publications/Energy. Storage_safetyroadmap_2017. pdf Energy Storage Procurement - Guidance Documents for Municipalities, http: //www. sandia. gov/ess/publications/SAND 2016 -8544 O. pdf Protocol for Uniformly Measuring and Expressing the Performance of Energy Storage Systems, http: //www. sandia. gov/ess/publications/SAND 2016 -3078 R. pdf Methodology to Determine the Technical Performance and Value Proposition for Grid-Scale Energy Storage Systems: A Study for the DOE Energy Storage Systems Program, http: //www. sandia. gov/ess/publications/SAND 2012 -10639. pdf 33

U. S. DOE Resources Supporting Energy Storage Financing (cont. ) Pacific Northwest National Laboratory (PNNL) Energy Storage Program PNNL Stationary Energy Storage Reports- DOE OE Energy Storage Program, https: //energymaterials. pnnl. gov/esp/reports. stm Energy Storage Valuation Modeling Energy Storage Optimization Tools https: //availabletechnologies. pnnl. gov/technology. asp? id=413 Key Reports Energy Storage System Safety: Plan Review and Inspection Checklist, https: //energymaterials. pnnl. gov/pdf/PNNL-SA-124486. pdf Measuring and Expressing the Performance of Energy Storage Systems (Presentation) https: //energymaterials. pnnl. gov/pdf/PNNL-SA-118995. pdf Energy Storage System Guide for Compliance with Safety Codes and Standards; http: //www. sandia. gov/ess/publications/SAND 2016 -5977 R. pdf Protocol for Uniformly Measuring and Expressing the Performance of Energy Storage Systems, https: //energymaterials. pnnl. gov/pdf/PNNL-22010 Rev 2. pdf Overview of Development and Deployment of Codes, Standards and Regulations Affecting Energy Storage System Safety in the United States; http: //www. sandia. gov/ess/docs/safety/Codes_101_PNNL_23578. pdf Inventory of Safety-related Codes and Standards for Energy Storage Systems with some Experiences related to Approval and Acceptance; https: //energymaterials. pnnl. gov/pdf/PNNL-23618. pdf 34

U. S. DOE Resources Supporting Energy Storage Financing (cont. ) National Renewable Energy Laboratory (NREL) Renewable Energy Finance Renewable Energy Project Finance, https: //financere. nrel. gov/finance/ Energy Storage Valuation Modeling REopt: Renewable Energy Integration & Optimization, https: //reopt. nrel. gov/tool Key Reports Installed Cost Benchmarks and Deployment Barriers for Residential Solar Photovoltaics with Energy Storage: Q 1 2016, https: //www. nrel. gov/docs/fy 17 osti/67474. pdf Identifying Potential Markets for Behind-the-Meter Battery Energy Storage: A Survey of U. S. Demand Charges, https: //www. nrel. gov/docs/fy 17 osti/68963. pdf Battery Energy Storage Market: Commercial Scale, Lithium-ion Projects in the U. S. , https: //www. nrel. gov/docs/fy 17 osti/67235. pdf Argonne National Laboratory (ANL) Energy Storage Program https: //www. anl. gov/pse/energy-storage Joint Center for Energy Storage Research (JCESR) Energy Storage Program http: //www. jcesr. org/ 35

U. S. DOE Resources Supporting Energy Storage Financing (cont. ) Idaho National Laboratory (INL) Energy Storage Program Clean Energy & Transportation, https: //at. inl. gov/Site. Pages/Energy%20 Storage. aspx Energy Storage Publications https: //avt. inl. gov/project-type/advanced-energy-storage-publications Energy Storage Technology Advancement Partnership (ESTAP) The Energy Storage Technology Advancement Partnership (ESTAP) is a federal-state funding and information sharing project, managed by the Clean Energy States Alliance (CESA), which aims to accelerate the deployment of electrical energy storage technologies in the U. S. https: //www. cesa. org/projects/energy-storage-technology-advancement-partnership/ Key Reports Energy Storage Procurement Guidance Documents for Municipalities: http: //www. cesa. org/assets/2016 -Files/Energy-Storage-Procurement-Guidance. Document. pdf Commissioning Energy Storage: http: //www. cesa. org/assets/Uploads/ESTAP-Webinar-Slides-5. 20. 14. pdf 36