#1electriq power INVESTOR PRESENTATION June 2023 Questions? Contact us at [email protected] electriq power electriq power electriq power T│L│G TLG Acquisition One Corp#2CONFIDENTIALITY AND DISCLAIMER electriq power This presentation (together with oral statements made in connection herewith, the "Presentation") is intended to provide confidential summary information about the business of Electriq Power, Inc. ("we," "us," "our," "Electriq" or the "Company") with respect to the proposed business combination (the "Business Combination") between the Company and TLG Acquisition One Corp. ("SPAC") for informational purposes only. The information in this Presentation is not complete, comprehensive, or exhaustive and remains subject to change. This Presentation is not an offer to sell securities, is not soliciting an offer to buy securities, or make an investment, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This Presentation does not constitute investment, tax or legal advice. No representation or warranty, express or implied, is given as to the accuracy or completeness of the information in this presentation. By accepting this Presentation, you acknowledge and agree that all of the information contained herein or disclosed orally during this Presentation is confidential, that you will not distribute, reproduce, disclose or use such information for any purpose other than for the purpose of evaluating your firm's participation in the potential financing, that you will not distribute, reproduce, disclose or use such information in any way detrimental to SPAC or the Company, and that you will return to SPAC and the Company, delete or destroy this Presentation upon request. Further, by accepting this Presentation, the recipient agrees to maintain all such information in strict confidence, including in strict accordance with any other contractual obligations applicable to the recipient and all applicable laws, until such information becomes publicly available not as a result of any breach of such confidentiality obligation. You are also being advised that the United States securities laws restrict persons with material non-public information about a company obtained directly or indirectly from that company from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities on the basis of such information. The information contained herein does not purport to be all-inclusive and neither the SPAC nor the Company or any of their respective subsidiaries, stockholders, affiliates, representatives, control persons, partners, members, managers, directors, officers, employees, advisers or agents make any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. This information is not intended as the basis of any investment decision and may not contain all of the information that a recipient may desire, and each recipient should perform its own independent investigation and analysis with respect to any investment decision. None of the Company, the SPAC or any other person are providing you with any legal, business, tax or other advice, and you should consult with your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment decision. The recipient shall not rely upon any statement, representation or warranty made by any other person, firm or corporation in making its investment decision in connection with the Business Combination. In the event that any portion of this Presentation is inconsistent with or contrary to any of the terms of the definitive purchase agreement entered into in connection with the Proposed Transaction or an investment in securities in connection therewith, the definitive agreement shall control. To the fullest extent permitted by law, in no circumstances will SPAC, the Company or any of their respective subsidiaries, stockholders, affiliates, representatives, control persons, partners, members, managers, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of SPAC, the Company, or the proposed Business Combination. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Forward-Looking Statements Certain statements in this Presentation may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this Presentation are forward-looking statements, including statements concerning the Company's expected capital needs, cash runway and use of proceeds. Forward-looking statements herein generally relate to future events or the future financial or operating performance of SPAC, the Company or the combined company expected to result from the Business Combination (the "Combined Company"). For example, projections of future financial performance of the Company or the Combined Company, the Combined Company's business plan, other projections concerning key performance metrics, the proceeds of the Business Combination and the Combined Company's expected cash runway, the potential effects of the Business Combination on SPAC and the Combined Company, the satisfaction of closing conditions to the Business Combination and the timing of completion of the Business Combination, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "project," "target," "budget," "forecast," "could," "continue," "plan," or "potentially" or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are based on beliefs and assumptions and on information currently available to management of the Company and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by SPAC, the Company and its management, as the case may be, are inherently uncertain and subject to material change. There can be no assurance that future developments affecting the Company will be those that it has anticipated. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risk and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control, including general economic conditions and other risks, uncertainties and factors set forth in the section entitled "Risk Factors Summary" in the Presentation. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein and the risk factors of SPAC and the Company described above. Neither SPAC nor the Company undertakes any duty to update these forward-looking statements. In addition, no responsibility, liability or duty of care is or will be accepted by the SPAC, the Company or any other person for updating or revising this Presentation or providing any additional information to any recipient and any such liability is expressly disclaimed. Strictly Confidential / Not for Redistribution 2#3electriq power CONFIDENTIALITY AND DISCLAIMER Use of Projections This Presentation contains projected financial information with respect to the Company. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as being predictive of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in such prospective financial information, including without limitation, assumptions regarding SPAC's and the Company's ability to consummate the Business Combination, the failure of which to materialize could cause actual results to differ materially from those contained in the prospective financial information. SPAC and the Company cautions that their assumptions may not materialize and that current economic conditions render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. See the section above titled "Forward- Looking Statements". While all financial projections, estimates and targets are necessarily speculative, SPAC and the Company believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. Accordingly, there can be no assurance that the prospective results are indicative of future performance of the Combined Company after the Business Combination or that actual results will not differ materially from those presented in the prospective financial information. The inclusion of financial forecast information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Neither SPAC's nor the Company's independent auditors registered public accounting firms have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation or any other purpose, and accordingly, none of such independent auditors registered public accounting firms has expressed any opinion or provided any other form of assurance with respect to such projections. No Offer or Solicitation This Presentation shall not constitute a "solicitation" as defined in Section 14 of the Securities Exchange Act of 1934, as amended. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any private offering of securities in connection with the Business Combination (the "Securities") will not be registered under the Securities Act of 1933, as amended ("Securities Act"), and will be offered as a private placement to a limited number of "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) or institutional "accredited investors" (within the meaning of Rule 501(a) under the Securities Act). Accordingly, until registered for resale, the Securities must continue to be held until a subsequent disposition is exempt from the registration requirements of the Securities Act. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption from registration under the Securities Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Neither the Company nor SPAC is making an offer of the Securities in any state or jurisdiction where the offer is not permitted. NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Industry and Market Data Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Company's own internal estimates and research. In addition, all of the market data included in this Presentation involves a number of assumptions and limitations, and there can be no guarantee as to the reasonableness, accuracy or reliability of such assumptions or the accuracy or completeness of any projections or modeling or any other information contained herein. Any comparison of the Company to the industry or to any of its competitors is based on this publicly available information and statistics and such comparisons assume the reliability of the information available to the Company. The Company obtained this information and statistics from third-party sources, including reports by market research firms and company filings. Finally, while the Company believes its research is reliable, such research has not been verified by any independent source and none of the Company, nor any of its affiliates nor any of its control persons, officers, directors, employees or representatives make any representation or warranty with respect to the accuracy of such information, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Trademarks This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM or symbols, but SPAC and the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. No Relationship or Joint Venture Nothing contained in this Presentation will be deemed or construed to create the relationship of partnership, association, principal and agent or joint venture. This Presentation does not create any obligation on the part of either the Company, SPAC or the recipient to enter into any further agreement or arrangement, and each of the Company and the SPAC reserves the right to discontinue discussions or negotiations at any time for any reason or no reason. Unless and until a definitive agreement has been fully executed and delivered, no contract or agreement providing for a transaction will be deemed to exist and none of SPAC, the Company or the recipient will be under any legal obligation of any kind whatsoever. Accordingly, this Presentation is not intended to create for any party a right of specific performance or a right to seek any payment or damages for failure, for any reason, to complete the proposed transactions contemplated herein. Strictly Confidential / Not for Redistribution 3#4electriq power CONFIDENTIALITY AND DISCLAIMER This Presentation is not a substitute for the registration statement or for any other document that the SPAC may file with the SEC in connection with the Potential Business Combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of other documents filed with the SEC by the SPAC, when they become available, through the website maintained by the SEC at http://www.sec.gov. CONFIDENTIALITY NOTICE This Presentation is intended exclusively for the individual or entity to which it is addressed. This Presentation and the accompanying communication may contain information that is proprietary, privileged, confidential or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate this message or any part of it. If you have received this message in error, please notify the sender immediately either or reply to this e-mail and delete all copies of this message. Strictly Confidential / Not for Redistribution 4#5TLG ACQUISITION ONE CORP. OVERVIEW Publicly listed SPAC led by a team of public company operators and domain experts committed to an active partnership with merger partner to drive long-term value electriq power Company Overview Ticker: NYSE: TLGA $80.0MM in Trust: 8.0 million shares of common stock (not including founder shares) currently outstanding Distinguished Board of Directors with deep domain and operating expertise across tech sectors TLG's Differentiated Value Proposition Officers/Directors have decades of public company operating, governance, acquisition and integration experience ► Technology industry veterans with deep domain expertise and a track-record of operating and investing experience ► Reputation for driving long-term operational success through macroeconomic cycles Extensive network of relationships to deliver additional capital and facilitate consummation of a business combination Executive Overview Michael Lawrie Founder and CEO Business & technology leader, strategist and change agent Former CEO of three public companies - DXC Technology Company (NYSE:DXC), Misys plc and Siebel Systems Inc. David Johnson CFO and Director Corporate strategist & expert in M&A and related integration ► Former Senior Advisor to & Senior Managing Director at the Blackstone Group Strictly Confidential / Not for Redistribution 5#6TABLE OF CONTENTS 1. Introduction 2. Addressable Market & Strategy 3. Differentiated Solution 4. Financial Overview 5. Transaction Overview 6. Summary Strictly Confidential / Not for Redistribution 6#71. INTRODUCTION electriq power Strictly Confidential / Not for Redistribution#8electriq power ELECTRIQ COMPANY OVERVIEW Electriq Power ("Electriq", or the "Company") is a provider of intelligent energy storage and management solutions for the residential and small business markets. The Company combines hardware and software integrated energy storage into one offering that provides reliability and ease of use at an attractive end-point price to the customer. We passionately believe in distributed energy storage solutions to shape our world's environmental and economic future Electriq's solutions Help to satisfy society's energy requirement into the future Integrate energy storage solutions across geographies Enable access to clean energy storage for all Founded in 2014 in Silicon Valley Capital-light and people-light strategy with ~650 trained installers at ~400 installation companies nationwide Deployments in the U.S., Canada and Puerto Rico 1. See details on page 41. $105MM of projected revenue in 2024(1) Backed by sustainable investors focused on transformative technologies Strictly Confidential / Not for Redistribution 8#9FINANCIAL AND TRANSACTION SUMMARY 1. See details on page 41. 2. See details on page 35. $105MM of projected revenue in 2024 (1) $300MM+ in expected project financing over a 30-month period secured from a major U.S. clean- energy company to support revenue growth Targeting capital raise of $28MM Secured $8.5MM in debt financing Agreement in principle for $26.5MM of equity, including $18MM from SPAC Sponsor affiliates ◆ Significant incentives offered to additional equity investors: 。 For every 2 shares of common participation at $10 each or through non-redemption, investors will also receive 1 preferred share with 15% payment-in-kind dividends; mandatory redemption of preferred shares after three years for cash or common stock (2) ⚫ $80MM of existing cash in trust at TLGA prior to redemption Estimated transaction close 3rd Amendment to S-4 filed June 8th, 2023 ◆ Transaction targeted to close after effectiveness of S-4 registration statement electriq power Strictly Confidential / Not for Redistribution 9#10WHERE ELECTRIQ FITS IN THE ENERGY ECOSYSTEM Power Generating Assets/Grid Data is shared with utilities to offload power and remove stress from the grid Utilizes OpenADR solutions to communicate with installed products Electriq Grid Services (Virtual Power Plant) - 00 cloud data data electriq power cloud cloud cloud cloud ECTRIQ OWER data electriq power Electriq Fleet Management Software Network Operating Center (NOC) Cloud technology transmits data between the end user and NOC for data monitoring and user management Designed to enable optimized fleet management and remove strain on the grid Electriq PowerPod 2 (including consumer and installation software) End User End-users with and without installed solar PV can benefit from Electriq battery storage for power resiliency and cost savings System designed to deliver backup, self-supply and time-of-use options allows end users to reduce energy costs through efficient use of storage Strictly Confidential / Not for Redistribution 10#11SIGNIFICANT MOMENTUM BUILDING IN THE BUSINESS Differentiated Go to Market Strategy Sustainable Community CALIFORNIA SLO Climate Coalition CREATING A CAMION OR PARLIER Sustainable Solutions 2015-2019 Beta EP system is deployed IQ ESS launches Accepted into Powerhouse Accelerator ► Frank Magnotti steps in as CEO PowerPod 1 launches Greensoil Investment infuses series seed capital 2020 Access TAB Electriq announces additional equity raise ► Announces LFP ESS (PowerPod 2) ► Adds to SunGage and Sunlight Financial ► Electriq becomes Open ADR 2.0 certified ► Electriq acquires LillyPad & Emergent Microgrid Electriq chosen for Marin Clean Energy ESS program BARRIO ELECTRICO 2021 PowerPod 2 launches with UL9540 Secures Sustainable Community Networks deal in Parlier, CA ► Secures ~160 MWh of full battery system supply and ~140 MWh of battery cells Opens Florida headquarters and moves to larger facility in San Leandro, CA 2022-2023 Signs and announces Access TAB MoU for solar and battery installations in the DC area Signs and announces Barrio Electrico MoU for residential solar and battery systems in Puerto Rico ► Signs agreement with New Channel Partner in September 2022, a leading owner and operator of distributed solar energy assets across the United States Secured Sustainable Community Networks agreement with Santa Barbara County and San Luis Obispo Climate Coalition Signed agreement with a third- party project finance partner for Sustainable Community Networks projects for >$300MM of potential revenue expected to be earned over a 30-month period Negotiating Sustainable Community Networks partnerships with additional municipalities $300MM+ in Expected Project Financing (1) electriq power "Electriq Power announced today it has entered into a multi-year agreement with a major U.S. clean-energy company. The provider company, founded by one of the largest investors in clean energy infrastructure, provides a platform that designs, proposes and finances solar and storage projects nationwide." The financing is estimated to be greater than $300 million over 30 months, based on expected sales volumes, system size, and pricing contained in the agreement. The companies will jointly provide operations including potential grid services over 25 years. "This agreement is a key milestone in the availability of secure, affordable, and predictable energy to households across California. We are excited to join forces with a major U.S. clean-energy company that brings together finance and technology, to provide customers with an all-in-one solution." -Frank Magnotti, Electriq Power CEO 1. Electriq Power press release on March 16, 2023 Strictly Confidential / Not for Redistribution#122. ADDRESSABLE MARKET & STRATEGY electriq power Strictly Confidential / Not for Redistribution 12#13GIANT ADDRESSABLE MARKET electriq power Residential solar installs are growing rapidly in the U.S., with annual installed capacity forecasted to grow at ~15%, which implies a significant growth opportunity for Electriq's battery systems U.S. Residential Solar Installed Capacity (GW) 2020-2030 Estimated CAGR: 15% 78.7 70.7 63.2 56.4 49.7 43.3 I 37.7 33.4 28.9 24.5 20.0 Electriq Implied Battery Unit Volumes ► 2023 & 2024 unit volumes and implied market share based on existing customer agreements (4) ► Hypothetical alternatives for 2025, assuming Electriq's market share grows 0.5%-1.5% per year thereafter 2020A 2021A2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Total U.S. Battery Storage Unit Installs (000s) ► 2022 new battery attachment rate of 20% (1), with an estimated 2%-4% annual increase thereafter (2) Retrofit annual attachment rate of 1% (3) New Battery Storage Unit Installs ■Retrofit Battery Storage Unit Installs 2023-2025 CAGR: 21% 332 225 241 193 71 60 64 54 261 139 166 177 2022E 2023E 2024E 2025E New Install Attach Rate 20% 24% 27% 30% 23-'25 CAGR 244% Market Share Growth Case: 0.5% 1.0% 1.5% 11,540 9,882 8,224 219% 191% 973 4,776 2023E 2024E 2025E 0.4% 2.0% 2.5% Market Share(5) 0.4% 2.0% 3.0% 0.4% Source: Bloomberg New Energy Finance ("BNEF"), Sunrun, SunPower and Sunnova company presentations and filings, Lawrence Berkeley National Laboratory. 1. Based on average attachment rates for 2022 per Sunrun, SunPower and Sunnova investor presentations and earnings calls. 2. Figures in chart represent midpoint of estimated range. 3. Based on Electriq management estimate. 4. Assumes (i) 1,100 forecasted systems in the MOUS/LOIS with Access Tab and Barrio Electrico are delivered, (ii) 1,100 forecasted systems among existing New Channel Partner customers and (iii) acquisition of approximately 2,600 homeowners in the Counties of Santa Barbara and San Luis Obispo, the City of Parlier and surrounding areas. 5. Based on total anticipated U.S. battery storage unit installs 2023E and 2024E; 2025E market share percentages are based on the variable Market Share Growth Cases (0.5% / 1.0%/1.5% being added). 2.0% 3.5% Strictly Confidential / Not for Redistribution 13#14electriq power REGULATORY SUPPORT OF ENERGY STORAGE Strong and growing federal and state support for solar and storage industry, buoyed by recent Inflation Reduction Act legislation Federal Support (1) Energy Storage Targets by State (2) New York (4) Maine 400 MW by 2030 At the federal level, President Biden signed into law the Inflation Reduction Act on August 16, 2022, which includes $369 billion for Climate Change and Energy Security, including tax credits and grants to make homes energy efficient: 30% ITC restored for solar and storage projects Stand Alone Storage Introduction of ITC for stand-alone storage installs for first time, a jolt to the retrofit market 10 years Extension of full PTC / ITC (or the equivalent) values to at least 2032 Up to 20% Bonus ITC for development in certain low-income communities California (3) 1.3 GW by 2024 Nevada 1 GW by 2030 Industry Reactions "This law will put millions more Americans to work, ensure clean, renewable and reliable domestic energy is powering every American home, and save American consumers money." - Heather Zichal, CEO, American Clean Power Association "[The law] features long-term investments in clean energy and new incentives for energy storage, which give solar and storage businesses a stable policy environment and the certainty they need to deploy clean energy...." - Abigail Ross Hooper, CEO, Solar Energy Industries Association 6 GW by 2030 Massachusetts Virginia 3.1 GW by 2035 1 GWh by 2025 Connecticut 1 GW by 2030 New Jersey 2 GW by 2030 Select Utilities Offering Customers Storage Incentives: NVEnergy Hawaiian Electric EVERS URCE nationalgrid ЈЕЛ ENERGY GREEN MOUNTAIN POWER 1. Senate Democrat's Summary: The Inflation Reduction Act of 2022, SEIA Inflation Reduction Act Summary Report. 2. Energy Storage Targets by State, excluding those for California and New York, from Energy Storage Association's Clean Energy Legislative Academy presentation in July 2021. 3. California Public Utilities Commission Energy Storage Overview. 4. Governor Kathy Hochul's January 5th, 2022 State of the State address. Strictly Confidential / Not for Redistribution 14#15NET ENERGY METERING REGULATIONS REPRESENT A NET POSITIVE FOR ELECTRIQ electriq power Residential Solar Installations Could have a marginal impact on size of residential solar installations due to lower compensation for excess solar production However, this will be offset by requirements for greater electrification Residential Battery Storage Strong positive for residential battery storage, so they can take advantage of Time of Use billing Expected to drive higher battery attach rates on both existing and new solar installations Low- and Middle-Income Consumers 70% of the $900M of state funding available in incentives for homeowners who adopt a solar plus storage system is targeted for low-income customers Benefits to Electriq Strong tailwind for Electriq's battery storage solution for new and existing solar installs Electriq's software platform is uniquely positioned to enable Time of Use billing Low-income incentives will drive adoption across income brackets in partnership with Sustainable Community Networks and Sustainable Solutions channels How Net Metering Works 3. 2. Home uses electricity from Solar panels solar panels and from the grid 4. 1. generate electricity Excess energy from solar panels sent back to grid Utility credits electricity bill for value of energy sent to grid Strictly Confidential / Not for Redistribution 15#16electriq power GO-TO-MARKET STRATEGY Electriq is focused on three primary go-to-market strategies to capture its large addressable market Customer Overview Sustainable Community Networks ("SCN") Residential customers in municipalities and townships Drives immediate savings for consumers and acceleration of renewable target goals for municipalities ► Focus on under-resourced communities TY OFS SANTA ANTA BAR SL Climate Coalition 401 PAR Sustainable Solutions (1) Microgrid providers and homebuilders ► Focusing on clean installation and affordable price point ► Modular design intended to fit a wide range of homes BARRIO ELECTRICO New Channel Partner Access TAB White Label / Distributors / Other Strategic partners with established B2C distribution channels for residential energy solutions Energy storage complementary to Strategic partner's existing offerings (e.g. generators/backup) Potential use cases include residential electric vehicle charging Anticipated Unit Economics (2) Projected 2024 Revenue / Gross Profit Mix(2) ~$28,000 Unit Price ~22% Gross Margin ~$15,000 Unit Price ~27% Gross Margin Sustainable Community Networks FY24 Unit Volume Projection: 2,592 FY24 Revenue Sustainable Solutions FY24 Unit Volume Projection: 2,184 FY24 Gross Profit FY24 Revenue FY24 Gross Profit $33 mm $9 mm $16 mm $72 mm 1. Formerly known as Microgrid go-to-market strategy. 2. See details on page 41. Sustainable Community Networks reflects expected average system size in FY2024. Strictly Confidential / Not for Redistribution 16#17electriq power TY OF SANTA BARBAR SUSTAINABLE COMMUNITY NETWORKS CASE STUDY: CALIFORNIA SANTA BARBARA COUNTY Electriq signed an agreement with Santa Barbara County in Fall 2022 to partner with the municipality to provide sustainable and resilient solar microgrids to the historically underserved community Designed for Success Across the Program Municipality Wins Offers their constituents discount to current utility rates Gains revenue stream without any out-of-pocket expense Promotes renewable energy, contributing to California's goals Homeowner Wins Solar and battery storage at no upfront costs Customer savings of 10%+ from comparable utility rates (1) Gains backup system in the event of a grid outage 20-year+ PPA helps to establish a predictable energy price Project Finance Partner Wins Designed to provide recurring, stable cashflows over 20+ years Tax credit advantages: Federal ITC, accelerated depreciation Desirable risk-adjusted returns Electriq Wins Acts as developer for municipal projects Deploys energy storage systems in geographic concentrations Retains rights to use batteries for demand response (VPP) Recurring revenue for fleet management services and software For every $1 of battery revenue Electriq receives in Sustainable Community Networks (SCNS), it receives another ~$2 of other upfront revenue (solar, installation & development fees) and an additional ~$1 of high margin software, services and Virtual Power Plant (VPP) revenue over time Solution Upfront PowerPod 2, Solar, Installation & Development Longer Term Target Fleet Management Software and Virtual Power Plant Gross Margin ~22% ~ 50% - 90% Source: Company materials. 1. Compared to Southern California Edison time-of-use residential rate plans. Strictly Confidential / Not for Redistribution 17#18SUSTAINABLE COMMUNITY NETWORKS: MAJOR OPPORTUNITY IN CALIFORNIA Addressable Market of over $4.2 billion (1) electriq power Totals Addressable Market: Anticipated Home Signup: Anticipated Home Signup #: Potential Revenue: 3,036k 5.0% 151,800 $4,250MM Greater San Joaquin (PGE) Addressable Market: 695k Anticipated Home Signup: 5.0% Anticipated Home Signup #: 34,750 Potential Revenue: $973MM San Luis Obispo San Diego County (SDGE) Addressable Market: 565k Anticipated Home Signup: 5.0% Anticipated Home Signup #: Potential Revenue: 28,250 $791MM Parlier Sierra Foothills (PGE) Addressable Market: Anticipated Home Signup: 142k 5.0% Anticipated Home Signup #: Potential Revenue: 7,100 $199MM Santa Barbara Central CA Counties (SCE) Addressable Market: 1,559k Anticipated Home Signup: Anticipated Home Signup #: 5.0% 77,950 Potential Revenue: $2,183MM Imperial Irrigation District Addressable Market: 75k Anticipated Home Signup: Anticipated Home Signup #: Potential Revenue: 5.0% 3,750 $105MM 1. Addressable Market represents number of households (per Census.gov) x 50% owner-occupied rate; Revenue assumes $28,000 per home based on a 5,500-Watt solar/10kWh battery system size. Strictly Confidential / Not for Redistribution 18#19electriq power SUSTAINABLE SOLUTIONS: CASE STUDIES ~$33MM of Sustainable Solutions revenue expected in FY2024 (1) Customer Access TAB Overview Minority-owned business developing real estate and solar projects across the Washington, DC area Agreement Memorandum of Understanding signed in Apr. 2022 for solar and battery storage installations in the Washington, D.C. area Engagement Model and Volumes Electriq and Access will collaborate to establish the ecosystem that will own, market, sell, install, operate and maintain rooftop solar panels on commercial and residential buildings along with home battery systems Projects initially targeting home battery and rooftop solar installations in ~1,000 or more locations within a 24-month period Customer orders began shipping in the second half of 2022 For every $1 of battery revenue Electriq receives in Sustainable Solutions, it receives another ~$0.15 of other upfront revenue (installation & development fees) and an additional ~$0.35 of high margin software, services and Virtual Power Plant revenue over time New Channel Partner A leading owner and operator of distributed solar energy assets across the United States BARRIO ELECTRICO Nonprofit that develops and operates residential solar systems in Puerto Rico Master Installation Agreement signed in September 2022 Memorandum of Understanding signed in Mar. 2022 New Channel Partner has launched an energy storage program to offer residential energy storage systems to its portfolio of over 50,000 owned and 80,000 managed and maintained solar systems The current forecast is approximately 1,100 systems in FY24 Committed financing for 300 systems and business plan to install 1,000 residential solar systems and up to 1,600, subject to availability of investment funds - includes expectation to use Electriq's PowerPod 2 in those systems Customer orders began shipping in the second half of 2022 Solution Gross Margin Upfront PowerPod 2, Installation & Development Longer Term Target Fleet Management Software and Virtual Power Plant ~27% ~ 50% - 90% 1. Assumes (i) 1,100 forecasted systems in the MOUS/LOIS with Access Tab and Barrio Electrico are delivered and (ii) 1,100 forecasted systems among existing New Channel Partner customers. Strictly Confidential / Not for Redistribution 19#203. DIFFERENTIATED SOLUTION electriq power Strictly Confidential / Not for Redistribution 20#21DIFFERENTIATED AND INTEGRATED SOLUTION E Backup Grid A PowerPod 2 奋 C Self-Supply Time of Use Solar Gr Okw Battery 100% Configure System Mode System mode Peak Periods Reserve for Power Outages electriq power PowerPod 2 Rechargeable home battery and home energy management solution Stores energy from solar or the grid Uses stored energy to lower energy costs and provide backup power Modular design to fit any size home + Fleet Management Software Analytics and insights on energy production, consumption and storage data Smart home energy monitoring tools for homeowners ► Simplified installation and system verification Proprietary algorithms use factors such as historic usage patterns, solar production and utility rates to optimize forecasting + Grid Services (Virtual Power Plant) Automated demand response solutions to reduce implementation costs and improve interoperability ► OpenADR for access to any Automated Demand Response program ► PowerADR for aggregation of fleet storage systems Dense geographic deployments boost the transmission & distribution benefits for Virtual Power Plants Strictly Confidential / Not for Redistribution 21#22ELECTRIQ'S DIFFERENTIATED TECHNOLOGY SOLUTION Cloud Enabled Software Platform System Reliability Embracing industry standards like Open Automated Demand Response (Open ADR) is designed to ensure seamless, secure and reliable integration with a variety of grid services partners ► Allows Electriq the ability to monetize and broker storage assets for grid services / Virtual Power Plants Allows customers to switch between energy arbitrage, backup power and self-supply modes automatically to achieve personal goals Cloud telemetry and control supports increased security as well as additional potential forward integrations into smart cars, smart homes and cooperative exchanges System designed to continue to operate autonomously and safely based upon "last strategy" if/ when cloud software platform becomes unavailable Exclusive use of cloud services enables more reliable availability (no company data centers) Multiple safeguards, including solar control, are designed to protect the system from overloads Can be integrated with fuel generators and fuel cells to efficiently manage fuel consumption, reduce noise and extend useful life Available in Both AC & DC Formats Ease of Installation Excellent fit for combined solar + storage installations (DC) as well as retrofitting existing homes with solar to include battery storage (AC) Wide range of inverters, switches and batteries due to open hardware agnostic architecture UL 9540 certification for "factory-in-the-field" installation Shipped on a modular basis, simplifying installation for trained technicians Indoor or Outdoor Application Certified NEMA 3R for weather-resistant outdoor installation Dual-band Connectivity ► State-of-the-art cellular Internet of Things (IoT) connectivity out of the box designed to enable simpler installation and provides basis for providing grid services Service Level Agreements (SLAs) 4G LTE, Wi-Fi and Ethernet capabilities provide extensive communications redundancy 15:30 Solar electriq power 1.41 W Home Battery r POWER FLOWE TIMELINE SYSTEM Strictly Confidential / Not for Redistribution 22 22#23INSTALLATION DIFFERENTIATION electriq power Electriq is UL certified for factory in the field and recommended by installers for its safety and user friendly interface ⑪ UL 9540 Certification UL UL 9540A Test Method was developed to address safety concerns identified by the building codes and the fire service in the United States Addresses the following: BESS installation instructions Installation ventilation requirements Effectiveness of fire protection (internal or external) Fire service strategy and tactics PowerPod 2 certification Passed UL 9540A test; fully certified for battery fire safety Quick Installation PowerPod 2 is believed to be the first residential energy storage system with UL 9540 certification where the "factory is in the field" PowerPod 2's modular design and our installation app provide for an overall efficient installation: Only requires one installer ◆ Delivered with skid for easy assembly Electriq PowerTools phone app provides step-by-step instructions to guide the installer and customer through the installation process Source: Company website and UL. 1123 ELECTRIO POWER Step 2: Connect Batteries and BMS Orientation of betteries depends on inverter right or left Connect all batteries in series Last battery () minus must connect back to BS BACK NEXT Strictly Confidential / Not for Redistribution 23#24ELECTRIQ'S NEAR-TERM TECHNOLOGY ENHANCEMENTS Hub-of-the- Home Acts as a Hub-of-the-Home - standing between utility and homeowner and helping both manage power costs and consumption Integrates with existing smart appliances and home management solutions (e.g. Google Home, Alexa), including EVS Allows Electriq the ability to monetize storage assets for grid services / Virtual Power Plants Addresses growing duck curve challenges in California Hub-of-the- Home System Enhancements to Fleet Management Software Fleet management that will provide features such as forecast of future capacity, weather overlay, KPIs, advance alert system, among others Will be available to customers in different pricing tiers and service levels ► Local demand forecasts, rate tables and battery capacity forecasts for grid providers Single Space Saving Enclosure ► The future redesigned enclosure will allow Electriq to fit more battery modules in a single enclosure resulting in cost reduction and 37% wall space savings Removes the need for battery harness extensions and conduits to add-on boxes Strong relationship with both battery suppliers (CATL / Zhongeng and Topband) to produce battery packs to fit in the redesigned enclosures Integrated Cellular + Ethernet Connectivity Introducing a new eSIM which automatically switches between the 3 largest operators (1) to access whichever provides the best signal strength while reducing the number of SKUs for Electriq to stock ► Increased reliability via Ethernet connectivity compared to WiFi, which is more susceptible to signal interference and procurement, security and installation issues 1. AT&T, T-Mobile and Verizon. Current electriq power 20 kW System Today Future 20 kW System 760 mm 700 mm 1,270 mm Redesigned 1,360 mm Wall space required: 2,119 mm (6.95') Verizon (US only) Pov Wall space required : 1,326 mm (4.35') eSIM (ATT, T-Mobile) + Verizon (North America) ALBY Pov Pov Rogers (Canada partial) Pov AT&T (US/Puerto Rico/Canada) Ethernet Connectivity Strictly Confidential / Not for Redistribution 24#25PRODUCT MANUFACTURING OVERVIEW LFP Batteries Inverter Enclosure ELECTRIO POWER PowerHub PowerHub 1. Assumes a unit size of 15kWh. Enclosures PowerHubs Purchase & Shipping ► Electriq specifies product requirements and purchases components; a freight forwarder is utilized to ship (via boat) from China to the U.S. Over 7,000 units (1) of battery capacity secured Additional component suppliers being evaluated and qualified ✓ electriq power Electriq's Warehouse ► PowerPod assembly software ensures all assembled components and cable harnesses are activated and operational before they are palletized and sent to customers PowerPods B2B Sales Channels ELECTRIC POWER electriq power Strictly Confidential / Not for Redistribution 25#26SUPPLY CHAIN SOURCING STRATEGY Key Components Principal Supplier Second Source Strategy Status of Securing Second Source Battery Packs CATL (1) TOPBAND $6 SMA Inverters GOODWE YOUR SOLAR ENGINE electriq power Expected Timing for Second Source Ensure availability Reduce cost Contract signed UL certification achieved Deliveries have begun Ensure availability Geographic diversity For AC coupled: evaluating SMA (high quality supplier) Q4 2023 (depending on product roadmap decisions) Enclosures YISHANG Actno (Taiwan) Redstone (Mexico) Ensure availability Geographic diversity Two likely sources identified First sample from Actno received for evaluation Q3 2023 (depending on roadmap decisions and scalability requirements) PowerHub Module SIERRA WIRELESS = Hybrid cell module + BYD 1. The company is currently in discussions with supplier to extend the supply agreement for CATL batteries. Ensure loT cellular availability/ affordability Conceptual requires larger investment TBD Strictly Confidential / Not for Redistribution 26#274. FINANCIAL OVERVIEW electriq power Strictly Confidential / Not for Redistribution 27#28FINANCIAL SNAPSHOT (1) Units Sold (# of Units) 4,776 FY24: 4,776 units Revenue ($ in millions) $104.8 FY24: $104.8 electriq power 1,637 ............... 320 2021 973 1,545 1,311 1,077 843 $34.2 $28.9 $23.5 $18.2 $19.9 $16.0 $3.4 2022 2023 2024 Q1 Q2 Q3 Q4 2021 2022 2023 2024 Q1 Q2 Q3 Q4 Gross Profit and Margin % ($ in millions) $24.8 FY24: $24.8 Margin: 24% $8.4 $6.9 $5.4 $4.0 Adjusted EBITDA ($ in millions) ($8.9) ($16.1) ($15.7) ($2.1) ($3.4) ($4.8) ($5.5) FY24: ($15.7) $2.5 $0.4 $0.4 2021 2022 2023 2024 Q1 Q2 Q3 Q4 2021 2022 ($25.4) 2023 2024 Q1 Q2 Q3 Q4 Note: Actuals through Q1 2023; all other periods are estimates. Totals may not add due to rounding. 1. See page 41 for assumptions and additional detail. Strictly Confidential / Not for Redistribution 28#29PROJECTED REVENUE MIX electriq power Through upfront hardware sales, Electriq is creating a platform that is designed to generate substantial, recurring high margin software and services revenue Projected Shift in Revenue Mix Sustainable Solutions 11% 2022 White Label / Distributors / Other 89% 2022 - 2024 Higher Margin Sustainable Community Networks begin to scale Sustainable Solutions 31% 2024 (1) Sustainable Communities Network 69% Potential Revenue Mix from Sustainable Solutions Upfront Installation & Development Fee 11% Recurring Software & Services Revenue 23%(2) Upfront Battery Revenue 66% Potential Revenue Mix from Sustainable Community Networks Sales Upfront Solar, Installation, and Development 51% O Recurring Software & Services... Upfront Battery Revenue 25% Note: Annual actuals are audited through FY 2022. All other periods are estimates. Recurring Revenue Software and Services revenue in Sustainable Community Networks term sheet creates a potential $100MM stream of high margin revenue over time (3) Revenue Per Unit Sold Revenue Per Unit increases as Sustainable Community Networks becomes a larger share $ 9,758 2022 $ 21,947 2024 1. Assumes (i) 1,100 forecasted systems in the MOUS/LOIS with Access Tab and Barrio Electrico are delivered, (ii) 1,100 systems among existing New Channel Partner customers and (iii) acquisition of approximately 2,600 homeowners in the Counties of Santa Barbara and San Luis Obispo, the City of Parlier and surrounding areas. 2. Based on 10-year warranty life for battery units. 3. Illustrative revenue for -8,000 units deployed under 25-year power purchase agreements. Strictly Confidential / Not for Redistribution 29#30BUSINESS MODELS PROVEN, MARKET DEMAND STRONG, SCALING IN PROCESS electriq power Segment Pilot Phase Sustainable Solutions Item Timeframe 2021-2022 Status and Next Steps Pilot Projects with: Marin Clean Energy (CA), Barrio Electrico (Puerto Rico), Access TAB (Washington DC), and CUC Progress Risk Mitigation Lessons learned, process mapping, baselines and metrics established, process improvements 2022 Signs New Channel Partner contract Scale Phase (1) Execute and expand on Sustainable Solution opportunities Hired seasoned executive and BD personnel 2023+ $33MM revenue expected in 2024 Pilot Phase Sustainable Community Networks Scale Phase $4.3B opportunity with $72MM (2) revenue expected in 2024 Secure Supply Supply Chain 2021-2022 2022-2023 2023+ Parlier, CA master agreement in place, targeting 3%-5% customer acquisition over a 30-month period Lessons learned, process mapping, baselines and metrics established, process improvements Executed Santa Barbara County master agreement; Signed agreement with SLO Climate Coalition to deliver solutions to San Luis Obispo County; Signed agreement with a third-party project finance partner for SCN projects for $300MM of potential revenue over 30 months Expand on Sustainable Community Networks opportunities Hired seasoned executive and BD personnel 2022-2023 12+ months supply secured Scale Product Production 2023-2024 Increase production to 1,000+ units/mo (target) Current capacity single shift 638 (3) units/mo; max achieved 414 units/mo 1. Assumes (i) 1,100 forecasted systems in the MOUS/LOIS with Access Tab and Barrio Electrico are delivered and (ii) 1,100 systems among existing New Channel Partner customers 2. Based on assumed acquisition of approximately 2,600 homeowners in the Counties of Santa Barbara and San Luis Obispo, the City of Parlier and surrounding areas. 3. Company estimated takt time. Forwardly reserved capacity, multiple suppliers (as listed on Supply Chain Sourcing Strategy on page 27) Multiple shifts possible Lean consultant efficiency Strictly Confidential / Not for Redistribution 30#315. TRANSACTION OVERVIEW electriq power Strictly Confidential / Not for Redistribution 31#32TRANSACTION OVERVIEW electriq power Transaction Structure TLG Acquisition Corp. to merge with Electriq at a pro-forma Enterprise Value of $367mm (3.5x 2024E Revenue) SPAC Sponsor Shares 8.3mm shares and 4.7mm warrants forfeited Electriq shareholders roll 100% of equity and $10.1MM of existing debt rolling over to equity Sources & Uses ($mm) Pro Forma Capitalization and Ownership ($mm) Existing Electriq Shareholders Existing SPAC Shareholders New Equity (1) $275 2 13 SPAC Sponsor / Mike Lawrie (2) 54 Loan Conversion (3) 13 $356 Less: Cash to B/S (17) Plus: New Preferred (4) 27 Enterprise Value $367 Equity Value New Cash Sources Existing SPAC Shareholders $2 SPAC Sponsor / Mike Lawrie 15 New Equity 12 Total Sources $28 New Uses Cash to Balance Sheet $17 Existing Debt Payoff 4 Transaction Expenses at Closing Total Uses 7 $28 SPAC Sponsor / Mike Lawrie 15% Loan Conversion 4% New Equity 4% Existing SPAC Shareholders 0% Note: Includes no assumption for any excise tax potentially due under the Inflation Reduction Act. Excludes potential dilution from outstanding and to-be-issued options and warrants. Presented for illustrative purposes only and capitalization reflects a $10 per share nominal price. Figures may not add due to rounding. 1. Assumes 1.3mm common shares related to $11.5mm of New Equity 2. Assumes 1.8mm common shares related to $15mm of New Equity, 1.1mm common shares related to the conversion to equity an $8.5mm existing loan to Electriq Power, 0.8mm common share related to $8.3mm of certain transaction costs that converted to equity, and 1.7mm common shares for existing Sponsor & affiliates founder shares. To the extent the Company is unsuccessful in raising $28mm, Mr. Lawrie has agreed to fund up to $3mm of New Equity. If Mr. Lawrie were to fund $3mm of New Equity, he would receive 0.3mm common shares (which is currently reflected in New Equity in both the Sources & Uses and Pro Forma Capitalization and Ownership). 3. Assumes 1.3mm common shares related to the conversion to equity a total of $10.1mm in existing loans to Electriq Power 4. Assumes 2.7mm preferred shares: 1.4mm related to $28.0mm of New Equity, 0.4mm related to the conversion to equity Sponsor's $8.5mm existing loan to Electriq Power, 0.4mm related to $8.3mm of certain Sponsor transaction costs that converted to equity, and 0.5mm related to the conversion to equity a total of $10.1mm in existing loans to Electriq Power. Existing Electriq Shareholders 77% Strictly Confidential / Not for Redistribution 32#33IDENTIFYING ELECTRIQ'S COMPARABLE UNIVERSE Key Criteria for Determining Best Comps Leaders in residential battery storage Comparable Universe Distributed Solar / Storage & Ancillary Equipment Large addressable markets High-growth financial profiles Disruptive, renewable technologies Focus will be on growth and margin profile and competitive moat/differentiators T shoals INVENTING SIMPLE Sunnova GENERAC e ENPHASE ՏՍՈՐՍՈ solaredge stem Energy Superintelligence NEOVOLTA SUNPOWER® Strictly Confidential / Not for Redistribution electriq power 33#34VALUATION AND OPERATIONAL BENCHMARKING EV / FY 2024 Revenue $367 3.5x ELECTRIQ POWER $700,166 $25,464 $16,152 6.6x 5.4x Enterprise Value ($mm) $14,217 $8,418 $8,361 Mean: 4.3x 5.4x 3.2x 1.9x Median: 4.8x 8.2x electriq power $4,218 $2,071 $1,281 $95 6.0x 1.5x 0.9x 4.3x T e solaredge ՏՍՈՐՍՈ GENERAC Sunnova shoals SUNPOWER stem NEOVOLTA INVENTING SIMPLE EXPHASE FY 2024/FY 2023 Revenue Growth 429% Mean: 47% Median: 25% 42% 29% 26% 23% 22% 9% 6% 256% 37%- 13% CLCCTRIQ T sollaredge ՏՍՈՐՍՈ GENERAC Sunnova shoals SUNPOWER stem NEOVOLTA ENTHASE INVENTING SIMPLE POWER 1. Source: Electriq company projected financials, public company filings, Capital IQ as of 5/31/2023. Strictly Confidential / Not for Redistribution 34#35TLG ACQUISITION ONE CORP. / ELECTRIQ POWER EQUITY TERM SHEET Issuer Security Target Investors Target Investment $ Price Per Share Use of Proceeds Equity Value Pre-Money Incentive Structure Lock-up Period Listing(s) Governing Law Electriq Power Holding, Inc. (post-transaction parent company) Class A Common Stock; Preferred Stock (Incentive) New capital commitment / non-redemption for existing investors $28 million $10.00 per share, pre-incentive; Downside protection to $2.40 per share, post-incentive Growth Capital, General & Corporate Purposes $275 million (2.62x 2024 Estimated Revenue of $104.8 million) - excluding new capital For every 2 shares of Class A common stock purchased at $10 each or through non-redemption, investors will also receive 1 preferred share Features of preferred stock are as follows: No incremental cost 15% coupon, payment-in-kind electriq power Mandatory redemption after 3 years; accrued value of $15.21 in cash or converted to common stock at the choice of the investor at prevailing stock price at that time Common Stock - 25% @ 3 months; 75% at 9 months Preferred Stock - 3 years NYSE All documents herein shall be governed by the laws of New York Strictly Confidential / Not for Redistribution 35#366. SUMMARY electriq power Strictly Confidential / Not for Redistribution 36#37SUMMARY HIGHLIGHTS 1. Per BNEF. electriq power Giant Addressable Market Integrated Solution and Differentiated Go to Market Strategy Strong Customer and Partner Momentum (3) Key Project Financing Secured Finalizing Debt and Equity Financing Leading Management Team Residential solar install annual capacity forecasted to grow at ~15% in the U.S. from 2020 2030 (1) New battery attachment rate of 20% (2), increasing 2% - 4% each year Integrated solution seamlessly combines hardware, installation and software platform Electriq partners closely with local Municipalities ("Sustainable Community Networks") and Microgrids ("Sustainable Solutions") for a differentiated Go to Market strategy Secured agreement with Santa Barbara County in 2022 Secured agreement with San Luis Obispo Climate Coalition in 2023 Access Tab, Barrio Electrico and New Channel Partner signed in 2022 In discussions with additional Municipalities and Microgrid partners $300MM+ in expected project financing over a 30-month period secured from a major U.S. clean-energy company in Mar'23 ► Supports $105MM of est. revenue in 2024 (3) ► Secured $8.5MM in debt financing Agreement in principle for $26.5MM of equity; significant incentives for additional new equity $80MM of existing cash in trust at TLGA prior to redemption Led first smart grid company to go public (2007) with 6 GW of demand response Pioneers in the Virtual Power Plant space with a diverse senior management team 2. Based on average attachment rates for 2022 per Sunrun, SunPower and Sunnova investor presentations and earnings calls. 3. Includes master agreement with Santa Barbara County, San Luis Obispo Climate Coalition and City of Parlier and New Channel Partner and MOUS LOIS with Access TAB and Barrio Electrico.. Strictly Confidential / Not for Redistribution 37#38ELECTRIQ'S LEADING MANAGEMENT TEAM Supported by a Board of Directors with deep industry and leadership experience Frank Magnotti CEO Years of Experience: 38 years ► Founded Comverge, a pioneer of virtual power plant and virtual peaking capacity contracts with utilities and ISO's 6 GW of demand response to ~5MM homes; Believed to be the first pure play smart grid company to go public ► General manager of utility solutions at AT&T and program manager at Bell Labs comverge energy made better Ofluitec AT&T electriq power Petrina Thomson CFO Years of Experience: 32 years Joined Electriq after successfully completing an exit transaction at Curvature working as VP & Chief Accounting Officer ► Formerly North American Controller at Tyco (now Johnson Controls International plc) and Senior Director, Finance at Sun Microsystems, Inc. (now Oracle Corp.) curvature tyco Sun Jim Van Hoof Chief Operating Officer Jan Klube Chief Technology Officer Ozlem Fonda Chief Human Resources Officer Troy Anatra Chief Commercial Officer Frank Evans Chief Services Officer Representative Prior Experience ENPHASE. GENERAC Itron PHILIPS Pravin Bhagat Chief Marketing Officer Raytheon Technologies SIEMENS Sun Vestas microsystems Strictly Confidential / Not for Redistribution 38#39APPENDIX electriq power Strictly Confidential / Not for Redistribution 39#40electriq power CALIFORNIA NET ENERGY METERING REGULATIONS UPDATE What is Net Energy Metering? Net Energy Metering ("NEM") is a billing mechanism for California's investor-owned electric utilities whereby customers who install on-site generation such as rooftop solar are eligible to receive financial credit on electricity bills for any surplus generation sent to the grid Utility credits customer for the value of energy exported at prevailing electricity rates NEM has been active for over 20 years, with modifications from time to time How Net Metering Works Under NEM 3.0, average residential customers installing solar paired with battery storage will save at least $136 per month during the first year The Push for Reform Some argued that the NEM 2.0 regime was misaligned with California's grid reliability and climate change goals NEM customers intermittently import and export energy throughout the day without consideration for when energy is needed the most Output from solar declines in the evening peak hours resulting in ramped up generation from fossil gas plants, increasing greenhouse gas emissions Opponents argue that NEM 2.0 disproportionately burdened non-solar customers о Solar customers viewed as relying on the grid during peak hours while avoiding payment for the maintenance of infrastructure Higher income customers are more likely to own solar systems 3. Home uses electricity 2. from solar panels and from the grid 4. Solar panels 1. generate electricity Excess energy from solar panels sent back to grid Utility credits electricity bill for value of energy sent to grid In December 2022, the California Public Utilities Commission adopted their latest iteration of the NEM rules, dubbed NEM 3.0, which significantly supports the push for co-located battery storage with residential solar stations. The package includes: L Switch to Time of Use ("TOU") billing whereby credits received by homeowner are the highest during peak hours Homeowners with storage can store energy during off-peak hours, exporting when TOU pricing is highest Additional credits available to customers who install solar plus storage in the next 5 years $900M of state funding available in incentives for homeowners who adopt a solar plus storage system, 70% of which is targeted for low-income customers California's recently adopted NEM 3.0 rules could be a catalyst for the residential storage industry Source: Decision 22-12-056, Decision Revising Net Energy Metering Tariff and Subtariffs, issued 12/19/2022; California Public Utilities Commission Fact Sheet, Modernizing NEM to Meet California's Reliability and Climate Goals published 11/10/2022. Strictly Confidential / Not for Redistribution 40#41INCOME STATEMENT(1)(2) ($ in Millions) Revenue System Revenues Virtual Peaking Capacity Revenues Other Revenues (Tier 3 Support, O&M, PPA, Warranty) Total Revenues COGS System COGS O&M COGS Other COGS Total COGS Gross Profit Gross Margin Expenses Research & Development Sales & Marketing General & Administrative Income/Loss From Operations Other Income/ (Expense) Interest expense Other Miscellaneous Income / (Expense) Financial Instruments Revalue / Remeasurement Expense Net Income Add back: Depreciation & Amortization Other Income (Expense) Interest expense Financial Instruments Revalue / Remeasurement Expense Other Stock Compensation Expense Adjusted EBITDA FY22A 16.0 electriq power 2022 to 2024 Revenue CAGR=156% FY23E 19.8 FY24E 104.7 0.1 $16.0 $19.9 0.1 $104.8 (15.6) (16.9) (80.0) (0.0) (0.0) ($15.6) (0.4) ($17.3) 0.0 ($80.1) $0.4 $2.5 $24.8 3% 13% 24% (3.3) (5.0) (5.7) (3.8) (7.9) (15.1) (11.8) (15.2) (20.0) ($18.5) ($25.6) ($16.0) 0.0 0.0 (0.1) (2.1) (2.0) (0.0) 12.2 (31.7) ($52.3) (1.5) ($16.9) ($16.1) 0.2 0.2 0.4 (0.0) (0.0) 0.0 2.1 2.0 31.7 1.5 Adjusted EBITDA Margin - 2.3 ($16.1) (100.6%) 1. Annual actuals are audited through FY 2022. All other periods are estimates. Certain figures may not add due to rounding. 2. Assumes (1) 1,100 forecasted systems in the MOUS/LOIS with Access Tab and Barrio Electrico are delivered, (ii) 1,100 systems among existing New Channel Partner customers and (iii) acquisition of approximately 2,600 homeowners in the Counties of Santa Barbara and San Luis Obispo, the City of Parlier and surrounding areas. (12.2) ($25.4) (128%) ($15.7) (15%) Strictly Confidential / Not for Redistribution 41#42NET WORKING CAPITAL ESTIMATES (1) Total Inventory Balance ($MM) Receivables Balance ($MM) electriq power $31.1 $31.1 $29.9 $29.2 $26.9 $23.9 $19.5 $19.1 $26.0 $26.1 $24.8 $24.2 $11.9 $21.9 $18.9 $10.2 $14.5 $14.1 $8.4 $6.7 $4.8 $3.1 $5.0 Q1 23 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 Q2 23 Q3 23 Q4 23 Q1 24 Prepaid Expenses - Inventory Deposits Q2 24 ■Inventory Q3 24 $5.0 Q4 24 $0.3 Q1 23 $0.7 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Accounts Payable ($MM) Net Working Capital (2) ($MM) $12.8 $28.0 $26.9 $26.9 $24.0 $24.6 $22.3 $18.6 $6.8 $8.0 $8.5 $3.5 $3.6 $3.0 $3.6 $4.0 Q1 23 Q2 23 Q3 23 Q423 Q1 24 Q2 24 Q3 24 Q4 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 1. Estimates based on company projected financials. 2. Net Working Capital = Current Assets (excluding cash) less Current Liabilities, excluding intercompany balances. Strictly Confidential / Not for Redistribution 42#43electriq power RISK FACTORS Electriq is a relatively new company with a history of losses, and we expect to incur significant expenses for the foreseeable future. We cannot be certain that we will achieve or sustain profitability. Electriq's limited operating history and its rapidly evolving industry make it difficult to evaluate Electriq's business, the risks and challenges it may face and future prospects. Electriq's operating and financial results and growth forecast rely in large part upon assumptions and analyses developed by Electriq. If these assumptions or analyses prove to be incorrect, Electriq's actual operating results may be materially different from Electriq's forecasted results. The energy storage industry is highly competitive and rapidly changing. Our business may be adversely affected if we cannot adapt quickly and effectively. ► A recession could reduce demand for our products and materially harm our business. ► Potential tariffs or a global trade war have increased our costs and could further increase the cost of our products. Almost all of our revenues in 2020, 2021, and 2022 were derived from two customers, and one of our customers accounted for greater than 85% of our revenue in 2022. This customer has notified a supplier of ours that it is exiting the residential battery storage business and thus was ending their customer relationship with us. Accordingly, we do not expect to generate any revenues in 2023 and 2024 from that customer relationship. Electriq may not realize the full amount of revenue estimated to be potentially generated over a 30-month period under a project financing agreement entered into with a major U.S. clean-energy company. This revenue will be realized only after the clean-energy company approves particular project proposals; the clean-energy company may decline to approve projects in its sole discretion. If we do not propose projects with a sufficient value, or if the clean-energy company declines to approve projects we propose, there is a risk that we will not generate the revenue that we expect to generate from that financing agreement and that we will fail to meet our revenue and other projections. There is no assurance that non-binding letters of intent and memoranda of understanding included in our projections will be converted into binding contracts. Our counterparties may cancel or delay entering into contracts based on the non-binding letters of intent and memoranda of understanding. We expect to derive a large portion of our revenue from installations that are associated with contracts with government entities. Contracts with government entities are subject to a number of challenges and risks. If we are unable to enter into such contracts on a timely basis, our growth, revenue and results of operations may not meet our projections. We rely on a small number of third party suppliers. This reliance on third parties increases the risk that necessary components of our products may not be delivered according to our schedule and at prices, quality levels and volumes acceptable to us. We have projected that the majority of our revenue in 2023 and 2024 will be derived from Sustainable Community Networks. We have not generated any revenue from Sustainable Community Networks in the past. There can be no assurances that we will meet our projections for Sustainable Community Networks in 2023 and 2024, or that we will be able to generate revenue from Sustainable Community Networks in the future. We expect to rely on project finance capital to fund installation of our products in the Sustainable Community Networks market, and that funding may be unavailable or expensive. We expect to have one main source of financing for the Sustainable Community Networks in 2023 and 2024. If there is a breach of that financing arrangement, it could have an adverse effect on our liquidity and our revenue and results of operations may not meet our projections. Strictly Confidential / Not for Redistribution 43#44electriq power RISK FACTORS (Cont'd) A significant portion of our purchased components are sourced in a small number of foreign countries, exposing us to additional risks that might not exist if our suppliers were more geographically diversified or were located in the United States. Increases in costs, disruption of supply or shortage of materials, in particular for inverters and lithium iron phosphate cells, could harm our business. The ongoing COVID-19 pandemic has impacted and may continue to adversely affect our supply chain, demand for our products and our business. Our hardware and software integrated energy storage solution may not achieve broad market acceptance, which would prevent us from increasing our revenue and market share. ► If demand for energy storage solutions does not grow or grows at a slower rate than we anticipate, including as a result of the ongoing COVID-19 pandemic, our business will suffer. We depend on a small number of wholesale dealers and installers to assist in selling our products to customers. As our business grows, we will be required to find a significant number of additional dealers and installers. Loss of dealers or installers, the failure of dealers or installers to perform as expected or the inability to find additional dealers and installers could harm our business and impair our ability to meet our projections. The success of our energy storage system may depend in part upon our ability to continue to work closely with leading solar module manufacturers. A drop in the retail price of electricity derived from the utility grid or from alternative energy sources may reduce demand for our products and impact our ability to meet our projections for growth, revenue and results of operations. The reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar electricity applications and/or energy storage systems could reduce demand for solar photovoltaic systems and/or energy storage systems and harm our business. Market conditions, economic uncertainty, an economic downturn or a recession could reduce demand for our products and materially harm our business. We may, in the future, experience delays or other complications in the design, manufacture, launch and production ramp of our energy storage products which could harm our business, prospects, reputation, financial condition and operating results. Our planned expansion of our business could also subject us to additional business, financial and competitive risks. We may experience material disruptions to our operations, including, but not limited to, natural disasters, terrorist attacks or other catastrophic events. Strictly Confidential / Not for Redistribution 44