#1A New Breed of Battery Investor Presentation June 2021 Solid Power DCRC+#2Disclaimer INDUSTRY AND MARKET DATA Although all information and opinions and or other information expressed in this presentation (this "Presentation"), including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, Solid Power, Inc. ("Solid Power" or the "Company") and Decarbonization Plus Acquisition Corporation III ("DCRC") have not independently verified the information and make no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of Solid Power and DCRC, which are derived from their respective reviews of internal sources as well as the independent sources described above. This Presentation contains preliminary information only, is subject to change at any time and is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Solid Power and DCRC. FORWARD-LOOKING STATEMENTS This Presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Solid Power's and DCRC's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Solid Power and DCRC. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination between Solid Power and DCRC (the "Proposed Business Combination"), including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Business Combination or that the approval of the equity holders of DCRC or Solid Power is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; risks relating to the uncertainty of the projected financial information with respect to Solid Power; risks related to the rollout of Solid Power's business and the timing of expected business milestones; the effects of competition on Solid Power's business; supply shortages in the materials necessary for the production of Solid Power's products; risks related to original equipment manufacturers and other partners being unable or unwilling to initiate or continue business partnerships on favorable terms; the termination or reduction of government clean energy and electric vehicle incentives; delays in the construction and operation of production facilities; the amount of redemption requests made by DCRC's public equity holders; the ability of DCRC or the combined company to issue equity or equity-linked securities in connection with the Proposed Business Combination or in the future; and those factors discussed below and in DCRC's final prospectus filed with the Securities and Exchange Commission (the "SEC") on March 25, 2021 under the heading "Risk Factors" and other documents of DCRC filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither DCRC nor Solid Power presently know or that DCRC and Solid Power currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect DCRC's and Solid Power's expectations, plans or forecasts of future events and views as of the date of this Presentation. DCRC and Solid Power anticipate that subsequent events and developments will cause DCRC's and Solid Power's assessments to change. However, while DCRC and Solid Power may elect to update these forward-looking statements at some point in the future, DCRC and Solid Power specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing DCRC's and Solid Power's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither Solid Power, DCRC, nor any of their respective affiliates have any obligation to update this Presentation. USE OF PROJECTIONS This Presentation contains projected financial information with respect to Solid Power. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial 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 the projected financial information. See "Forward-Looking Statements" section above as well as the risk factors described below. Actual results may differ materially from the results contemplated by the projected financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. Neither DCRC's nor Solid Power's independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Solid Power | DCRC+ 2#3Disclaimer (cont'd) IMPORTANT INFORMATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, DCRC plans to file a registration statement on Form S-4 (the "Registration Statement") with the SEC, which will include a proxy statement/prospectus of DCRC. DCRC also plans to file other documents and relevant materials with the SEC regarding the Proposed Business Combination. After the Registration Statement has been cleared by the SEC, a definitive proxy statement/prospectus will be mailed to the stockholders of DCRC. SECURITYHOLDERS OF DCRC AND SOLID POWER ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS AND RELEVANT MATERIALS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED BUSINESS COMBINATION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND THE PARTIES TO THE PROPOSED BUSINESS COMBINATION. Stockholders will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about DCRC and Solid Power once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. PARTICIPANTS IN THE SOLICITATION ders of DCRC in connection the Proposed Business Solid Power and its officers and directors may DCRC and its directors and executive officers may deemed to be participants in the solicitat of proxies from the stockh also be deemed participants in such solicitation. Securityholders may obtain more detailed information regarding the names, affiliations and interests of certain of DCRC's executive officers and directors in the solicitation by reading DCRC's final prospectus filed with the SEC on March 25, 2021 and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the Proposed Business Combination when they become available. Information concerning the interests of DCRC's participants in the solicitation, which may, in some cases, be different than those of DCRC's stockholders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business Combination when it becomes available. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus to be filed by DCRC with the SEC. Some of the financial information and data contained in this Presentation, such as EBITDA, EBITDA Margin and Free Cash Flow, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). DCRC and Solid Power believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Solid Power's financial condition and results of operations. DCRC and Solid Power believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Solid Power's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Solid Power's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non- GAAP financial measures. TRADEMARKS AND TRADE NAMES Solid Power and DCRC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Solid Power or DCRC, or an endorsement or sponsorship by or of Solid Power or DCRC. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear with the Ⓡ, TM or SM symbols, but such references are not intended to indicate, in any way, that Solid Power or DCRC will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. Solid Power | DCRC+ 3#4Risk Factors RISK RELATED TO DEVELOPMENT AND COMMERCIALIZATION We face significant challenges in our attempt to develop our products and produce them at high volumes with acceptable performance, yields and costs. The pace of development in materials science is often not predictable. Delays or failures in accomplishing particular development objectives may delay or prevent successful commercialization of our products. If our batteries fail to perform as expected, our ability to develop, market, and sell our batteries could be harmed. Our relationships with our partners are subject to various risks which could adversely affect our business and future prospects. There are no assurances that we will be able to commercialize solid-state batteries from our joint development relationships with our partners. We are subject to risks relating to the construction and development activities of our manufacturing facilities. We rely on complex machinery for our operations, and production involves a significant degree of risk and uncertainty in terms of operational performance and costs. If our planned manufacturing plants do not become operable on schedule, or at all, or become inoperable, production of our battery cells and our business will be harmed. Substantial increases in the prices for our raw materials and components, some of which are obtained in volatile markets where demand may exceed supply, could materially and adversely affect our business. ■ ■ ■ ▪ We may be unable to adequately control the costs associated with our operations and the components necessary to build our solid-state battery cells, and, if we are unable to control these costs and achieve cost advantages in our production of our solid-state battery cells at scale, our business will be adversely affected. If we are unable to attract and retain key employees and qualified personnel, our ability to compete could be harmed. Our insurance coverage may not be adequate to protect us from all business risks. Our facilities or operations could be damaged or adversely affected as a result of natural disasters and other catastrophic events. We have been, and may in the future be, adversely affected by the global COVID-19 pandemic. RISK RELATED TO INDUSTRY AND MARKET TRENDS The battery industry and its technology are rapidly evolving and may be subject to unforeseen changes, such as technological developments in existing technologies or new developments in competitive technologies that could adversely affect the demand for our battery cells. The battery market continues to evolve and is highly competitive, and we may not be successful in competing in this market or establishing and maintaining confidence in our long-term business prospects among current and future partners and customers. Our future growth and success are dependent upon consumers' willingness to adopt electric vehicles. : We may not succeed in attracting customers during the development stage or for high volume commercial production, and our future growth and success depend on our ability to attract customers. We may not be able to accurately estimate the future supply and demand for our batteries, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays. Solid Power | DCRC+ RISK RELATED TO LIMITED OPERATING HISTORY We are an early stage company with a history of financial losses and expect to incur significant expenses and continuing losses for the foreseeable future. ■ ■ RISK RELATED TO INTELLECTUAL PROPERTY We rely heavily on our intellectual property, which includes patent rights, trade secrets, copyrights and know-how. If we are unable to protect our intellectual property rights, our business and competitive position would be harmed. Our patent applications may not result in issued patents, which would result in the disclosures in those applications being available to the public. Also, our patent rights may be contested, circumvented, invalidated or limited in scope, any of which could have a material adverse effect on our ability to prevent others from interfering with our commercialization of our products. . ■ Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment. If we fail to effectively manage our future growth, we may not be able to market and sell our battery cells successfully. Our management has limited experience in operating a public company. ■ We have not performed exhaustive searches or analyses of the intellectual property landscape of the battery industry, therefore, we are unable to guarantee that our technology does not infringe intellectual property rights of third parties. We may need to defend ourselves against intellectual property infringement claims, which may be time-consuming and could cause us to incur substantial costs. RISK RELATED TO FINANCE AND ACCOUNTING Our expectations and targets regarding the times when we will achieve various technical, pre-production and production objectives depend in large part upon assumptions, estimates, measurements, testing, analyses and data developed and performed by us. If these assumptions, estimates, measurements, testing, analyses or data prove to be incorrect or flawed, our actual operating results and performance may suffer or fail to meet expectations. Our projections are subject to significant risks, assumptions, estimates and uncertainties. As a result, our actual future revenues, gross margin, EBITDA, EBITDA margin, expenses and free cash flow may differ materially from our projections. Incorrect estimates or assumptions by management in connection with the preparation of our financial statements could adversely affect our reported assets, liabilities, income, revenue or expenses. Our failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes- Oxley Act could have a material adverse effect on our business. Our ability to utilize our net operating losses and tax credit carryforwards to offset future taxable income may be subject to certain limitations. The unavailability, reduction or elimination of government and economic incentives could have a material adverse effect on our business, prospects, financial condition and operating results.#5Risk Factors (cont'd) RISKS RELATED TO LEGAL AND REGULATORY COMPLIANCE We are subject to regulations regarding the storage and handling of various products. We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims. · From time to time, we may be involved in litigation, regulatory actions or government investigations and inquiries, which could have an adverse impact on our profitability and consolidated financial position. We are subject to substantial regulation, including but not limited to export control regulations that govern our technology, and unfavorable changes to, or failure by us to comply with, these regulations could substantially harm our business and operating results. We will incur significant increased expenses and administrative burdens as a public company, which could have an adverse effect on our business, financial condition and results of operations. Our battery technology and our website, systems, and data we maintain may be subject to intentional disruption, other security incidents, or alleged violations of laws, regulations, or other obligations relating to data handling that could result in liability and adversely impact our reputation and future sales. This area of the law develops at a rapid pace and we may not be able to monitor and react to all developments in a timely manner. As legislation continues to develop and security incidents continue to evolve, we may be required to expend significant resources to continue to modify or enhance our protective measures to comply with such legislation and to detect, investigate and remediate vulnerabilities to security incidents. Any future failure by us to comply with applicable cybersecurity or data privacy legislation could have a material adverse effect on our business, reputation, results of operations or financial condition. We are subject to various existing and future environmental health and safety laws, which may result in increased compliance costs or additional operating costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations that could adversely impact our financial results or operations. We are subject to multiple environmental permitting processes at the national, sub-national, and/or local level. Failure to obtain key permits and approvals may adversely impact our business. We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws, and non-compliance with such laws can subject us to administrative, civil and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition and reputation. Solid Power | DCRC+ RISKS RELATED TO THE BUSINESS COMBINATION Following the consummation of the Business Combination, DCRC's sole material asset will be its direct equity interest in Solid Power and will be accordingly dependent upon distributions from Solid Power to pay taxes and cover its corporate and other overhead expenses and pay dividends, if any, on its Class A common stock. If the Business Combination's benefits do not meet the expectations of investors or securities analysts, the market price of DCRC's securities or, following the consummation of the Business Combination, the combined company's securities, may decline. ■ . There can be no assurance that the combined company's Class A common stock will be approved for listing on Nasdaq or that the combined company will be able to comply with the continued listing standards of Nasdaq. Subsequent to the consummation of the Business Combination, the combined company may be required to take write-downs or write-offs, or the combined company may be subject to restructuring, impairment or other charges that could have a significant negative effect on the combined company's financial condition, results of operations and the price of our Class A common stock, which could cause you to lose some or all of your investment. DCRC and Solid Power will incur significant transaction costs in connection with the Business Combination. The consummation of the Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the expected Business Combination may not be completed. Legal proceedings in connection with the Business Combination, the outcomes of which are uncertain, could delay or prevent the completion of the Business Combination. 5#6Transaction Summary Offering Size Valuation Pro-Forma Capital Structure Pro-Forma Ownership Listing/Ticker Decarbonization Team & Investment Focus ■ Solid Power DCRC ■ 1. Assumes no redemptions from public stockholders of DCRC. Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC) is a publicly listed special purpose acquisition company with approximately $350 million of cash held in trust. DCRC has entered into a business combination agreement with Solid Power PIPE size of $165 million Transaction reflects an approximate $1.2 billion enterprise value Implies a steep discount to peer trading levels Net of transaction expenses, Solid Power will have $599 million of cash to fund operations and growth¹ No additional capital requirements necessary to deliver on business plan ~67% existing Solid Power shareholders, ~24% SPAC and founder shares, ~9% PIPE investors NASDAQ: SLDP (post-merger) Erik Anderson | Chief Executive Officer Founder & CEO, WestRiver Group Exclusive focus on innovation economy, disrupter/attacker business models, brand leaders in breakthrough categories Early-stage investor history: Docusign, Teledoc, TopGolf ■ ■ Robert Tichio | Chairman 16-year history, Riverstone Holdings LLC Partner; Menlo Park & New York ESG & Sustainability investment strategy oversight ■ ■ ■ ▪ DCRC priced IPO in March 2021 Exclusive focus on six decarbonization families: ■ 1. Electrification of transport 2. Greening of fossil fuels 3. Grid flexibility & resilience 4. Agriculture 5. Next generation liquids fuels (e.g., hydrogen) 6. Next horizon resource use (e.g., smart buildings) 6#7Solid Power is the Leader in All-Solid-State Batteries ("ASSBs") Developing and producing OEM-validated batteries and materials on industry standard equipment Company Highlights Key Investment Highlights 8 Years of R&D Founded in 2012 3 Years of Manufacturing Development Pilot Production Facility Operational Since 2019 62 Employees World Class Team Solid Power | DCRC Closed $130mm Series B Led By BMW, Ford and Volta Production Line Cells Validated by Multiple OEMs & Tier-1 Battery Producers 1. See Slide 15. Battery opportunity assumes 70 kWh pack sizes and $75/kWh. Disruptive, Scalable Business Model Addressing ~$500bn+ Market¹ Proven Low-Cost Manufacturing Process at Pilot Scale Joint Development Agreements with Two Leading Auto OEMs Capital-Light Business Model Extensive IP Portfolio and Trade Secrets Experienced and Deep Management Team MW Leading Investors A123 SYSTEMS SAMSUNG SANOh S Industry leader in All-Solid-State science and commercialization Ford SOLVAY umicore +VOLTA ENERGY TECHNOLOGIES 7#8Solid Power's All-Solid-State Platform is a Revolutionary Advancement Significant improvements over lithium-ion Range 482 vs 266 miles¹ Battery Life More than double the current 8-year calendar life² Safety Non-volatile, 100% solid-state TAL Cost Lower material and pack system costs at scale Next Gen Compatible with next gen cathodes driving the next leap Note: Solid Power cell performance metrics are initial commercialization design targets for lithium metal anode cell. 1. Comparison based on a 77 kWh lithium-ion pack with cylindrical cells (i.e. Tesla Model 3 Pack) with a system volume of 329 L. Solid Power mileage assumes a constant 329 L system volume delivering 138 kWh with a pack mass of 481 kg utilizing lithium metal anode cell design. 2. Solid Power estimates. Solid Power DCRC 8#9Real Results on the Path to Commercialization Rapid performance and manufacturing achievements with only $39mm of invested capital through Q1 2021 20 Ah 2019 0.2 Ah NPL0002007080032 1-Layer, 5 x 10 cm Cell 2020 LOOLOOLO2200 2 Ah 10-Layer, 5 x 10 cm Cell 2020 Note: Lithium metal cell pouches shown. Each cell layer refers to the number of double-sided cathodes. 1.0.2 Ah and 2 Ah cells have been independently tested to date with 20 Ah independent testing pending. Solid Power DCRC 810090000 22-Layer, 9 x 20 cm Cell Automotive Dimensions Independently tested by Auto OEMs, Tier-1 battery manufacturers and material suppliers ¹ 9#10World-Class Partners are Committed to Electric Vehicles B 25 electrified BEV, PHEV models by 2023 "By 2022, each of our four automotive plants in Germany will be capable of manufacturing fully-electric vehicles" "2 million BEVs delivered to customers by the end of 2025" M Source: Company press releases. Solid Power DCRC W "Being a leader in advanced battery technology is of the utmost importance for BMW... We now have taken our next step on this path with Solid Power" MKB184E -Frank Weber -Member of the Board of Management On May 3rd, 2021 Solid Power announced the expansion of Joint Development Agreements with BMW and Ford "Solid Power now plans to begin producing automotive-scale batteries on the company's pilot production line in early 2022 as a result of our partners' continued commitment to Solid Power's commercialization efforts" - Doug Campbell, CEO and Co-Founder of Solid Power. Both Ford and the BMW Group will receive full-scale 100 Ah cells for automotive qualification testing and vehicle integration Ford Will invest at least $22bn by 2025 into electrification, nearly 2x its previous commitment ... and the Solid Power Platform Ford is "all in and will not cede ground to anyone" in delivering EV's "We are accelerating all our plans - breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan" "Solid-state battery technology is important to the future of electric vehicles, and that's why we're investing directly" Ted Miller - Manager of Electrification Subsystems and Power Supply Research 10#11Experienced Management Team Extensive history in battery science, materials and manufacturing Doug Campbell Co-Founder/CEO, Chairman Startup veteran with extensive experience in defense, space and energy storage ● • Previous Founder, CEO and Chairman of Roccor and Co-Founder of i2C Solutions MS (Civil Engineering), University of New Mexico . Josh Garrett Chief Technology Officer . Previously the Energy Storage Program Manager at ADA Technologies MS (Mechanical Engineering), Colorado State University Derek Johnson Chief Operations Officer ● Previously served as Vice President of Global Research and Development at A123 Systems Ph.D. (Chemical and Biological Engineering), Colorado State University Dave Jansen President Former President and CEO, Advanced Distributed Sensor Systems, Inc. Seasoned management experience in growth companies BS (Electrical Engineering), University of Arizona Solid Power | DCRC+ Pu Zhang VP, R&D ● Brandon Kelly VP, Engineering Former Senior Mechanical Engineer at MKS Instruments ● ● Former Director of Research at Navitas Systems Former Principal Research Scientist at A123 Systems Ph.D. (Chemistry), Brown University Steve Fuhrman Chief Financial Officer ● Ph.D. (Mechanical Engineering / Material Science), Colorado State University ● Alexandra Gold VP, Operations Previously served as CFO or Finance VP for Digi- Data, Picosecond Pulse Labs, Rapt Media and The Synergy Company BS (Accounting), University of Denver Former Project Manager at Agilent Technologies Former Production Supervisor at Dawn Food Products MBA, Duke University BS (Chemical Engineering), University of Colorado Boulder Taehee Han Head of Strategic Partners ● Uday Kasavajjula Director of Product Development • Former Lithium-Ion Cell Team Lead at Enevate and Principal Engineer at Johnson Controls Ph.D. (Chemical Engineering), Tennessee Technological University MS (Chemical Engineering), Tennessee Technological University ● Luke Anderson Director of Automation ● Former R&D Manager at Nissan Ph.D. (Energy Engineering), University of North Dakota ● ● Sikandar Iqbal Director of Process Engineering ● Former Controls Lead and Automation Engineer at NFT (Nuclear Filter Technology) BE (Mechanical Engineering), Colorado School of Mines Former Manufacturing Engineer at Saft America Former Senior Consultant at ECO Energy Conversion MS (Chemical Engineering), Lehigh University 11#12Highly Experienced Pro Forma Board SLDP Solid Power B M Ford Doug Campbell Executive Chairman, Co-Founder/CEO Startup veteran with extensive experience in defense, space and energy storage • Previous Founder, CEO and Chairman of Roccor and Co-Founder of i2C Solutions • MS (Civil Engineering), University of New Mexico Rainer Feurer Member of the Board of Directors, BMW • 23 year career at BMW group including various roles in Sales, Strategy, M&A and his current position as SVP of Corporate Investments • In addition to BMW, Rainer serves on the board of BMW Brilliance Automotive, Spotlight, HERE Technologies, FREE NOW, PARK NOW, CHARGE NOW • Ph.D. (Strategic Management), Cranfield University, MBA, BS Ted Miller Manager, Ford . Manager of Electrification Subsystems and Power Supply Research with global responsibility for Ford battery technology research and development 25-year veteran of Ford Motor Company with prior lithium battery experience at SAFT America Bachelor's in chemistry, Indiana University Solid Power | DCRC+ Solid Power AirAccess +VOLTA ENERGY TECHNOLOGIES Dave Jansen President Experienced hardware executive with experience in Venture Capital and Angel Investing Former President and CEO, Advanced Distributed Sensor Systems, Inc. • BS (Electrical Engineering), University of Arizona Steve Goldberg President, Air Access Former Operating Partner, Venrock, first-tier venture firm Multiple CEO / Board Director roles Co-Founder, DataRunway, Inc. • Vice President at Nokia, Vice President / GM at Cylink Ph.D., Electrical Engineering, UC Santa Barbara MS, BS (Electrical Engineering), Washington University, St. Louis David Schroeder Chief Technology Officer, Volta Proven track record of successfully taking products from early concept to commercial launch Independent consultant for new technology efforts and energy efficiency standards • Ph.D. (Material Science and Engineering), University of Illinois DCRO WRG WEST RIVER GROUP SOLVAY DCRC RIVER STONE Erik Anderson CEO, Decarbonization Plus Acquisition Corp III ● . ● ● Matt Jones Managing Director North America, Solvay Ventures ● CEO and Founder of WestRiver Group Proven investment history in growing, scalable businesses disrupting established industries ● MS (Industrial Engineering), Stanford University BS (Industrial Engineering), Stanford University ● Robert Tichio Chairman, Decarbonization Plus Acquisition Corp III 20 years of venture capital investing in energy and material technologies Start-up companies in the energy storage, solar, smart grid, and transportation sectors MBA, Duke University BS (Mechanical Engineering), University of California, Davis Partner, Riverstone Holdings LLC Goldman Sachs Principal Investments Area J.P. Morgan M&A Group MBA, Harvard Business School BA, Dartmouth College 12#13LE200- Solid Power DCRC+ la @@ Table of Contents Compelling Market Opportunity Products and Technology Commercialization Roadmap Financials and Valuation PAS Appendix Supplemental Technical Data 023 A 13 UAO 9324 OAM#14FANUMate 20010 Compelling Market Opportunity Section 1 Solid Power DCRC+ 0.108- H. 1 0050 6 0.063- P. 1 0500 0.056- P. 1 0500 14#15Annual Global Passenger EV Sales (Millions of Vehicles Sold) The Electric Vehicle Transition is Underway When produced at scale, All-Solid-State Batteries are expected to rapidly capture significant market share 45 40 35 30 25 20 15 10 5 0 2020 2025 2030 2035 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Compelling Global EV Penetration as % of Sales Market Opportunity EV Battery Total Addressable Market¹ ($ in Billions) Source: Bloomberg NEF. 1. Based upon BNEF's estimates of global electric and non-electric vehicle production in 2035. Battery opportunity assumes 70 kWh pack sizes and $75/kWh. Solid Power | DCRC 100% EV adoption $490bn TAM 2035 $220bn TAM 15#16Compelling Market Opportunity Superior Energy Density is Central to the Pursuit of All-Solid-State WH/L 1600 1400 1200 1000 800 600 400 200 0 Technologies on Solid Power product roadmap 100 Projected Tesla 4860 cells NCA90 NMC (811) 200 Li-Ion T 300 NMC (811) ASSB: Li Metal + Next Gen Cathode LINI0.5Mn1.504 400 ASSB: Li Metal LINIPO4 NMC (811) NCA90 NMC (622) 500 Performance Improvement Ultra-low cost 600 WH/Kg Source: Bloomberg NEF and Solid Power. Note: The NMC (811) references in the graphic are for two different cell formats. The slightly lower volumetric energy density is for a pouch format and the slightly higher for a prismatic format (presumably stacked). NCA90 is in a cylindrical cell. All are based on real world energy densities. All comparisons in light blue are for prismatic cells. Solid Power cell performance metrics are initial commercialization design targets. 1 High-Content Silicon. 2 Lithium Metal. 3 Next Gen Cathode. Solid Power | DCRC 700 16#17Compelling Market Opportunity Auto OEMs are Committed to the Solid-State Value Proposition TOYOTA "The technology is a potential cure-all for the drawbacks facing electric vehicles that run on conventional lithium-ion batteries, including the relatively short distance traveled on a single charge as well as charging times" "South Korean auto conglomerate Hyundai Motor Group aims to release 12 new electric vehicle models by 2025, solid-state battery-equipped car by 2030 to achieve a global EV market share of 10 percent by 2040" HYUNDAI Source: Press releases and news articles. Solid Power | DCRC+ DAIMLER "Our new, state-of-the-art articulated buses are making an important contribution to climate protection and the transition of transportation away from combustion engines. They are an important element of climate-friendly mobility" "Automakers are pairing off with battery companies to try to win the race to develop an electric vehicle battery that costs less and has a much longer range... Honda and Jaguar Land Rover, among other companies, are working with Ilika of the United Kingdom" JAGUAR RIVIAN Solid-State Batteries are the key to Auto OEMs realizing battery electric vehicle goals LAND- ROVER "The automaker is searching for manufacturing engineers to develop solid-state batteries. The five positions currently listed are all for Rivian's Palo Alto facility in California. Solid-state batteries have been touted for their potential of higher capacity compared to conventional lithium-ion batteries EV automakers currently use" "The Alliance of Renault, Nissan, and Mitsubishi is working on solid-state batteries and aims to deploy these 'before 2030, and by 2025 if possible. Solid-state batteries are the new hope of the car industry that still aims for long range electric vehicles" RENAULT NISSAN ΝΙΟ MITSUBISHI "The company announced a massive 150kWh battery with a difference. For a while now the industry has lusted after solid state batteries. These are heralded as being the next big innovation in electric vehicle batteries, as they offer much higher energy density, great cycle life, lower costs and can accept a faster rate of charge" "Full capacity for solid-state batteries could be achieved in 2028, or just in time for the Volkswagen Group's wholesale switch to electrified powertrains" W HONDA "Honda is planning to completely phase out internal combustion engines from its North American lineup by 2040... That means a combination of battery-electric and fuel-cell models will add up to 100% of its sales by that time." “Vietnamese electric car startup VinFast has announced a joint venture with Taiwanese battery cell manufacturer ProLogium to accelerate the commercialization of solid-state battery-electric cars in Vietnam" VIN F A ST 17#18"The technology is a potential cure-all for the drawbacks Facing electric vehicles. that run on conventional lithium-ion batteries, including the relatively short distance traveled on a single charge as well as charging times" Auto OEMs are Committed to the Solid-State Value Proposition "South Korean auto conglomerate Hyundai Motor Group aims to release 12 new electric vehicle models by 2025, solid-state battery-equipped car by 2030 to achi Solid-State Batte Source: Press releases and news articles. Solid Power DCRC "Our new, state-of-the-art articulated buses are making an important contribution to climate p the transition of tran from combustion important eleme And Our Partners Have Chosen... B M "Honda is planning to com out internal combustion engines North American lineup by 2040... That means a combination of battery-electric "Full capacity for solld-state batteries could be achieved in 2028, or just in time for the Volkswagen Croup's wholesale ied powertrains" W Compelling uto ( Market Opportunity the company announced a massive a difference. For a stry has lusted after solid state batteries. These are heralded while now Acetnameseclectric carstartupvinfash has announced a joint venture with Taiwanese battery cell manufacturer ProLogium to accelerate the commercialization of solid-state battery-electric cars in Vietnam" Ford The automaker is searching for manufacturing engineers to develop solid-state batteries. The five positions currently listed are all for Rivian's Palo Alto facility in California. Solid-state ... the Solid Power Platform "The Alliance of Renault, Nissan, and Mitsubishi is working on solid-state batteries and aims to deploy these 'before 2030, and by 2025 if possible." Solid-state batteries are the new hope of the car industry that still aims for long range electric vehicles" c vehicle goals "Automakers are pairing off with battery companies to try to win the race to develop an electric vehicle battery that costs less and has a much longer range... Honda and Jaguar Land Rover among 18#19The All-Solid-State Value Proposition Step function improvements over lithium-ion projected in essential areas 353 Vehicle range¹ 482 miles (↑ 80%) Safety Not-volatile due to removal of all liquid and gels Cycle life 1,000+ cycles (369,000 miles) Power¹ 922 HP (↑ 15%) Calendar life >2x (Li-ion: 8 years) Cost Simplified and lower cost packs Reduced warranty cost Vehicle design flexibility Charge rate <20 minutes (10-90% charge) Environment No material recycling concerns $142/kWh Compelling ASSB Price Net of Incremental Value to Auto OEM² $/kWh cell price Lithium-Ion Today Market Opportunity $85/kWh ↓ 10-20% Solid Power Energy Density Premium ↓0-5% Safety Premium 5-10% Pack-Level Cost Savings $55-70/kWh Net Value Adj. Price Initial demand driven by premium vehicles Rapid mass market adoption expected as cost parity achieved c. 2030 Source: Solid Power cell performance metrics are initial commercialization design targets for lithium metal anode cell. 1. Comparison based on a 77 kWh lithium-ion pack with cylindrical cells (i.e. Tesla Model 3 Pack) with a system volume of 329 L. Solid Power mileage assumes a constant 329 L system volume delivering 138 kWh with a pack mass of 481 kg, utilizing lithium metal anode cell design. 2. Solid Power estimates. Solid Power DCRC 19#20The Industry Leaders are Pursuing a Sulfide-Based Solution Competing electrolyte material pathways to enable All-Solid-State Conductivity Manufacturability Thermal Stability Li Metal Compatibility Moisture Stability Representative Companies Source: Solid Power estimates. Solid Power | DCRC Polymer O ● ● O BOLLORÉ ionic MATERIALS QHydro-Québec Oxide O O ● Quantum Scape AGC ion Storage Systems ProLogium NGK Sulfide Solid Power TOYOTA HYUNDAI MITSUI KINZOKU SAMSUNG idemitsu GLG Panasonic Compelling Market Opportunity ▪ Small temperature performance range requiring additional heating ■ Flexible and elastic Easy to process ■ Polymer " Stable up to 120 °C May require pack-level cooling ▪ Does not only conduct Li ions which complicates Li plating ▪ Use water-reactive salts ■ Commentary Oxide Rigid and brittle Ceramics require complex and hard to scale sintering ▪ Not practical for catholyte Conductivity an order of magnitude lower than sulfide ■ ▪ Stable up to 500+ °C Chemically stable but dendrite prevention is a challenge Requires surface coatings and/ or moisture free processing ▪ Degradation hurts performance, but no safety hazards ■ I ■ ■ Sulfide ▪ Stable up to 450 °C ■ Highest ionic conductivity; comparable to liquid electrolytes ■ Compressible at room temperature Easy to process Moisture exposure forms H₂S Bare-powder concern; easily- controlled in manufacturing ▪ Limited reactivity in cells Composition must be designed to create stable passivating interface with Li metal Sulfides offer the best balance of performance and mass production 20#21Compelling Market Opportunity Industry Leader in Scalable, Truly Solid, All-Solid-State Batteries Industry Validation 000 Cell performance validated by multiple Auto OEMs and Tier-1 cell producers Solid Power DCRC All-Solid-State No liquids and gels enhances safety and broadens temperature performance Proven Manufacturing Process 소고 Only known company with operating roll-to-roll inorganic prototype manufacturing line 21#22History of Success Inception Founded in 2012 by Doug Campbell, Conrad Stoldt, and Sehee Lee, spun out from the University of Colorado Boulder with funding from DARPA 2012 2013 arpa.e ARPA-E Funding Solid Power and its subcontracting partners receive $4.5mm grant from ARPA-E Client company of Innosphere Ventures Contract Secured Won $2.9mm contract with the Air Force for the development of battery technology for the Intercontinental Ballistic Missile Solid Power | DCRC+ 2014 Technological Advancements 2015 ОАК RIDGE National Laboratory Exclusive licensing The Department of Energy's Oak Ridge National Laboratory and Solid Power sign exclusive agreement licensing lithium- sulfur materials 1st Development Agreement Signed Development of 1 Ah cell, >250 Wh/kg with BMW BMW 2016 2017 Began Full-Force Development of Sulfide-Based Solid Electrolytes BMW OEM Buy In In December of 2017, announced partnership with the BMW Group to jointly develop Solid Power's solid-state batteries for EV applications, specifically high performance EVs HYUNDAI Series A Funding Announced closing of first round of equity-based financing in September of 2018, providing validation and capital from world- class partners. Until this point, the company had not raised any equity-based financing Ford CRADLE 2018 Compelling Market Opportunity +VOLTA SAMSUNG ENERGY TECHNOLOGIES SANOh A123 SYSTEMS S 2019 SOLVAY Long-term Partnership Secured with Solvay Ventures Tangible Progress... Delivery and validation of 0.2 Ah cells by OEMs in the second half of 2019 Pilot Production Line Continuous process becomes operational in early 2020 2020 Electrolyte Operates Safely at Temperatures of ~150 °C ...and Rapid Innovation Delivery and validation of 2Ah cell by OEMs in the second half of 2020 Produced 320 Wh/kg 20 Ah cells on production equipment, outperforming commercially available lithium-ion energy densities 2021 Poised for the Future Announced Series B funding and Joint Development Agreements with OEM partners The BMW Group and Ford Motor Company aim to utilize Solid Power's low-cost, high-energy all-solid-state battery technology in forthcoming electric vehicles Ford Developed the 22-Layer Cell 22#23NPL0202101050018 Products and Technology Section 2 Solid Power DCRC+ ENPL0202104130017 23#24Two Product Groups Sulfide Solid Electrolytes Proprietary solid elec olytes tuned for high conductivity and lithium metal stability ▪ Best all-around performing solid electrolyte materials ▪ Low-cost and scalable Capital light with attractive margins ▪ Can be sold to entire universe of companies pursuing their own sulfide-based all-solid-state batteries ■ TOYOTA HYUNDAI Panasonic SAMSUNG Solid Power | DCRC LG Solid Poyto + Energy Dense Pouch Cells ■ Products and Technology ■ Proprietary design and production of industry leading all-solid-state cells ▪ Low-cost and scalable Capital intensive Intend to utilize Tier-1 cell suppliers as licensed commercialization partners ▪ Will be sold to Ford and BMW and compete for other Auto OEMs Ford B Other OEMs MW 24#25The Most Advanced Known Solid Electrolytes Only Solid Power develops and produces at pilot scale and tests in large format cells on a scalable production line Conductivity Low Density Ni-Rich Cathode Compatibility Solid Power Current R&D Material Solid Power DCRC TOYOTA LiSipSCI Li Metal Stability Dendrite Resistance LLZO I ■ Best all-around solid electrolyte materials produced using low-cost, scalable processes ▪ All precursors are common, commercial-grade materials produced in very large quantities, except Li₂S Products and Technology ■ ■ Li₂S production is expected to significantly increase with commercialization of sulfide all- solid-state batteries Li₂S precursor is being developed in-house and via partners Designed for low cost and optimized for mass production A portion of Li₂S production will occur in-house Currently producing up to 100 kg per month of solid electrolyte, which will need to be scaled to 500,000 kg per month by vehicle start of production Solid Power's current electrolyte and future R&D chemistry is posed to outperform competing sulfides Solid Power's electrolytes offer the best combination of conductivity and cell-level performance Solid Power is researching more innovative, high throughput electrolyte processes to further drive competitive advantage 25#26One Flexible All-Solid-State Platform Solid Power's solid electrolyte can accommodate existing and prospective cathode and anode materials Anode Cathode Core Technology: Solid Electrolyte Unique variants tuned as electrolyte, catholyte and anolyte products High-Content Silicon Solid Electrolyte NMC 811 Solid Anolyte Solid Power DCRC Solid Electrolyte OO ●●●● ❤❤❤❤ Solid Catholyte ooo..... xo ..... eeeee Solid Ultra-Thin Lithium Metal Solid Electrolyte NMC 811 Flexible platform allows use of alternative anode + cathode materials to suit specific performance requirements Products and Technology Silicon Based Anodes High charge rates & lower temperature capability ■ Lithium Metal Anodes High energy Intercalation-Type Cathodes Industry-standard & commercially mature ■ Conversion-Type Cathodes Low cost & high specific energy ■ Electrolyte advancements through R&D are expected to benefit all anode and cathode chemistries 26#27Solid Power Product Roadmap High-content silicon anode battery accelerates and de-risks delivery of industry leading technology to auto OEMs Anode Current Collector Anode Separator Cathode Cathode Current Collector 390 Wh / kg, 930 Wh / L 1,000+ cycle life¹ <15 min charge¹ (10→ 90%) High-Content Silicon oooooo 000000 Solid Power DCRC ●●●●●● High-Content Silicon Solid Electrolyte NMC 811 Solid Anolyte Solid Catholyte 440 Wh / kg, 930 Wh / L 1,000+ cycle life¹ <20 min charge¹ (1090%) Lithium Metal Ultra-Thin Lithium Metal Solid Electrolyte NMC 811 Note: Lithium metal anode portrayed in the fully-charged state. Solid Power cell performance metrics are initial commercialization design targets. 1. Solid Power estimates. Products and Technology Solid Catholyte 560 Wh / kg, 785 Wh / L 1,000+ cycle life¹ <30 min charge¹ (10-90%) coses Next Gen Cathode ..... Ultra-Thin Lithium Metal ●●●●●●● ******** 0000000 ****** ******* ●●● 0000000 ●●●●●● ●●●●● Solid Electrolyte Next Gen. oooo Multi-product roadmap specifically geared to satisfy Auto OEM objectives of early and sustained success Solid Catholyte 27#28Superior Performance and Value Expected to Drive Mass Market Adoption 77 kWh pack: Today's lithium-ion vs. Solid Power ************* 10 $ System Volume System Mass Range Charge Cost¹ Safety² Today's Lithium-Ion 329 L 499 Kg 266 Miles 15 Min $10,934 EUCAR ≤ 4 I I I 1 I High-Content Silicon Anode Product % Solid Power Improvement 184 L 304 Kg 304 Miles <15 Min $6,545 EUCAR ≤ 2 I I I I 1 1 I T I I I I I I I I I I I I I I I I I I 44% 39% 14% Parity 40% Cost Savings ******* P $ System Volume System Mass Range Charge Cost¹ Products and Technology Safety² Today's hium-Ion 329 L 499 Kg 266 Miles 15 Min $10,934 EUCAR ≤ 4 1 1 1 1 1 I I 1 I 1 I 1 1 I 1 1 I I I I I I Lithium Metal Anode Product % Solid Power Improvement 184 L 269 Kg 308 Miles <20 Min $6,545 EUCAR ≤ 2 I I 1 I 44% 46% 16% Parity 40% Cost Savings Note: Analysis based on 77 kWh pack. Today's lithium-ion figures are representative of 77 kWh pack with cylindrical cells (i.e. Tesla Model 3 Pack). Solid Power cell performance metrics are initial commercialization design targets. 1. Reduction in cost at cell level only. 2. European Council for Automotive R&D safety ratings. See slide 52 for EUCAR definitions. Additional savings from safety are expected but have not yet been quantified. Solid Power DCRC 28#29Proven MWh-Scale Prototype Production Line Nearly identical production process to lithium-ion; future lithium-ion process improvements expected to be transferable Electrode manufacturing Assembly Conditioning XX AA Slurry Mix 000 Stamping Pre- Formation Slot Die Coating Solid Power DCRC anode seperator cathode Stacking Source: Adapted from Bloomberg NEF. ttt Drying Consolidation Weld Electrode Calendaring / Slitting Lamination Packaging Filling Aging Degassing Formation Final Storage Lithium-ion process steps removed in solid-state production + Solid Power Characterization & QC Products and Technology ▪ Since inception, compatibility with lithium-ion manufacturing processes has been fundamental to Solid Power's strategy, driving the selection of a sulfide-based solution and subsequent R&D ■ Utilizes industry standard lithium-ion production processes and equipment · - Substantially de-risks commercial success Allows for rapid deployment of technology among early adopter platforms Existing production lines can be transitioned as market demand grows (est. at 10% of cost of new plant) Minimal historical and future capex requirements to prove commercialization Existing lithium-ion production infrastructure accommodates sulfide solid electrolyte moisture sensitivity ▪ Solid Power's process eliminates electrolyte filling and formation cycling, which account for approximately 5% and 30% of capex in typical GWh-scale lithium-ion facility, respectively Removing 1.5 to 3-week formation process further improves Solid Power throughput Roll-to-roll production line will have successfully produced 0.2 Ah, 2 Ah and 20 Ah form factors and Li Metal and Si anode cells by end of 2021 Production line can be easily transitioned between Li Metal and Si anode cells Solid Power is positioned to deliver superior cells at scale 29#30CLICK TO LEARN MORE ABOUT OUR SOLID POWER CELL PILOT LINE Solid Power DCRC 08139 Solid Power 1000 Products and Technology Solid Power Solid 30#31Defined Path to Lithium-Ion Cost Parity Solid Power's All-Solid-State Batteries cells - costs vs. time 100% 90% 80% €70% 60% Cell cost breakdown (%) 50% 5 40% 30% 20% 10% 0% 2020 2021 2022 ■ Materials Labor costs ■ Depreciation A Cell-Level Price Comparison $142/kWh Lithium-Ion Today 2023 ■Electricity B C 2025 Land ■ Transportation 2027 $85/kWh Solid Power (1) A Source: Bloomberg NEF and company estimates. 1. Solid Power's initial commercialization design targets for lithium metal anode cell. Solid Power | DCRC B ● ● ● ● Pack prices expected to add a further $25-$30/kWh to lithium-ion costs in 2028; Solid Power packs expected to be cost advantaged 6.5 MWh/yr prototype pilot line Auto A and B Sample phases 100 MWh/yr pre-production line Auto C and D Sample phases 10 GWh / yr line Vehicle start of production $60 Total cell BOM $35 Cathode active materials ■ ■ ■ Cell costs are currently dominated by labor and Li-precursor materials Cell bill of materials cost ("BOM") are expected to have three major inflection points in purchase volumes related to cell production: Prototype pilot line with production up to 6.5 MWh per year (existing) C and D Sample production, at 100 MWh per year (likely via a third-party) Automotive introduction at 10 GWh per year Greatest cost improvements are expected to come via supply chain development, purchasing scale, and targeted vertical integration Products and Technology - Today's lithium-ion and Solid Power's high-content silicon and lithium metal anode cells will share common cathode active material At automotive scale, Solid Power's BOM is expected to approach $60/kWh and be dominated by cost of cathode active material (similar to lithium-ion) Cathode active material ~58% of total BOM As Solid Power transitions to next generation cathode active materials, its $ / kW advantage over lithium-ion batteries has the potential to be a further step function improvement - Current Cathode Active Material: ~$35/kWh (80% Ni intercalation-type) Next Gen Cathode Active Material: ~$3/kWh (Conversion-type) 31#32Al Section 3 AL Solid Power DCRC+ www A OMER NO Commercialization Roadmap KWA (@BOLL OS 32#33Uniquely Positioned for Rapid Development and Scaleup Solid Power is focused across the core value chain Key Development Areas Electrolyte Precursor Production Electrolyte Development Electrolyte Production Cell Development Cell Production Solid Power DCRC+ Solid Solid Power Commercialization Roadmap ) TOYOTA Key Sulfide-Based All-Solid-State Developers HYUNDAI SAMSUNG LG Energy Solution idemitsu Constant, pure feedback loop allows for more rapid and intelligent iteration MITSUI KINZOKU 33#342017 vs Now 2017 Material Development Charging Rate 0.1C Max for rechargeable pouch cells Power Up to 3.5ms/ cm Room temperature electrolyte conductivity Temperature 70°C Nominal operating temperature Pouch Cell Energy 250 Wh / kg Stack-level specific energy of 0.17 Ah cells Energy / Cost 100 μm Separator thickness for rechargeable pack cells Scale 170m Ah Maximum capacity for rechargeable pack cells Manufacturing Throughput ~2/week Maximum 1-Ah cell throughput Scale <1kg Electrolyte produced per month Quality Hand-built cells with no formal QC steps in place Material Development Charging Rate 2C (¹) Max at room temperature 20x increase Power Up to 10ms / cm Room temperature electrolyte conductivity +3x increase Temperature 29°C Nominal operating temperature Commercialization Roadmap TODAY Solid Power Pouch Cell Energy 320 Wh / kg As-measured specific energy of 20 Ah cells 60% increase Energy / Cost (2) 25 μm Separator thickness 75% decrease Scale (3) 20 Ah Current capacity Manufacturing Throughput >100 / week Maximum 2-Ah cell throughput 50x scale inc. Scale 100kg Electrolyte produced per month 100x increase Quality Semi-automated production with quality checks throughout 41°C decrease 133x increase Scaled QC 1. Si anode cells sustain a 2C charge rate at room temperature. 2. Si anode cells incorporate 25 micron separators; Li metal anode cells incorporate 50 microns or higher. 3. Li metal anode cells have been produced at 20 Ah scale. Si anode cells transitioning to the 20 Ah scale in Q3 2021. Solid Power DCRC 34#35Pathway to Vehicle Start-of-Production ("SOP") High-content silicon and lithium metal anode development timelines Product Solid Electrolyte Refine Product Mass Production High-Content Silicon Anode Cell Cell: 2 Ah-20 Ah Cell: 100 Ah Design Validation Execute Production Validation Build Li Metal Anode Cell Cell: 2 Ah-20 Ah Cell: 100 Ah Design Validation Execute Production Validation Build Note: Refer to slide 49 for definitions of Sample stages. Solid Power | DCRC+ 2020 2021 2022 2023 Pre A-Sample 2024 Commercialization Roadmap A-Sample 2025 B-Sample 2026 SOP C-Sample D-Sample 2027 35 SOP#36High-Content Silicon Anode Battery Roadmap Improvements in cell-level energy achieved through well-defined cell design optimization plan Anode Current Collector Anode Cathode Cathode Current Collector High-Content Silicon Solid Electrolyte NMC811 Anode Composite Anolyte Electrolyte 000 ●●● Conductive Carbon Active Material Catholyte Binder Pre A-Sample 320 Wh / kg, 740 Wh / L¹ Pouch Energy Density 2C Room temperature max charge rate Today Note: All energy densities based on volumes of fully-charged cells. Refer to slide 49 for definitions of Sample stages. 1. Projected to 100 Ah cell based on cell stack-level values 340 Wh/kg and 900 Wh / L. Solid Power DCRC A-Sample Target Commercialization Roadmap 340 Wh / kg, 770 Wh / L Pouch Energy Density 3C Room temperature max charge rate ✓ Increase footprint and number of layers Decrease stack pressure requirement ✓Match small pouch cell performance on higher throughput 100 Ah cell pilot line ✓ Minimize resistance within layers Key Design Optimizations (Pre-A Sample to A-Sample) B-Sample Target 390 Wh / kg, 930 Wh / L Pouch Energy Density Room temperature max charge rate Key Design Optimizations (A-Sample to B-Sample) Increase mAh /cm² 3C+ ✓ Decrease separator thickness ✓ Increase cathode specific capacity Commercial Design Freeze 36#37Lithium Metal Anode Battery Roadmap Improvements in cell-level energy achieved through well-defined cell design optimization plan Anode Current Collector Anode Cathode Cathode Current Collector Ultra-Thin Lithium Metal Solid Electrolyte NMC811 Li Metal Electrolyte Conductive Carbon Active Material Catholyte Binder Pre A-Sample 320 Wh / kg, 550 Wh / L¹ Pouch Energy Density C/10 Room temperature max charge rate Today A-Sample Target Key Design Optimizations (Pre-A Sample to A-Sample) Increase footprint and number of layers Minimize resistance within layers Improve charge rate capability at low temperatures Note: All energy densities based on volumes of fully-charged cells. Refer to slide 49 for definitions of Sample stages. 1. As measured in 20 Ah cell. Solid Power | DCRC Commercialization Roadmap 360 Wh / kg, 760 Wh / L Pouch Energy Density 1C Room temperature max charge rate Decrease separator thickness Decrease stack pressure requirement ✓ Increase cathode specific capacity B-Sample Target 440 Wh / kg, 930 Wh / L Pouch Energy Density Room temperature max charge rate Key Design Optimizations (A-Sample to B-Sample) 2C+ Increase mAh /cm² ✓ Decrease separator thickness ✓ Increase cathode specific capacity Commercial Design Freeze 37#38Financials and Valuation Section 4 Solid Power DCRC+ 38#39Pro Forma Equity Ownership US$ in millions, unless otherwise stated Sources and Uses SOURCES DCRC Cash In Trust¹ PIPE Proceeds Rollover Equity Existing Cash and Equivalents² Total Commentary¹ ■ ■ $350 165 ■ 1,239 124 $1,878 USES Rollover Equity Cash to Balance Sheet¹ Deal Expenses Total $350 million DCRC cash in trust + $165 million PIPE $1.2 billion pro-forma enterprise value Implied 0.7x 2028E Revenue and 2.6x 2028E EBITDA Strong balance sheet with an estimated $599 million cash upon closing of the transaction $1,239 599 40 $1,878 Fully financed business plan with flexibility to accelerate growth organically and via M&A Capitalization SHARE PRICE Pro Forma Shares Outstanding³ Equity Value Less: Pro Forma Net Cash Enterprise Value Pro Forma Ownership ³,4 Solid Power Existing Shareholders 67% Financials and Valuation $10.00 184.2 $1,842 (596) $1,246 DCRC Shareholders 19% 9% Founder Shares 5% PIPE Investors 1. Assumes no redemption by DCRC's public stockholders. 2. As May 31, 2021. 3. Comprised of 123.9 million shares owned by existing Solid Power shareholders, 16.5 million PIPE shares, 35.0 million DCRC shares outstanding and 8.8 million Founder Shares. DCRC shares outstanding subject to exercise of redemption rights in connection with DCRC shareholder vote. 4. Excludes public and private warrants of DCRC. Solid Power | DCRC 39#40Summary Projected Financials US$ in millions, unless otherwise stated 2021E VOLUMES 3RD PARTY MANUFACTURING (GWH) ELECTROLYTE MATERIAL (TONNES) INCOME STATEMENT CELL REVENUE ELECTROLYTE REVENUE OTHER REVENUE TOTAL REVENUE % GROWTH TOTAL GROSS PROFIT GROSS MARGIN % EBITDA¹ EBITDA MARGIN % CAPEX FREE CASH FLOW² $0 0 2 $2 ($0) NM ($21) NM ($19) ($37) 2022E $1 1 1 $3 54% ($1) NM ($39) NM ($36) ($73) 2023E $2 1 1 $4 46% ($0) NM ($40) NM ($35) ($72) 2024E 0.1 50 0 8 $0 2 $10 127% $7 76% ($32) NM ($40) ($69) 2025E 0.4 200 $1 30 2 $33 239% $27 81% ($6) NM ($100) ($102) 2026E 6 3,000 $20 105 7 $132 297% $48 36% $14 10% ($70) ($56) 2027E 50 25,000 $170 875 2 $1,047 691% $373 36% $302 29% ($70) $209 2028E 80 40,000 $272 1,400 2 $1,674 60% $596 36% $480 29% ($50) $317 Financials and Valuation ● ~800k vehicles annually (assumes 100kWh pack) ~10% market share of BMW and Ford's 7.8mm vehicle sales <1% share of 90+mm vehicle TAM³ Commentary Fully-funded business through and beyond vehicle SOP (2026E) and self-funding beyond Solid Power to manufacture electrolyte materials and license cell designs and manufacturing IP to Tier-1 cell manufacturers for actual cell production Production volumes based upon preliminary feedback from partners High margins and relatively modest near-term negative free cash flow profile reflect Solid Power's unique technology and capita- light model 1. Operating profit plus depreciation. 2. EBITDA plus interest income less increase in net working capital, capex and income taxes. 3. International Organization of Motor Vehicle Manufacturers. Based on 2019 global vehicle prediction, includes cars and commercial vehicles. Solid Power | DCRC 40#41Considering a Framework for Solid Power's Valuation Solid Power Battery Technology LIDAR Hydrogen EV Enablers (²) ✓ Leading ASSB Platform Technology ✓ Long-Standing Partnership - Ford and BMW Proven Roll-to-Roll Manufacturing Capability Solid Power | DCRC QuantumScape LUMINAR Velodyne BALLARD PLUG POWER T P TESLA CATL ✓ Capital Light Business Model Robust Margins Compelling Valuation ✓Engaged in the development of semi-solid-state batteries * Capital intensive business model ✓ Value added technology components ✓Capital light business models ✓ Levered to electrification and ESG tail winds ✓ Technology and industry disruptors ✓ Growing into massive TAM ✓ Market leading battery manufacturers * Capital intensive business model ● Established high growth companies; ~5 years ahead of Solid Power 256% 2026-28 Revenue CAGR 384% 2026-28 Revenue CAGR 117% 2023-25 Revenue CAGR (1) 45% 2023-25 Revenue CAGR 29% 2021 - 23 Revenue CAGR Source: FactSet as of June 11, 2021. Median statistic shown for public company groups. 1. Velodyne represents 2022-24 Revenue CAGR, 2024 EBITDA margin and 2024 Revenue multiple. 2. Primary basis for multiples used in discounted enterprise value analysis. Financials and Valuation 29% 2028 EBITDA Margin 25% 2028 EBITDA Margin 31% 2025 EBITDA Margin (¹) 17% 2025 EBITDA Margin 21% 2023 EBITDA Margin 0.7x EV/2028 Revenue 1.8x EV / 2028 Revenue 7.0x EV / 2025 Revenue (1) 8.5x EV / 2025 Revenue 7.7x EV / 2023 Revenue 41#42Valuation Benchmarking EV / Revenue Transaction Value at Announcement 0.7x 2028 Solid Power EV / EBITDA Transaction Value at Announcement 2.6x 2028 Solid Power Battery Technology Solid Power | DCRC 1.8x 2028 QuantumScape (1) Battery Technology 7.1x 2.0x 2028 QuantumScape (1) 10.4x 3.5x 2025 LUMINAR 23.7x 7.9x 2025 LUMINAR Source: FactSet as of June 11, 2021. 1. Based on at transaction financial estimates. 2. No public 2025 estimates available. LIDAR LIDAR 3.6x 2.3x 2024(²) Velodyne 20.0x (10.5x) 2024(2) Velodyne 8.3x 2025 BALLARD 68.5x 2025 BALLARD Hydrogen Hydrogen 8.7x 2025 PLUG POWER 39.9x 2025 PLUG POWER Financials and Valuation 9.4x 2023 T TESLA 44.9x 2023 T TESLA EV Enablers EV Enablers 5.9x 2023 CATL 29.4x 2023 CATL 42#43Operational Benchmarking Revenue CAGR 256% 2026 - 28 Solid Power EBITDA Margin 29% 2028 Solid Power Battery Technology 384% Solid Power | DCRC 2026 - 28 QuantumScape (1) Battery Technology 25% 2028 QuantumScape (1) 154% 2023-25 LUMINAR 44% 2025 LUMINAR Source: FactSet as of June 11, 2021. 1. Based on at transaction financial estimates. 2. No public 2025 estimates available. LIDAR LIDAR 80% 2022-24(2) Velodyne 18% 2024(²) Velodyne 48% 2023-25 BALLARD 12% 2025 BALLARD Hydrogen Hydrogen 42% 2023 - 25 PLUG POWER 22% 2025 PLUG POWER L Financials and Valuation 22% 2021 - 23 T TESLA 21% 2023 T TESLA EV Enablers EV Enablers 37% 2021-23 CATL 20% 2023 CATL 43#44Financials and Valuation Solid Power Offers a Compelling Valuation with Significant Upside Post-Money Enterprise Value L $1.2bn Post-Money Enterprise Value Solid Power | DCRC Discounted Enterprise Value L $6.7bn ~332% Midpoint Premium $4.0bn Discounted 5 Years (2026 to 2021) at 20% Future Enterprise Value $16.7bn $10.0bn 6.0x10.0x TEV/ T + 2 Revenue (2028 revenue in 2026) Multi-Pronged Platform Upside Ĵ Apply a range of 6.0x-10.0x EV/ Revenue multiple to Solid Power's 2028E revenue ($1.7bn) to arrive at an implied Future Enterprise Value Future value enterprise range is discounted 5 years to arrive to an implied discounted value range 44#45Appendix Solid Power DCRC+ Solid Power 45#46Validation from Automotive OEMs Automotive OEMs recognize the importance of All-Solid-State to the future of EVs and Solid Power's leadership 22 Key brands M W BMW Overview German premium vehicle manufacturer with ~2.3m premium vehicles sold by BMW Group in 2020 ● 700,000 vehicles with electrified drive trains on roads by end of 2020; BMW expects that more than 50% of its sales in 2030 will be electrified vehicles • EUR 6.3 bn invested in R&D activities in 2020 - including focus activities in the fields of electrification, battery research, digitalization 20 M W MINI ROLLS-ROYCE MOTOR CARS Partnership History ✓Relationship dating back to 2016 conducting all-solid- state battery research and development ✓ Announced partnership with Solid Power to jointly develop all-solid-state battery technology in 2017 Solid Power | DCRC ✓ Expanded partnership with Solid Power in 2021 with Series B investment and joint development agreement for full-scale 100 Ah cells for testing and vehicle integration Key brands Ford Ford Overview • American vehicle manufacturer with ~4.5mm vehicle retail sales and ~4.2mm vehicle wholesales in 2020 • Ford is expected to produce ~600k EVs by 2030 and 2.3mm EVs by 2040 (50% of sales) • Committed to invest at least $22Bn through 2025 to deliver connected, electric vehicles, nearly twice its previous EV investment plans Ford LINCOLN Partnership History ✓ Ford participated in Solid Power's Series A funding in 2018, providing plan validation and capital ✓ Announced investment and partnership in 2019 to jointly develop all-solid-state batteries via Solid Power's roll-to-roll production line ✓ Expanded partnership with Solid Power in 2021 with Series B investment and joint development agreement for full-scale 100 Ah cells for testing and vehicle integration Appendix Solid Power "Ford and BMW now share leading positions in the race for all solid-state battery- powered electric vehicles. Solid Power will begin producing automotive-scale batteries on the company's pilot production line in early 2022 as a result of our partners' continued commitment to Solid Power's commercialization efforts." Doug Campbell - CEO and co-Founder of Solid Power "Being a leader in advanced battery technology is of the utmost importance for BMW. The development of all solid-state batteries is one of the most promising and important steps towards more efficient, sustainable, and safer electric vehicles. We now have taken our next step on this path with Solid Power. mobility." Together we have developed a 20 Ah all solid-state cell that is absolutely outstanding in this field. Over the past 10 years BMW has continuously increased the battery cell competence-important partners like Solid Power share our vision of a zero-emission Frank Weber -Member of the Board of Management "Solid-state battery technology is important to the future of electric vehicles, and that's why we're investing directly. Recent JDAs represent shift from collaborative R&D to vehicle integration programs B By simplifying the design of solid-state versus lithium-ion batteries, we'll be able to increase vehicle range, improve interior space and cargo volume, deliver lower costs and better value for customers and more efficiently integrate this kind of solid-state battery cell technology into existing lithium-ion cell production processes" Ted Miller - Manager of Electrification Subsystems and Power Supply Research 46 M Ford W#47Solid Power Battery Ecosystem Partnering Across the Supply Chain 1 2 1000 3 Material Suppliers & Producers Sourcing and Production of Cell Materials. Future Li₂S Production Partners Cell Producers Future Cell Production Partners Solid Power DCRC Auto OEMs Joint Development Agreements Cooperative R&D Solid Power Electrolyte OOO Innovating Where it Matters OOO Anode Solid Power Catholyte Cell Design / Processing Ecosystem Partners Cathode Active Material Next Gen Active Cathode Material O Cathode Binder Appendix Leveraging Our Core Competencies ✓ Solid Power Electrolyte Electrode Design ✓ Cell Design ✓ Lithium Foil Lamination ✓ Production Equipment Design ✓ Slurry Composition ✓ Lithium Electrolyte Interface 47#48Key Performance Metric Definitions Category Energy Density Power Density Charge Rate Cycle Life Calendar Life Operating Temperature Safety Conductivity Manufacturability Thermal Stability Li Metal Stability Moisture Stability Solid Power DCRC Description Measure of how much energy a battery contains relative to its weight (Wh/kg) or volume (Wh/L) Measure of the max rate of charge / discharge per weight of battery Time (in minutes) it takes to recharge the battery often defined as the C Rating; a battery with a 1C rate will take 60 minutes to full charge Number of charge and discharge cycles that a battery can sustain until its capacity falls below 80% of the original capacity The time for which a battery can be stored, as inactive or with minimal use, such that its capacity remains above 80% of the original capacity Ability of the battery to perform across a wide range of temperatures, particularly are ambient and low temperatures; EVS use thermal management systems to support stable operation in required temperature ranges Robustness of cell design and operation with respect to minimizing the risk of fire or explosion on battery failure Measure of how electrical current moves within the solid electrolyte in Siemens per meter (S/ m) Ease of processability to work electrolyte into a battery cell in a scalable process Stability of electrolyte material over a wide temperature range, especially at high temperatures Appendix Degree of reactivity / interfacial resistance the solid electrolyte has with a Li Metal anode Degree of reactivity the solid electrolyte has with moisture or water 48#49A-D Sample Definitions Category Pre-A Sample A-Sample B-Sample C-Sample D-Sample Product Description Solid Power | DCRC Proof of concept Cell Concept Validation (CV) based on customer requirements Cell Design Validation (DV) Cell Process Validation (PV) Production Validation (PV+) Sales product Use Proof of concepts or functions to ensure basic requirements as a product or process Probe multiple designs and material combinations to test performance against customer requirements Cell materials and design are frozen and the sample performance meets customer specifications Final design (B-Sample) manufactured on production tooling and cell meets customer specifications Full cell production at rate with needed quality and process certifications Supply customer at requested volumes Note: Solid Power follows a stage gate product development approach guided by APQP (Advanced Product Quality Planning). Solid Power Cell Format 0.2 Ah, 2 Ah & 20 Ah prototypes Full Scale 100 Ah Appendix Full Scale 100 Ah (Module and pack testing and validation begins) Full Scale 100 Ah (pack testing continues and vehicle integration for prototypes) Full Scale 100 Ah (vehicle level testing) Full Scale 100 Ah (full production) 49#50Solid Power Manufacturing Process Savings Eliminating formation cycling is crucial to the ASSB process Conditioning Pre-formation Eliminated Aging 29% Solid Power | DCRC Source: Argonne National Lab and Solid Power. Degassing 10% Filling Eliminated 5% 1% 17% Formation 11% 2% 5% 2% 2% 2% 1% Final storage 18% Removal of 80% of Conditioning steps ■ Receiving and shipping ■ Materials preparation ■ Electrode coating ■Calendering ■ Materials handling ■ Electrode slitting ■ Vacuum drying ■ Control laboratory ■ Cell assembly in dry room ■ Formation cycling and testing ▪ Module and pack assembly Rejected cell and scrap Conditioning Final storage Appendix Eliminates ~29% of capex in a typical GWh-scale Li-Ion production plant "The largest contributor to processing cost during battery production is the electrolyte interphase formation step... This process may take up to three weeks, requiring a tremendous number of cycles, floor space and intense energy for the cyclers and environmental chambers." Oak Ridge BatPac - Argonne National Lab ОАК RIDGE National Laboratory 50#51All-Solid-State Enables Further Cost Savings at the Pack-Level Virtual Teardown of a Notional EV Battery Pack Battery Junction Box Battery Management Controller 1. Cairn ERA. Housing Cover (aluminum sheet) Cell Module Solid Power | DCRC+ Aluminum Crash Structure Housing Tray Battery Frame Cooling system No cooling required, likely just heating Lower Protection Cover Safer cells allow for less pack protection removing mass and cost EV Battery Pack Cost Proportions¹ 6% 3% 5% Appendix 17% 9% O ■ Cells ■ Thermal Management System (TMS) ■ Batery Management System (BMS) ■Cabling and Wiring ■ Other Components ■ Assembly Safer and higher density all-solid-state is expected to yield significant benefits at the pack-level 60% 51#52EUCAR Hazard Levels Cell hazard levels are the outcome of performed safety tests and are classified under the EUCAR Hazard level table Safety levels are <=4 for: HAZARD LEVEL 0 1 2 3 4 5 6 7 DESCRIPTION Solid Power DCRC No effect Passive protection activated Defect/ damage Leakage, a change in mass of less than 50% Venting, a change in mass of more than or equal to 50% Fire or Flame Rupture Explosion Source: European Council for Automotive R&D. CLASSIFICATION CRITERIA & EFFECT No loss of functionality Cell irreversibly damaged and repair needed with no defect, exothermic reaction, thermal runaway or higher level hazards Cell irreversibly damaged and repair needed with no exothermic reaction, thermal runaway or higher level hazards Loss in electrolyte weight of less than than 50% with no higher level hazards Loss in electrolyte weight of more than 50% with no higher level hazards Exothermic reaction or thermal runaway with no rupture or explosion No explosion, but flying parts of the active mass Disintegration of the cell Appendix Current state-of-the-art cells ✓ Target 2023 mass market, low range cells ✓ Target 2030 mass market, high range cells ✓ Target 2030 mass market commercial cells Cells with Hazard levels greater than 4 are a non-starter Deemed hazardous 52#53C Supplemental Technical Data Solid Power | DCRC+#54High-Content Silicon Cell Energy Density: >1000 Wh / L Path to 100 Ah Si-NMC Pouch Cell with up to 420 Wh / kg & 1020 Wh/L (in charged state) Cell Specific Energy (Wh/kg) Cell Specific Energy (Wh/kg) 450 400 350 300 250 450 400 350 300 250 10 3 Reduced Electrolyte-Separator Thickness Target Solid Power | DCRC+ 20 30 Separator Thickness (microns) Increased Capacity Per Area Today Today 4 Target 5 Areal Loading (mAh /cm²) 6 1100 7 1000 900 800 700 600 40 1100 1000 900 800 700 600 (Wh/L) Cell Energy Density (Wh/L) Cell Energy Density Cell Specific Energy (Wh/kg) Cell Specific Energy (Wh /kg) 450 400 350 300 250 450 400 350 120 300 250 1200 Increased Cathode Layer Specific Capacity Today Target Today 140 160 Cathode Layer Specific Capacity (mAh / g) Increased Anode Layer Specific Capacity Target Supplemental Technical Data 2200 1700 Anode Layer Specific Capacity (mAh/g) 180 1100 1000 900 800 700 600 1100 1000 900 800 700 600 2700 (Wh/L) Cell Energy Density (Wh/L) Cell Energy Density 54#55Lithium Metal Cell Energy Density: >1000 Wh / L (Deposited Li) Path to 100 Ah Li-NMC Pouch Cell with up to 475 Wh/kg & 1015 Wh /L (in charged state) Cell Specific Energy (Wh/kg) Cell Specific Energy (Wh/kg) 600 550 500 450 400 350 300 600 550 500 450 400 350 300 O 2 Reduced Electrolyte-Separator Thickness 10 Solid Power | DCRC+ Today Target 40 20 30 Separator Thickness (microns) Increased Capacity Per Area 3 Target 4 Areal Loading (mAh/cm²) Today 5 50 60 6 1200 1100 1000 900 800 700 1200 1100 1000 900 800 700 (Wh/L) Cell Energy Density (Wh/L) Cell Energy Density Cell Specific Energy (Wh/kg) 600 550 500 450 400 350 300 120 <1000 Wh/L (pouch cell) >1000 Wh/L (pouch cell) Increased Cathode Layer Specific Capacity 140 Today Today 160 140 Cathode Layer Specific Capacity (mAh/g) Designing for 100 Ah pouch cell >1000 Wh/L Target 150 180 160 170 Cathode Layer Specific Capacity (mAh/g) Supplemental Technical Data Target 180 1200 1100 1000 900 800 700 5 3 190 (Wh/L) Cell Energy Density (mAh/cm²) Areal Loading 55