Stem SPAC Presentation Deck

stem Operational Benchmarking Operational benchmarking Revenue Growth Gross Margin EBITDA Margin stem ~ 350% 2021E 16% 2021 E NM 2021E 115% 2022E 26% 2022E 9% 2022E 67% 2023E 32% 2023E 22% 2023E CY 2021E Financials 14% ARRAY TECHNOLOGIES 22% ARRAY TECHNOLOGIES 17% ARRAY TECHNOLOGIES 63% e ENPHASE 38% 22% 26% solaredge 33% e ENPHASE solaredge 19% 31% sunnova solaredge e ENPHASE Solar Technology Solutions 60% sunnova 80% (1) sunnova 26% SUNPOWER® 18% SUNPOWER 9% 53% SUNPOWER® Distributed Solar 27% sunrun sunrun Bloomenergy -chargepoin+ NM sunrun 29% Source: Stem, Bloomberg, CapIQ, IBES consensus estimates, analyst estimates and company disclosures; market data as of 01-Dec-2020. (1) Sunnova EBITDA adjusted to include loan business income (principal and interest). (2) Chargepoint forward-looking metrics based on management estimates. 27% 47% 12% (2) 31% (2) Bloomenergy -chargepoint NM Bloomenergy -chargepoin+ Sustainable Infrastructure (2) 46% Confidential 34 TESLA 22% TESLA 19% TESLA Median: 31% Median: 27% Median: 18% Diversified Energy Tech

View entire presentation