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Investor Presentaiton

Heatcube unit economics Heatcubes come in multiple configurations, and EBITDA contributions vary across countries and client user patterns Heat price Power, Grid tariffs* ** Medium - HC 10.64.5 Demand of 20,000 MWh/year Industry: Food & Beverages 80 EUR/MWh - Large HC 20.88.5 Demand of 35,000 MWh/year Industry: Food & Beverages 80 EUR/MWh 59 EUR/MWh 60 EUR/MWh and flexibility reserve' *** O&M* 2 EUR/MWh Anticipated EBITDA contribution*** = 18 EUR/MWh 396 000 EUR/year 1 EUR/MWh = 20 EUR/MWh 700 000 EUR/year * RTE (Round-trip Efficiency) of 90% | ** Comparable to a PPA price 40-50 EUR/MWh | *** 5-15% reduction in charging cost when participating in Frequency Reserve Markets KYOTO

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