Stem SPAC Presentation Deck

stem Hardware Deliveries Drive Strong Recurring Software Cash Flows Hardware + Network Integration Total Deliveries (kWh) (x) Project Hardware ASP ($kWh) = Total Hardware Revenues ~10-30% Hardware Gross Margin ✓ Upfront payment for initial purchase ✓ Hardware agnostic platform ✓ Turnkey approach with focus on customer value Source: Stem. athena powered by stem Software Total AUM (kWh) (x) Software Subscription ($/kWh/month) Total Software (Recurring) Revenues ~80% Software Gross Margin ✓ Recurring SaaS model ✓ 100% attach rate secured by 10-20 year contracts with monthly recurring cash flow ✓ Revenue recognized ratably during life of the contract ✓ Additional upsell revenue from Athena applications PER OF O 424 Confidential Market Participation Total AUM (kWh) (x) Stem's Market Participation Revenues ($/kWh) = Total Software (Variable) Revenues ~80% Market Participation Gross Margin 25 ✓ Revenues from differentiated Athena capabilities and VPPs ✓ Secured by 3-20 year contracts ✓ Revenue recognized when realized ✓ Significant long term value

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