Investor Presentation

Energy Storage System ("ESS") Initiative Opportunity Overview Various value drivers such as charging during peak renewable times / discharging during peak non-renewable times Allows energy price arbitrage (i.e., 'buy low, sell high') as well as other revenue drivers Takes advantage of incentives offered by utilities and government authorities UGE Prospects Additional growth lever to complement existing platform Notable addition to Mass. market entry (>100MW early-stage projects)1 MA Clean Peak Program Incentive: Provides certificates to eligible storage resources that can reduce load during peak demand hours² SUSD MM 0.20 Example Massachusetts Battery Revenue "Stack": Annual Revenues* Diversity of Revenue Sources 0.15 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 *Illustrative economics per-1MW rated capacity ESS; revenue drivers include payments derived from Clean Peak program and other grid services. Indicative Economics: 5MW Year 1 Revenue ($) Lease ($/year) $947k Interconnection Cost ($) $250k 0.10 $50k MA Battery Project Property Tax ($/year) Project NPV $65k Total CapEx ($) Total OpEx ($/year) $4.3MM 0.05 $250k $2.8MM Project Fair Market Value ("FMV") $7.0MM 0.00 Note: Present value figures assume 10% Discount Rate UGE Press Release: UGE MA Market Entry (November 2021) 2 Understanding the Massachusetts Clean Peak Energy Program TSXV: UGE | OTCQB: UGEIF 24 24

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