Shoals Results Presentation Deck

EV BUSINESS POTENTIAL Number of Addressable Chargers in the U.S. (Points)(¹) Points Added in the U.S. During 2022 Through 2025(1) Average Shoals Addressable Spend per Point(²) Implied 2022-2025 U.S. Market Opportunity YE2021 192,554 YE2025 893,118 700,564 $5,000 $3.5B Following announcements by the Biden Administration and automakers of new incentives for EVs and EV Infrastructure, BNEF has nearly tripled their estimate for 2021 to 2025 charge point additions(3) 233,273 192,554 489,697 January 2021 Forecast (4) 893,118 2021 2025 Addressable U.S. Chargers as of Year End June 2022 Forecast(1) EV Charging solutions can be a significant business for Shoals (1) Based on BloombergNEF Charging Infrastructure Forecast Model (CIFM 3.0.1), June 2022. Assumes all U.S. chargers except Home chargers are addressable by Shoals equipment. (2) Shoals management estimate. (3) Based on BloombergNEF Charging Infrastructure Forecast Model (CIFM 1.0.1), January 2021 of 256,424 points added in the U.S. during 2022 through 2025, compared with 700,564 points added in the U.S. during 2022 through 2025 in BloombergNEF Charging Infrastructure Forecast Model (CIFM 3.0.1), June 2022. (4) Based on BloombergNEF Charging Infrastructure Forecast Model (CIFM 1.0.1), January 2021. Assumes all U.S. chargers except Home chargers are addressable by Shoals equipment. shoals © 2022 Shoals Technologies Group 32

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