Stem SPAC Presentation Deck

stem Market Leader and Continued Growth With Asset Owners and Utilities Stem has a proven track record of helping owners maximize the value of their assets, driving higher revenue and ROI Overview of Front of the Meter Market Utilities, IPPs and other asset owners Typically 20 year software contracts ✓ System spec size of 27MWh and $10MM Wholesale market participation ✓ ✓ Source: EEI, Wood Mackenzie. FTM US Energy Storage Outlook (MWh) 30,000 25,000 20,000 15,000 10,000 5,000 0 2,381 2020 ■ All Others 9,679 2021 ■ California 14,107 2022 49% CAGR 17,107 2023 17,219 2024 Confidential 41 ▪ Arizona ■ Hawaii - New York ■ Massachusetts 21,006 H 2025 26,533 2026 ■ PJM (excl. NJ) ■ Texas

View entire presentation