Stem SPAC Presentation Deck

stem Dominant Market Share with Commercial & Industrial Customers Stem delivers lower net bill and clean power to C&I customers Overview of Behind the Meter Market Commercial, industrial and corporate customers ✓ Typically 10 year software contracts ✓ System spec size of 2.2MWh and $1MM Wholesale market participation V Source: EEI, Wood Mackenzie. BTM US Energy Storage Outlook (MWh) 3,500 3,000 2,500 2,000 1,500 1,000 500 0 292 2020 593 2021 1,336 2022 48% CAGR 1,252 2023 ■ California - New York All Others ■ Massachusetts 1,761 2024 ■ PJM (excl. NJ) Confidential 42 2,238 2025 ▪ Arizona 3,043 2026 ▪ Hawaii ■ Texas

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