Stem SPAC Presentation Deck

stem Definitions Item Pipeline Booking Backlog Behind-the-meter ("BTM") Front-of-the-meter ("FTM") Hardware Revenue Software Revenue Market Participation Revenue BNEF WoodMac Source: Stem. Definition Total value of uncontracted, potential hardware and software revenue from total opportunities currently in process by Stem direct salesforce and channel partners (see page 15) • Market participation revenue is excluded from pipeline Total value of executed customer agreements, as measured during a given period (e.g. quarterly booking or annual booking) Customer contracts are typically executed 6-12 months ahead of installation Booking amount typically includes: ● ● Total value of bookings, as reflected on a specific date Backlog increases as new contracts are executed (bookings) Backlog decreases as integrated storage systems are delivered and recognized as revenue ● ● 1) Hardware revenue, which is typically recognized at delivery of system to customer, 2) Software revenue, which represents total nominal software contract value recognized ratably over the contract period, 3) Market participation revenue is excluded from booking value Segment of market focused on customer-sited installations of energy storage systems (see page 20). Stem excludes residential market when evaluating expected market share in this segment Segment of market focused on independent power producers, renewable project developers and utility / grid operator customers with installations of energy storage systems interconnected to distribution or transmission networks or in connection with a generation asset (see page 20) Confidential 40 Payment for initial purchase of system, which is typically recognized at delivery of system to customer • Total Hardware Revenues = Total Deliveries (kWh) x Project Hardware ASP ($/kWh) • ASP / margin based on value added services including hardware selection, project design and interconnection / permitting advisory and warranty design and compliance Recurring SaaS payment driven by storage assets under management (AUM) Total Software (Recurring) Revenues = Total AUM (kWh) x Software subscription ($/kWh/month) SaaS contracts range 10-20 years comprising recurring monthly payments • Revenues from monetization of energy storage capacity into energy markets and VPPs secured by contracts 3-20 years • Total Software (Variable) Revenues = Total AUM (kWh) x Stem's Market Participation Revenues ($/kWh) Bloomberg New Energy Finance Wood Mackenzie

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