Eos Energy StorageCREA Energy Innovations Summit | Denver, CO

Philippe Bouchard, VP of Business Development

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# in U.S. 17,350 plants 164,000 miles 3 million miles

Utilization 47% 43% 34%

Projected spend 2010-2030 $505B $298B $582B

Projected underutilization

~$822B of future US infrastructure will be underutilized without storage

Generatio

nDistributionTransmission

Today’s Electricity Grid is Massively Overbuilt & Under Utilized…

Ratepayers fund hundreds of $Bs of infrastructure to serve peak demand

Sources: “Electric Power System Asset Optimization.” NETL, March 2011; “The Power of Five Percent.” The Brattle Group, May 2007

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Regional Spending on T&D Projects Completed by 2020 Heavily Weighted Towards the Rockies

~66% of projected infrastructure spend through 2030 is distribution system upgrades

Sources: “Electric Power System Asset Optimization.” NETL, March 2011; “The Power of Five Percent.” The Brattle Group, May 2007

Significant growth in energy storage industryhas already begun

4confidentialSource: IHS “The Grid connected energy storage market” 2014 DOE Storage Database; Press searches

Energy storage market to reach ~$25B by 2022 2013 RFPs outstrip previously installed capacity

Battery Energy storage market projection(GW) ($B)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220

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25Behind the meterIn the GridCo-located (renewables)Co-located (conventional)$

2013 RFPs Currently installed0

500

1000

1500

2000

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ItalySoCal Edison

PR

Long Island

California

US

Europe

Japan

2013 energy storage announced RFPs exceed total current global installed non-hydro storage capacity (MW)

2013 represents a~$4B market

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Eos Aurora 1000|4000Grid-Scale Energy Storage

Eos Aurora Designed Specifically to Meet Market Requirements for Grid-Scale Storage

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Eos ZnythTM

Sub-Module

DC battery performance attributes

Low cost / kWh $160/kWh

Long life (high # of cycles) 10,000 cycles (30 years)

Energy density 6MWh in a 40ft container

High energy efficiency 75% round trip efficiency

Safety Non-hazardous, non-combustible

Eos Aurora optimized to meet customer requirements and to provide lowest LCOE

6Eos outcompetes gas peaking turbines on an LCOE basis

EOS

Levelized cost of energy is critical metric for adoption; Eos LCOE lower than incumbents and competitors

Eos Partnering with Major Utilities on Business Case Driven Product Development & Demonstration

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Optimize Demonstrate Deploy

Eos Genesis collaboration includes:

1. Detailed business case analysis to identify profitable opportunities for deployment

2. Testing and evaluation of Eos’ novel ZnythTM battery technology leveraging partner facilities and testing platforms

3. Pilot demonstration of Eos Aurora systems to understand real-world costs and to optimize value streams

Customers Miles of T&DGW Generation Countries

Together Eos’ Genesis Partners represent:

Powerful Business Cases for Storage

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1MW-Scale Grid-Connected

2Behind-the-meter Storage

• Electricity peak shifting (arbitrage)• Generation capacity• Transmission or distribution deferral• Ancillary services• Renewables integration premiums

• Time of Use (TOU) energy management• Demand charge reduction• $2.1/W locational capacity program• Permanent Demand Reduction• Demand response program

participation

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Example: Grid-Connected ‘Triple Play’Example Financials: 5 MW Eos Installation

Cost

• Installed capital cost of ~$1,970 per kW

• Annual operating cost = $200,000 per yr

~$10.1 M

Gross Revenues

(Avg Annual)

TOTAL per MW (10 yr period, ~70% RTE)

1. Average Energy Arb $ / MWh2. Gen Capacity $ / kW – year3. T&D Value $ / kW – year

~$2.7 M / yr

IRR • After tax, residual value 23% 56%

Equity• Total of outlay + any

negative cash flows$10 M $2.5 M

Payback • After tax, 10% discount rate4

years2

years

LeverageAll EquityFinancing assumptions: 75% debt @ 8.0%, 10 yr

Eos installation creates 56% IRR and 2-year payback

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Example: 50MVA Substation Deferral

• T&D upgrade performed as usual; upfront Y1 spend

A • Storage installed Y1utility-owned, 5-year T&D deferral

B • Storage installed Y1, 10-year contract (developer monetizes market revenues)

C

+ $10.3M addition to rate base + $16.1M addition to rate base +$10.3M addition to rate base in Y5

NPV: ($10.5M) NPV: ($10.5M) NPV: ($6.9M)

Energy storage can be used on a targeted basis to provide locational capacity and to defer

costly T&D upgrades, improving reliability and lowering costs for the utility / ratepayer

Example Peak Load Shaving Battery / Load Profile

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Example: Behind-the-Meter ‘Triple Play’

Images and financial projections provided courtesy of Convergent Energy + Power

Eos low-cost, energy dense, and safe battery flattens customer load while increasing resilience

Example Financials: 100 kW Eos Install

Cost• Installed capital cost• Operating cost = ~$5,000/yr

$310,000

Gross Revenues (Avg Annual)

Assumes 10 yr period, ~70% RTE1. Average Energy Arb ($/kWh)2. ↓Demand charge ($/kW-month)3. Targeted DSM ($/kW installed)

$75,000

Financing assumptions: 50% debt @ 10%, 10 yr

IRR • After tax, residual value 23% 44%

Equity• Total of initial outlay +

any negative cash flows

$310 K

$166 K

Payback• After tax, 10% discount

rate4 yrs 2 yrs

LeverageAll Equity

100 kW Project Concept Design

Behind-the-Meter Business CaseJuly 2010

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Without BatteryWith Battery

Hours

Max

kW

Demand Charge Reduction

2 Hour “Demand Response” Call

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Balance charge / discharge profile to reduce the monthly peak without creating a new one

What We’re Hearing from the Solar Industry

First Solar CEO, Jim Hughes:* Market cannot respond to falling solar prices because of structural limits:

✴ Transmission capacity constraints✴ Grid stability issues✴ Load shape and growth✴ Utility resource planning cycles

* The key to long term growth is to solve for these constraints. * Price alone won’t do it…

1) Jim Hughes, First Solar. Tomorrow’s Utility: The View from the Sun. CleanTech Investor Summit. Feb 2013. http://cleantechsummit.com/resources-2/

cleantechsummit.comCritical question: What is the sustainable business model and where does storage fit in?

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Commence MW Genesis Production

Eos continues to make strong progress and will deliver first systems to Genesis partners in Q4 2014

Q2 2013 Q3 2013 Q4 2013

AC-Integrated System Q4 2013

2kW Modules Internal TestingFeb 2013

Manufacturable Sub-Module DesignQ3 2013

Q1 2014 Q2 2014 Q4 2014

3rd Party Testing & ValidationQ2 2014

2014 Focus: Demonstrate kW-scale, test and optimize AC-integrated systems with Genesis partners, ramp up manufacturing

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Q3 2014 2015…

Planned Pilot ProjectsCon EdQ4 2014

GDF SuezQ4 2014

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COMMERCIAL PRODUCT• Firm delivery of 1MW/4MWh systems

available at $300/kWh for 2016 install and $160/kWh for 2017 install

• 1 year standard warranty; up to 5 yr warranty at additional cost

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Eos to Announce 2016 Commercial Product Offering and Aegis ProgramIn December, Eos plans to announce availability of its 2016 & 2017 commercial product (DC battery), also offered with full AC integration via Eos’ new Aegis Program

AEGIS PROGRAM• Establishes formal

relationships with system integrators to provide AC-integrated, turn-key systems via multiple distribution channels

• Aegis partners can provide warranty wrap and option for extended performance guarantee

• Aegis partners to be announced in near future Aurora 1000 | 4000(DC battery system)

2015 demonstration partners will have priority access to 2016 volume

www.eosenergystorage.com