Eos Energy Storage two years of MW -scale production with manufacturing partner for only $5M in CapEx • The Eos Genesis Program includes 8 global utilities for product development,

Eos Energy StorageIntroductory Presentation

http://www.eosenergystorage.com/

http://www.eosenergystorage.com/

Eos Uniquely Able to Drive Rapid Market Growth1. Storage Market Opportunity: Strong Near-Term Demand and Huge Long-Term Growth

Multi-GW demand growth in the past year and continually growing; $25B global market by 2022 (IHS)

2. The Eos Product: Tailored to Industry Needs

• Low-cost, long-life, safe, efficient, and compact zinc hybrid cathode (Znyth™) battery

• At $160/kWh, Eos is a low cost leader and a cost-effective solution in a wide range of applications

3. Path to Commercialization: Paved by Strategic Partnerships• Eos technology specifically designed to use standard manufacturing equipment and processes,

enabling two years of MW-scale production with manufacturing partner for only $5M in CapEx

• The Eos Genesis Program includes 8 global utilities for product development, pilot demonstrations and broad commercial deployment, creating a rapid path to market

US1,807

Europe 423 California1,325

Texas5,000

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Installed Up to 2013 Procurement Announced inLast Year

MW

Battery Market Ready for Takeoff, Expected to Grow to $25B by 2022

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Market to reach ~$25B in less than 10 years Recent RFPs outstripped total installed capacity

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

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20

25

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4

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8

10

12

14

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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

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

• Recent RFPs and announced energy storage procurement exceeds current global installed non-hydro storage capacity

• Oncor in TX announced plans to procure 5,000 MW / 15,000 MWh of battery storage, potentially tripling the current market

Represents ~$12B market

Demand for battery storage is increasing with huge year-over-year growth. Citi estimates a 240GW market for energy storage by 2030 (>$400B).

Source: DOE Storage Database; Press searchesSource: IHS “The Grid connected energy storage market” 2014

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ABOUT EOSCOMMERCIALIZATIONEOS PRODUCTMARKET

Eos’ Price Point Unlocks Key Storage Markets• At <$300/kWh, batteries begin to

be competitive with gas combustion turbines to supply peaking capacity

• At <$200/kWh, batteries can supply peaking capacity at lower cost than new CTs in almost all locations

• Large opportunity in dense urban areas, where there is limited space for new generation and/or T&D infrastructure, along with strong peak demand

• At Eos’ $160/kWh price point, IHS estimates opportunity for capacity resource battery market grows to 86GW by 2030 in the US alone…Global market probably 5X larger

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>$500 $300-500 $200-300 $150-200 $100-150 $50-100

PJM

ERCOT

MISO

SERC

Canada

SPP

WECC

NYISO

CAISO

ISONE

Total Opportunity for Batteries to Compete in Capacity Markets (2030)

© 2014 IHS

Tota

l opp

ortu

nity

to sh

ave

peak

load

(GW

)*

Total battery storage CAPEX (real 2014 $ per kWh of storage capacity)**

Notes: *The opportunity for batteries to shave peak load depends on their competitiveness with gas combustion turbines in capacity markets, and the incremental demand for new capacity resources. **Including battery module, balance of plant, and EPC costs. ERCOT does not currently have a mechanism for mandating load serving entities to procure capacity, but this chart assumes that batteries will still compete with CTs to supply peaking capacity needs.Source: IHS

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# in U.S. 17,350plants

164,000 miles

3 million miles

Utilization 47% 43% 34%

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

Projectedunderutilization

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

Generation DistributionTransmission

Eos Systems Can Defer Costly and Inefficient Utility Infrastructure Upgrades

Energy storage unlocks value in existing assets by increasing low rates of utilization

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

• Utilities have traditionally invested heavily in relatively inefficient grid infrastructure: cumulative US spend from 2014 to 2035 estimated at ~$1.5T

• Existing infrastructure is built to exceed peak demand, but results in average utilization of ~40% in the US

• Storage is a huge opportunity to recapture value on existing T&D infrastructure

• Utilities are already beginning to allocate significant CapEx dollars to storage systems in many states

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Storage Will Become Increasingly Necessary as Intermittent Renewables Continue Strong Growth

Energy storage allows utilities to effectively integrate more renewables; demand naturally increases as more renewables are deployed

2010-2016: >10x Growth in US Solar Utilities Need Storage to smooth and shift supply

Source: SEIA Market Insight Report, 2014 Q1

>>

AZ one day solar output

ERCOT 8 day Load vs. Actual Wind Output

• Storage can smooth the intermittent output of PV/wind facilities, reducing strain on utility grids

• Eos can store and shift the output of renewables that generate at off peak times, better balancing energy supply with demand

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Multiple use-cases for energy storage

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Peak-Shaving and Demand Management

Renewable Integration, Solar/Wind Time-Shifting

Frequency Regulation

• Store excess base-load generation and renewable energy produced offpeak

• Discharge during peak hours

• Counteract intermittency of renewable generation

• Smooth production cycles

• Eligible for entry to ancillary markets

• Monetize your asset and bring additional revenue


5 Critical Requirements for Energy Storage

• Underutilization of Grid Infrastructure

• Growing Grid Instability From Intermittent Generation

• Reliability Concerns with Aging Infrastructure

Low Cost /kWh

Low cost per kWh is required to compete with incumbent grid solutions (e.g. gas turbines, copper wire). Price is the primary barrier to adoption today

Long Life Amortization of upfront cost over long life (20+ years) is critical for cost effectiveness

Energy Dense

Compact footprint required for dense urban load centers or space-constrained areas. Critical for distributed storage for locational capacity use cases

High Efficiency

High efficiency required to maximize revenues when charging and discharging the storage device

100% Safe

Energy storage with little or no toxicity, fire hazard, and environmental mitigation required for siting behind-the-meter or in urban areas

Market Drivers Energy Storage Requirements

Storage technologies meeting these requirements will be the most flexible across applications and capture the largest market share

• Need for Local Peaking Capacity in Urban Areas

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Eos’ Technology is Optimized to Satisfy Storage Market’s Core Business Requirements

Eos Znyth

Lead Acid

Lithium Ion

Sodium Sulfur

/Halide

Under-ground CAES

Pumped Hydro

Low Cost / kWh

Long Cycle Life(Full DoD)

Energy Density

Energy Efficiency (Full DoD)

Safety

= Market Leading = Commercially Acceptable = Commercially Limited

Current energy storage technologies unlikely to meet full market requirements due to fundamental cost and flexibility limitations

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Eos Introduces Lowest Cost Energy Storage Product: Aurora 1000|4000 Available in 2016

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The Aurora system can reduce cost and maximize profitability for utilities, project developers and industrial end-users

Low cost $160/kWh

Long Cycle life(Full DoD)

5,000 cycles

Energy Density 1MWh / 40 ftcontainer

Efficiency(Full DoD)

75-80%

Safety Non-hazardousNon-flammable

Critical Attributes

Other Relevant Attributes

Pictured above: 250kW/1000KWh subsystem

The Aurora 1000|4000 is a 1 MW | 4 MWh DC battery system designed specifically to meet the requirements of grid-scale energy storage

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AURORA 1000|4000BMSRACKING/

CONTAINERBATTERY MODULES


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Eos ZnythTM Technology Overview Zinc hybrid cathode technology (Znyth) uses abundant, low-cost materials Proprietary corrosion-resistant coating on current collectors enables long life with

aqueous, near neutral electrolyte Simple membrane-less design allows for low-cost manufacturing and rapid scale up

Battery

System

ABOUT EOSCOMMERCIALIZATIONTESTING

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Strong Market Reaction & Sales Inquiry Pipeline

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Global Demand for Energy Storage is High and Firming Up

Current pipeline already exceeds manufacturing capacity for 2016-2020

0

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400

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1,000

2016 2017 2018 2019 2020

Active Proposals by Delivery Date

USA78%

Asia11%

Europe6%

Africa5%

Active Proposals by Location

MW

h

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Active Proposals

Qualified Pre-Orders

MWh

Notes:1. Qualified pre-orders are defined as inquiries with validated buyers and specific projects


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Price: Eos’ Leading AC System Compared to Leading Lithium-Ion System

Eos AC system expected to be up to 30% less expensive than the leading cost competitor

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Notes:• Pricing for Lithium-Ion is based on a 20 MW system all years and pricing for Eos is based on a 1 MW

system in 2016 and 20 MW 2018-2020• AC Integration & Installation costs include inverter, insurance, 5 year warranty, insurance, AC

integration and installation costs

465 450415

200 160 160

185

150 135

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Li Ion20/80

Eos1/4

Li Ion20/80

Eos20/80

Li Ion20/80

Eos20/80

Est. AC System DC System AC Integration & Installation

2016 2018 2020

17%31%

29%

295310

385


0%10%20%30%40%50%60%70%80%90%

100%

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

Capa

city

Ret

entio

n

GWh Delivered based on 1MW System

Eos Aurora (100% DoD)

Li Ion (75% DoD)

Lead Acid (80% DoD)

Life: Degradation Curves by TechnologyBattery Types

1) Normalized to MWh throughput based on 1MW system, as cycles per system differ considerably. For example, 1 full cycle for a 1MW/1MWh Li ion system delivers 1MWh, whereas 1 full cycle for a 1MW/4MWh system delivers 4MWh energy.

2) Assumes 4h duration for Eos Aurora system, 4h for lead acid, and 1h for Li ion, per 2013 State Utility Forecasting Group report, “Utility Scale Energy Storage Systems: Benefits, Applications, and Technologies”

3) Eos cycle life based on historical data and projections; lead acid and lithium ion cycle life based on data from 2012 AllCell report, “A Comparison of Lead Acid to Lithium-ion in Stationary Storage Applications”

Eos Aurora outperforms lead acid and lithium ion, with relatively minimal degradation

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Efficiency: Eos ZnythTM More Efficient than Lead Acid, Approaching Lithium Ion

• Energy efficiency is dependent on a variety of factors including critically the age and condition of the system, charge/discharge protocol and nuances within the battery chemistry family.

• To compensate for Li-ion loss of cycle life, operators will typically operate their system in an 80% DoD window, thus reducing 20% of rated capacity

• Eos has demonstrated over 1,000 full DoD cycles and climbing, already surpassing lead acid and approaching lithium ion at 100% DoD

40%

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90%

100%

0% 20% 40% 60% 80% 100% 120%

Roun

d Tr

ip E

nerg

y Ef

ficie

ncy

Depth of Discharge

Energy Efficiency vs. DoD

Znyth

Lead Acid

Lithium Ion

Minimum requiredefficiency for grid business

Source: IEEExplore; battery power online; Elithion; Battery University; Siemens; Panasonic; BYD.com; scf USC.edu; Battcon.com15confidential


PASS/FAIL

Avg Pre-Abuse

Discharge Capacity (Ah)

Immediate Post-Abuse Discharge

Capacity (Ah)

Avg Post-Abuse Discharge

Capacity (Ah)

Peak Cell

Temp (⁰C)

AverageChamber Temp (⁰C)

Short-Circuit PASS 5.96Max Shunt

Current: 28.2A

No presence of fire, explosion,

venting, or leaking26.2 -

Overcharge PASS 5.92 7.31 6.51 23.5 -

Over-discharge PASS 6.07 5.73 5.96 22.9 -

High Temperature PASS 5.98 5.95 5.91 60.6 60.0

Low Temperature PASS 5.89 5.89 5.82 -14.2 -15.0

Safety: Tested Extensively by DNV GL

None of the abuse testing resulted in explosion, fire, off-gassing, or leakage of the cells; All cells were able to continue functioning after abuse with no lasting effect

DNV GL performed short circuit, 48-hr overcharge, 48-hr over-discharge, as well as high and low temperature abuse testing with the following results:

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Successful Deployments in the US and AbroadSystems shipped to ConEd in New York and GDF Suez in Belgium with current focus on scale up to systems 500-1,000 kWh in size. Aegis Partner testing supporting commercial product integration, maintenance, and warranty.

24 kWhSystem Completed 1/2015



6 months of successful testing with continued operation at

DNV GL’s facility in upstate NY

DC battery system currently being integrated at GDF Suez’s

test center in Belgium

AC system performing 4-hr load shaving, testing w/ Aegis partners

supports product design & warranty

Successful testing with major utilities and integration partners setting the stage for further system scale-up in 2015 and commercial deployment in 2016


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Eos Lines Up MW-Scale Projects, On Track To Deliver First 1MW/4MWh Solution in 2016

• Eos awarded $2.1M in grant funding by the CA Energy Commission for 500 kWh install with PG&E

• ETM Electromatic will supply the inverter with Stem providing the intelligent control software

• EPRI and LBNL to support business case evaluation and 3rd party validation

• OCI Solar Power and Eos working to deploy 500 kWh system in NJ in Q4 2015 and 4 MWh system in Texas in mid 2016

• Eos currently evaluating integration partners to support project execution

500 kWh System | Q1 2016 Installation

PROJECT PARTNERS

500 kWh System | Q4 2015 Install & 4 MWh System | Q2 2016 Install


http://www.businesswire.com/news/home/20141216005324/en/Eos-Energy-Storage-Awarded-2.1-Million-California

Genesis Partners Drive Product & Business Case Development

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Eos Genesis collaboration includes:

1. Detailed business case analysis to identify value drivers for storage

2. Product development to meet the requirements of the business case

3. Testing and evaluation of Eos’ ZnythTM

battery technology

4. Pilot demonstration and commercial roll out of Eos Aurora systems

385GW Generation

91 MCustomers

1.8 MMiles of T&D

70+Countries

Together Eos’ Genesis Partners represent:

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http://www.businesswire.com/news/home/20130430007031/en

http://www.businesswire.com/news/home/20130430007031/en

http://www.businesswire.com/news/home/20130520006558/en/Eos-Energy-Storage-Raises-15-Million-Strategic

http://www.businesswire.com/news/home/20130520006558/en/Eos-Energy-Storage-Raises-15-Million-Strategic

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Eos Launches Aegis Program to Partner with System Integrators

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• Eos will provide the Aurora DC system, including Battery Management System; Eos will also provide technical training to Aegis Partner at the outset

• Aegis Partner to provide power conversion and controls beyond the DC system required for a turnkey AC-integrated product, including installation, O&M, and full product warranty

Aegis partners to supply, install, and support turn-key AC-integrated product

Aegis Partners

and expanding…


Eos Partnering with Contract Manufacturers to Support >200MWh Volumes in 2017

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5 56 99 208

300

20 224

396

832

1,200

0200400600800

1,0001,2001,400

2016 2017 2018 2019 2020

MW MWh

Forecasted Production and Sales• Eos now building 48MWh/yr

pilot production capacity in Edison, NJ with support from component level contract manufacturers

• Eos developing relationships with high-volume contract manufacturers to support >200MWh/yr volumes beginning in 2017


Leadership: Highly Experienced Management and Operations Team

Headquarters, R&D: Edison, NJ • Commercial Operations: New York City • Number of Employees: 45

George Adamson VP, R&D• >17 years experience moving 5 products

to manufacturing• Developed zinc-air and Li batteries for

Zpower, Vitric, Valence, Zinc Air• Holds 9 patents

Philippe Bouchard VP, Business Development • >5 years electric utility industry experience• Managed $3M technology evaluation portfolio

and lead utility smart grid deployment plan• B.A. in chemistry from Pomona College

Steve Amendola Inventor, Co-Founder• Founder and CTO of RSI (solar grade silicon) and

Millennium Cell (sodium borohydride fuel cell) • >20 US patents in batteries, energy storage, new

fuels, turbines, silicon manufacturing, electrochemistry

Steve Hellman Chairman• Founded and built 14 successful

companies in energy, shipping, real estate and media

• Energy Advisor to US State Department

Michael Oster CEO, Co-Founder• >20 years experience as an entrepreneur

in renewable energy and real estate• enXco, Aspect Enterprise Solutions, ATT

Pension Fund, AT Kearney, IBM

Don Humphreys VP, Manufacturing• >35 years experience including

Duracell/Gillette, P&G and Acquion• Extensive experience leading transition of

battery R&D to large-scale manufacturing

Jim Morgenson VP, Sales• >18 years experience executing and globally

scaling market strategies and sales best practices• SMA, Rockwell

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Orders can be placed at [email protected]

Introducing the Aurora 1000│4000, the Industry’s lowest cost DC battery solution

Order Now

mailto:[email protected]

http://www.eosenergystorage.com/products/order/

Documents

Eos Energy Storage two years of MW -scale production with manufacturing partner for only $5M in CapEx • The Eos Genesis Program includes 8 global utilities for product development,