Next Generation Flow Batteries for Grid Scale Energy Storage June 2012 EnStorage Confidential Information

ENSTORAGE INCORPORATED Next Generation → Cost Effective Energy Storage Systems Formed by a Team of Entrepreneurs, Engineers and Scientists in 2008 Flow Battery Core Technology Licensed from Tel-Aviv University Backed by Leading Private Equity and Venture Capital Firms ─ Warburg Pincus ─ Canaan Partners ─ Wellington Partners ─ Greylock Partners ─ Siemens Technology-To-Business Broad Patent and Intellectual Property Portfolio Base Materials & Core Technology – 4 Systems and Control – 5 Proprietary Catalysts Proprietary Membrane Technology EnStorage Confidential Information 2 STRONG BACKING AND BROAD IP PORTFOLIO

Converting HBr → HBr 3 ENSTORAGE FLOW BATTERY – CHARGE CYCLE Charge Cycle Electrical Energy is Converted to Chemical Energy by the Stack Hydrogen is Electrochemically Compressed - No Mechanical Compressor EnStorage Confidential Information 3 Generating & Storing H 2 POWER IN System Pressure (Bar)

ENSTORAGE FLOW BATTERY – DISCHARGE CYCLE Discharge Cycle Chemical Energy is Converted to Electrical Energy by the Stack Hydrogen is Consumed from Storage EnStorage Confidential Information 4 Converting HBr 3 → HBr POWER OUT System Pressure (Bar) H 2 Consumed

ENSTORAGE FLOW BATTERY – OPERATIONAL CONCEPT EnStorage Confidential Information 5 Electrolyte Circulates in the Same Direction During Charge and Discharge Cycles The Charge Cycle Produces Hydrogen Gas that is Self Pressurized and Stored in Tanks – No Compressor in System Hydrogen Gas is Consumed in the Discharge Cycle is Stored as HBr in Tanks The System is Totally Self Contained – Nothing Comes In or Out A Single Pump is used for Electrolyte Cycling No Active Components in H 2 Flow Circuit Electrolyte Circulates in the Same Direction During Charge and Discharge Cycles The Charge Cycle Produces Hydrogen Gas that is Self Pressurized and Stored in Tanks – No Compressor in System Hydrogen Gas is Consumed in the Discharge Cycle is Stored as HBr in Tanks The System is Totally Self Contained – Nothing Comes In or Out A Single Pump is used for Electrolyte Cycling No Active Components in H 2 Flow Circuit

KEY ADVANTAGES OF ENSTORAGE FLOW BATTERY TECHNOLOGY EnStorage Confidential Information 6 Energy Conversion Cell has 3x Power Densities Compared to Other Flow Batteries Proprietary Low Cost Non-ionomer Membrane Proprietary Catalysts Low Cost Storage Chemicals Fast Response Times Large Patent Portfolio – 4 Granted / 5 New Patents Submitted Scalable for Either Power or Energy Energy Conversion Cell has 3x Power Densities Compared to Other Flow Batteries Proprietary Low Cost Non-ionomer Membrane Proprietary Catalysts Low Cost Storage Chemicals Fast Response Times Large Patent Portfolio – 4 Granted / 5 New Patents Submitted Scalable for Either Power or Energy

ENSTORAGE’S TECHNOLOGY VALIDATION PROGRAM EnStorage Confidential Information 7 ENSTORAGE TECHNOLOGY VERIFIED BY COMPREHENSIVE VALIDATION TEST PROGRAM – NEXT STEP IS UTILITY SCALE FIELD TRIALS Cell Level Technology Cost Reductions Cyclic Durability Cell Level Technology Cost Reductions Cyclic Durability Stack Level 5kW & 12.5kW Stack Cost Reductions Cyclic Durability Stack Level 5kW & 12.5kW Stack Cost Reductions Cyclic Durability System Level 5kW/2.5 kWh System Self Pressurization Automatic Operation System Level 5kW/2.5 kWh System Self Pressurization Automatic Operation

UTILITY SCALE ENERGY STORAGE SYSTEMS EnStorage Confidential Information 8 VALIDATING TECHNOLOGY AT UTILITY SCALE – TECHNOLOGY DEMONSTRATOR ON LINE EARLY Q kW/100kWh Technology Demo Fast Response Times Multiple Stacks Grid Interconnection 50kW/100kWh Technology Demo Fast Response Times Multiple Stacks Grid Interconnection 250kW/1.5MWh Product Prototype Product Costs System Manufacturing Operator Control - SCADA 250kW/1.5MWh Product Prototype Product Costs System Manufacturing Operator Control - SCADA

TARGET PARTNER ATTRIBUTES Integration Partner(s) Familiar with Chemical Processes & Products Familiar with System Packaging & installations Recognizes Need for Large Scale Energy Storage Experience with Grid Connected Power Electronics Global operations Testing Partner Could be an industrial partner in an industrial zone Availability of sqft of land Familiar with corrosive chemicals & hydrogen Reputable in the Energy Industry Looking into expansion into new business – energy storage Preferable to also be Integration Partner EnStorage Confidential Information 9