Augwind Energy Tech Storage Ltd

Investor Presentation • May 20, 2021

ENERGY STORAGE SOLUTIONS

Investor Presentation I May 2021

DISCLAIMER

The information included under this presentation (the "Presentation") is for informational purposes only and does not constitute or form any part of any offer to purchase securities and/or an invitation to make offers for their purchase or solicitation of any of the above regarding any securities of Augwind Energy Tech Storage Ltd. (the "Company").

This Presentation was made for a convenient and concise presentation, and it does not exhaust the full data and information about the Company and its activities that may be relevant for the purpose of obtaining any decision regarding investment in the Company's securities, and therefore does not replace the need to review and inspect the company's Reports to the Israel Securities Authority, and especially the company's annual report for the period ended on 31.12.2020, published on March 31, 2021 (reference number: 2021-01-051843) (the "Annual Report" and "Public Information", respectively). The information under this Presentation is not a substitute for Public Information and in the event of any conflict between the content of this Presentation and the content of any Public Information, the content of the Public Information shall prevail.

The information in this Presentation should not be relied upon as any representation or warranty, express or implied, of the Company. No reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this Presentation. No legally binding obligations will be created, implied, or inferred from this Presentation. Various statements in this Presentation include information which derives from forecasts, estimates, assessments, and other information pertaining to future events and/or matters, whose materialization are uncertain and beyond the Company's control, and which constitute "Forward-looking information", as defined in the Israeli Securities Law, 1968.

Forward-looking information includes descriptions regarding the intent, belief or current expectations of the Company and are not guaranteeing future results, performance or achievements and are based on current expectations, estimations, and assumptions, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performances or achievements of the Company may differ materially from what is or may be expressed or implied in this Presentation due to a variety of factors, many of which are beyond the Company's control, including, without limitation, certain risk factors as contained in the Annual Report. The Company does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. Certain information and factual statements (including in regards to markets or trends) contained herein are based on or derived from publicly available documents or independent third-party sources, and therefore the accuracy of such information and the assumptions on which such information is based have not been independently verified.

ENABLING A CARBON FREE FUTURE

Large and growing addressable markets with strong tailwinds

01 03 05

Augwind's unique, cost effective solutions fit the market road map

On a path to deliver steep growth in the coming years

Developing global infrastructure to achieve growth targets

02 04 06

Energy Storage and Industrial Energy Efficiency markets seek disruptive solutions

Strong alignment with ESG principles

Approx. \$8.5^B Current estimated industrial energy efficiency market size²

^>160MWh of backlog in Israel in 2020

(1) Based on the "Energy Storage Grand Challenge" Market Report by the U.S DoE, December 2020. Assumptions are based on current pricing of \$250/kWh. (2) Based on Company Analysis.

DRIVING INNOVATION FROM THE GROUND UP

We developed a patented technology for underground storage of compressed air at high pressure, providing ground-breaking energy storage solutions for the renewable energy and energy efficiency markets

Established 2012 Founder: Or Yogev, industry veteran, PhD, Caltech Approx. 40 employees in Israel

Public (TASE: AUGN) Market Cap. 1.5B NIS

Market cap. as of May 13, 2021

Technology: AirX Products: AirSmart, AirBattery

18 patents granted 13 pending

Select Customers and Projects:

EXPERIENCED LEADERSHIP TEAM

The global energy transition: A GROWING NEED FOR AUGWIND'S TECHNOLOGY

1 2 3

OUR DISRUPTIVE SOLUTIONS

Enable the energy efficiency and renewables transformation

Our path to achieve STEEP GROWTH

AMBITIOUS CLIMATE TARGETS DRIVE THE HIGH DEMAND FOR RENEWABLE ENERGY AND ENERGY EFFICIENCY

This is the decisive decade…we must make decisions that will avoid the worst consequences of a climate crisis

• Targets: cut carbon emissions by 50-52% below 2005 levels by 2030
• Invest \$115B in infrastructure resilience and R&D, including energy storage
  • 25 States have mandatory Energy Efficiency Resource Standards or Goals

Target 32% renewable energy and 32.5% improvement in energy efficiency by 2030

Today, wind and solar are the cheapest ways to generate electricity in many countries

Energy efficiency increases industries' competitiveness and reduces energy bills

Source: President Biden at the Virtual Leaders Summit on Climate Opening Session, Reuters, dsireusa.org

FAST FORWARD TO 2030

35% of global electricity to be supplied by renewable energy

75% of renewables from intermittent sources (solar, wind)

80%of global electricity demand growth to come from renewables

Source: U.S. Energy Information Administration, Annual Energy Outlook 2021 (AEO2021) and IEA

THE CONSTANT SHIFT TO RENEWABLES DRIVES STRONG DEMAND FOR ENERGY STORAGE SOLUTIONS

CALIFORNIA 2020: >35% RENEWABLES¹

California net-load curve sample (GW)²

Need to meet growing demand during evening peak hours

Need flexibility in supply, especially during evening ramp-up

Risk of excess generation during PV peak hours

CALIFORNIA 2030 TARGET: 60% RENEWABLES

~10GW of energy storage

deployments is required3

Wind and solar provide power only when the wind blows and the sun shines.

Storage is crucial to match the demand for intermittent supply.

Source:(1) CAISO & TASC Consultancy (2) CEC, December 2019.(3) Energy Storage News

ENERGY STORAGE ALSO PLAYS A KEY ROLE IN THE SHIFT TO DECENTRALIZED POWER GENERATION

Tremendous opportunity to stack services and generate multiple revenue streams from energy storage assets

Commercial & Industrial

Transmission & Distribution

Source: (1) U.S. DoE (2) NREL, The Four Phases of Storage Deployment: A Framework for the Expanding Role of Storage in the U.S. Power System, hours in the chart refers to discharge duration. TAM – Total Addressable Market, SAM- Serviceable Addressable Market, excluding storage for residential EV and Motive

INTRODUCING AUGWIND'S AirBattery: A REVOLUTION IN ENERGY STORAGE

Augwind's innovative energy storage technology is the only solution that supports the industry's roadmap

• Longer duration 2-12 hr+ and limitless cycles +
• Scalable 1-1,000 MW and Flexible +
• 75%-81% Efficiency (roadmap to >90%) +
• Cost Competitive < 250\$/kWh +
• Eco-friendly, minimal footprint +
• Avoids risk of mineral scarcity +

Source: (1) U.S. DoE (2) NREL, The Four Phases of Storage Deployment: A Framework for the Expanding Role of Storage in the U.S. Power System, hours in the chart refers to discharge duration. SAM- Serviceable Addressable Market, excluding storage for residential EV and Motive

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OUR DISRUPTIVE SOLUTIONS

Enable the energy efficiency and renewables transformation

REVOLUTIONARY APPROACH TO THE ENERGY CHALLENGE

(1)TAM: Total Addressable Market. Current estimated industrial energy efficiency TAM is based on Company analysis. (2)Expected AirBattery TAM for 2030 is based on the "Energy Storage Grand Challenge" Market Report by the U.S DoE, December 2020. Assumptions are based on current pricing of \$250/kWh.

AirBattery DESIGNED FOR SCALABILITY AND DURABILITY

Separate charge, discharge and storage components enable multiple energy storage services

Multiple daily cycles with no degradation

Transmission & Distribution

Peaking capacity & Energy shifting

Bulk energy & Longer duration

A SINGLE FACILITY TO GENERATE MULTIPLE REVENUE STREAMS

Case Study: ISO New England, USA

AirBattery THE MOST COST-EFFECTIVE STORAGE TECHNOLOGY FOR SHORT & LONG DURATIONS

AirBattery cost declines as duration and power increase

Decentralized Centralized

Source: Based on U.S DoE 2020 Grid Energy Storage Technology Cost and Performance Assessment & Company analysis for AirBattery

HARNESSING THE ELEMENTS FOR A CLEAN FUTURE 19¹⁹¹⁹

COMPETITIVE LANDSCAPE: AirBattery IS A GAME-CHANGER

Electrochemical Lithium-Ion and other chemistries and approaches: Lead-acid, Zinc, Sulphur, flow, metal-air...

Mechanical Pumped Hydro; CAES, Gravity

1kW 10kW 100kW 1MW 10MW 100MW 1GW

POSITIONED FOR DISRUPTION: AirBattery DELIVERS

Life span	12 years/ 4000 cycles	Over 40 years/ unlimited cycles
Storage system cost*	\$250 / kWh	Cost Competitive < \$250/kWh
Efficiency	87-90%	75-81% (Roadmap to >90%)
Discharge & storage duration	Up to 4 hours (techno-economically)	Significantly longer duration
OpEx (including parasitic electricity)	High	Low
Response time	Fast, m/s	Medium, about 10 seconds (w/o extra capacitors) Fast, m/s (with extra capacitor)
Safety	Flammable, contains chemicals	Closed-circle water, air, soil
Ecology	Complex life-cycle, toxic,
Key raw materials	Lithium, cobalt, nickel, massive water	Standard construction materials
Supply chain	Availability depends on supply and markets

POSITIONED FOR DISRUPTION: AirBattery DELIVERS

Life span	12 years/ 4000 cycles	Over 40 years/ unlimited cycles
Storage system cost*	\$250 / kWh	Cost Competitive < \$250/kWh
Efficiency	87-90%	75-81% (Roadmap to >90%)
Discharge & storage duration	Up to 4 hours (techno-economically)	Significantly longer duration
OpEx (including parasitic electricity)	High	Low
Response time	Fast, m/s	Medium, about 10 seconds (w/o extra capacitors) Fast, m/s (with extra capacitor)
Safety	Flammable, contains chemicals	Closed-circle water, air, soil
Ecology	Complex life-cycle, toxic,
Key raw materials	Lithium, cobalt, nickel, massive water	Standard construction materials
Supply chain	Availability depends on supply and markets

POSITIONED FOR DISRUPTION: AirBattery DELIVERS

Life span	12 years/ 4000 cycles	Over 40 years/ unlimited cycles
Storage system cost*	\$250 / kWh	Cost Competitive < \$250/kWh
Efficiency	87-90%	75-81% (Roadmap to >90%)
Discharge & storage duration	Up to 4 hours (techno-economically)	Significantly longer duration
OpEx (including parasitic electricity)	High	Low
Response time	Fast, m/s	Medium, about 10 seconds (w/o extra capacitors) Fast, m/s (with extra capacitor)
Safety	Flammable, contains chemicals	Closed-circle water, air, soil
Ecology	Complex life-cycle, toxic,
Key raw materials	Lithium, cobalt, nickel, massive water	Standard construction materials
Supply chain	Availability depends on supply and markets

LITHIUM- ION LIMITATIONS CHALLENGE THE MARKET TRANSITION TO RENEWABLES

Lithium supply at risk starting 2025

TASC Consultancy estimates, Feb.2021 ³

\* Sourced: (1) Market Report by the U.S DoE, December 2020;

EV for transportation: 5x demand increase by 2030¹

The U.S. is facing a lithium-ion battery shortage as electric vehicle production ramps up

PUBLISHED THU, APR 8, 2021

…in 2030, the market could require 2,500 GWh of capacity. The five biggest battery makers together had 350GWh of capacity at the end of 2020…

Q2 2021 EQUITY MARKET OUTLOOK

Lithium prices continue to soar – up 88% in 2021 MARCH 15, 2021

LITHIUM- ION LIMITATIONS CHALLENGE THE MARKET TRANSITION TO RENEWABLES

Supply chain stability?

China is the world's Lithium battery supplier:

80% of raw mineral refining 77% of battery cell production

60% of battery component production

Environmentally friendly?

Water and land pollution High water consumption in extraction Recycling is limited

..Production of raw materials like lithium, cobalt and nickel that are essential to these technologies are often ruinous to land, water, wildlife and people…

PUBLISHED MAY 6, 2021

\* Sourced: ICCT. Lithium Mine - Carbonate from Evaporation Ponds Mined in Nevada Desert - Shallow Depth of Field

AirSmart

ENABLING OPERATIONAL CONTINUITY THROUGH SIGNIFICANT POWER CONSUMPTION REDUCTION

Select customers and projects:

AirSmart ENERGY EFFICIENCY

Compressed air systems are one of the most inefficient systems used in industry, with 10%-15% overall efficiency. Yet, they're widely used across sectors.

Augwind's solution can save up to 40% of power consumption to an air delivery system.

Source: EPA

AirSmart

Secure production continuity, reduce costs AND improve performance, WITH zero footprint

Flow Chart

Case Study : Cement Producer

Energy efficiency

• 35% energy savings ~\$300K a year
• 2,400,000 kWh saving ~ 550 tons of CO² savings
• Average Horsepower reduction 480

Process efficiency

• Reduction of artificial demand by 15%
• Pressure reduction from 7.5 to 4.5 Bar

Process stabilization

• Zero pressure drops
• Improve up-time to 100%

AirSmart SECURE PRODUCTION CONTINUITY, REDUCE COSTS AND IMPROVE PERFORMANCE, WITH ZERO FOOTPRINT

Reduce operational costs Save up to 40% in power consumption Save valuable space with Underground installation

Reduce compressor maintenance costs

Safer than above-ground containers Fortified by design, no hazards

Mechanical longevity Motor runs on the best efficiency curve, improving MTBF significantly

OUR DISRUPTIVE SOLUTIONS

Enable the energy efficiency and renewables transformation

3

Our path to achieve STEEP GROWTH

AirSmart STRONG MARKET OPPORTUNITY IN LEADING INDUSTRIES

(1) TAM: Total addressable market, SAM: Serviceable Addressable Market; Current estimated industrial energy efficiency TAM and SAM are based on Company analysis

AirSmart BUSINESS MODEL

CapEx Business Model

Revenue streams: System sale O&M services (10-15 years)

Typical deal size: \$250k-\$350k O&M: \$80k (10-15 years)

OpEx Business Model

Revenue streams: Shared savings (15 years)

Typical deal size: \$1.0M-\$1.25M

Expecting hundreds of installations over the coming years

Steel Chemical & Petroleum Cement Plastic

GERMANY ITALY JAPAN SPAIN FRANCE TURKEY BRAZIL CA 0.00 0.05 0.10 0.15 0.20 0.25 0 20 40 60 80 100 120 140 160 180 200 Electricity Price (\$/kWh) Electric Consumption of Key Industries (TWh) UK

TREMENDOUS MARKET OPPORTUNITY FOR AirBattery

(1)TAM: Total addressable market, SAM: Serviceable Addressable Market; Expected TAM and SAM for 2030 estimates are based on the "Energy Storage Grand Challenge" Market Report by the U.S DoE, December 2020 Israel SAM for 2030 is based on Israel's Ministry of Energy market report, April 2021. Assumptions are based on current pricing of \$250/kWh

AirBattery: RECURRING REVENUE BUSINESS MODEL CREATES PREDICTABILITY

CapEx Business Model	Market Focus	Commercial and industrial (Behind the meter),
Revenue streams: System sale O&M services (20 years) Future: Storage management system		Energy shifting (Co-location), Peaking, Transmission & Distribution and, Ancillary
	Types of Partners & Customers	TBD The Electricity Authority of Israel
Equity Business Model Equity : between 10% and 25%	Channels	Developers and EPC contractors through direct sales and JVs
Revenue streams: System sale Recurring revenues (20 years) O&M services (20 years) Equity gains (20 years)	Customer Segmentation	Developers, Utilities, C&I

AirBattery: RECURRING REVENUE BUSINESS MODEL CREATES PREDICTABILITY

Example: 3 Types of Revenue Streams 20MW/80MWh project

1 CapEx Typical deal size: \$18M-\$22M 2 Equity - 1 cycle Typical deal size: \$18M-\$22M 3 Equity - 2 cycles \$18M-\$22M

Plus \$0.5M- \$0.8M ARR (20 years)

Typical project size: Plus \$0.6M - \$1.0M ARR (20 years)

Expecting significant growth in C&I applications

Tremendous market opportunity Expected in 2030

Global SAM

\$40^B

Data centers

\$9.5^B SAM

\$7.8^B SAM

\$4.8^B SAM

\$1^B SAM

Industrial factories

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Example-Notes:

• Deal/projects size is based on project's configurations
• Augwind's share in the equity ranges between 10% and 25%
• ARR (Annual Recurring Revenue) for 1 cycle or 2 cycles are based on a combined energy rate of \$70/MWh / \$100/MWh, respectively, and additional revenues from O&M services

TECHNOLOGY ROADMAP

Product improvements Product development

System cost reduction

Increase energy density by increasing AirX operating pressure

Target > 90% efficiency Increased durability & efficiency of Charge cycle Improving discharge efficiency and longevity

Support 24/7 monetization

Develop energy management system to maximise profitability of existing AirBattery and AirSmart based facilities

Future products Support additional energy efficiency applications

REVISED GO-TO-MARKET STRATEGY

Establish revised organization structure to support globalization and steep growth over the next several years:

• Globally increase headcount in areas defined as company core competencies
• Significantly strengthen company HQ as source of knowledge and methodology
• Establish fully function regional subsidiaries: sales, marketing, support, operations, legal, finance and HR
• Sign agreements with local engineering companies
• Combine direct and channel sales in the sales process; provide strong support to channels to broaden market reach

Establish collaborations with major energy developers to leverage unique value proposition

Support growth with cash on hand, project financing and capital raises

ENABLING A CARBON FREE FUTURE

Large, addressable market with strong tailwinds

Energy storage market is on the verge of disruption

Augwind offers significant technical and commercial advantages

Enabling the transition to a carbon free future

Organizational scale-up to support aggressive business plan

Experienced leadership team to deliver steep growth

HARNESSING THE ELEMENTS FOR A CLEAN FUTURE

Thank you!

For more information: Tamir Vieman, CFO tamir@aug-wind.com