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Ariel Re delivers innovative insurance to support Powin Storage Solutions

Client-focused risk mitigation and insurance program to backstop the performance guarantees of
Powin’s energy storage systems at a utility-scale project in Mexico.

Ariel Re today announced that it has insured the performance warranty of Powin LLC (“Powin”), a
global leader in the design and manufacture of battery energy storage solutions, at a project developed
by Invenergy, a leading global developer, owner and operator of sustainable energy solutions, in Baja
Californian Sur, Mexico. Through its Lloyd’s Syndicate 1910, Ariel Re provides Battery Storage System
Replacement Cover to backstop Powin’s contracted capacity guarantee in the event of unexpected
defects and/or accelerated degradation of the storage systems causing a warranty default.

As the utility-scale storage market continues to flourish and deliver enhanced asset valuation through
improved grid flexibility and project owners and investors seek support of complex performance
warranties from BESS technology providers, the market will benefit from insurance products from
strong counterparties like Ariel Re,” says Frank Petrocelli, Senior Risk Analyst, Clean Energy Risk
Solutions at Ariel Re. George Schulz at Ariel Re added, “The Powin team has demonstrated a scalable
storage solution with keen focus on supply chain management to produce a reliable energy storage
system; with open dialogue and sharing of information, it enables us to tailor a custom risk transfer
solution. Ariel Re is pleased to help Powin achieve its strategic growth goals.”

The Powin team of industry veterans are building energy storage solutions to address the growing
demand for the utility-scale and commercial markets. They continue to hone their technology to
deliver world-class products in terms of adaptability, reliability and safety. Ariel Re is delighted to
partner with Powin to strengthen its position as a global leader of energy storage solutions.

Geoff Brown, CEO of Powin, said, “Over the past two years Powin has made tremendous strides in
building a trusted reputation with our customers and partners in the energy industry. This
announcement with Ariel Re is yet another key milestone in our mission to become the leader in the
industry. With 750MWh of projects in operation, over 2 GWh in construction and an additional 4 GWh
contracted, Powin has established itself as one of the fastest growing, highest value, and safest energy
storage system integrator in the world.”

HUB International was the exclusive insurance broker for the transaction.

About Ariel Re:

Ariel Re offers a broad range of innovative insurance and reinsurance solutions and services through
our offices in Bermuda, London and Hong Kong. We are a multi-line, specialty (re)insurer meeting the
business needs of a diverse client base. Ariel Re operates principally through Syndicate 1910 in London
and also offers access to Lloyd’s Europe via Syndicate 5336.

Originally founded in 2005, Ariel Re was acquired by Pelican Ventures and J.C. Flowers on November
24, 2020. The new owners bring to the table significant capital resources and a long track record of
supporting successful, entrepreneurial businesses in the (re)insurance industry.

About Powin, LLC (Powin)

As a global leader in the design and manufacture of safe and scalable battery energy storage solutions,
Powin supplies the software and hardware to the growing volume of next generation energy storage
projects that will transform the grid, enable high levels of renewable generation and put conventional
generators out of business. To learn more about Powin, please visit