Batteries and Energy Storage Systems Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › BATTERIES AND ENERGY STORAGE SYSTEMS

Batteries and Storage: Value Sits Beyond Growth

The report shows how business model, earnings credibility and buyer fit shape standing across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › CAPITAL GOODS › BATTERIES AND ENERGY STORAGE SYSTEMS

   INDUSTRIALS › CAPITAL GOODS › BATTERIES AND ENERGY STORAGE SYSTEMS.

   Cover — Batteries and Energy Storage Systems sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / Revenue (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › BATTERIES AND ENERGY STORAGE SYSTEMS Batteries and Storage: Value Sits Beyond Growth The report shows how business model, earnings credibility and buyer fit shape standing across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   What This Report Covers.

   Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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   CONTENTS What This Report Covers 01 The Bottom Line Value Is Split by Business Model and Proof of Execution 02 The Landscape Industrial Battery Systems Anchor the Set, While Adjacent Models Broaden the Buyer Pool 03 Valuation & Situations The Premium End Reflects More than Revenue Growth 04 Precedent Transactions Announced Transactions Show Several Routes to Strategic Fit 05 Strategic Implications Execution Evidence Determines Which Strategic Path Has Credibility 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Batteries and Energy Storage Systems Split Between Industrial Battery Platforms and Adjacent Storage Models

   Batteries and Energy Storage Systems Split Between Industrial Battery Platforms and Adjacent Storage Models.

   Batteries and Energy Storage Systems Split Between Industrial Battery Platforms and Adjacent Storage Models The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (12 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 14 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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   01 · THE BOTTOM LINE Batteries and Energy Storage Systems Split Between Industrial Battery Platforms and Adjacent Storage Models The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (12 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 14 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Revenue Is the Practical Valuation Lens EV / Revenue covers 12 of 14 companies in the set. That lens fits a market where 7 of 14 have meaningful forward EBITDA and profitability is not yet consistent. 2 Industrial Battery Systems Hold the Centre of the Set Motive power and reserve power industrial battery systems represent 79% of the set, alongside 21% in adjacent models. Installed base, replacement demand and customer qualification give owners several ways to build operating credibility. 3 The Premium End Sits Apart on Forward Revenue The premium-end EV / Revenue median is 6.1x, while discount names sit below 0.8x. A forward multiple already credits forecast growth, so the remaining spread is associated with confidence in durability. 4 Announced Deals Show What Buyers Agreed to Pay The announced BlueOval SK, LLC transaction carries a $3.0B value, while the Spear Power System marine energy storage business was valued at 10.4x EV / EBITDA. The record spans vehicle-linked capacity and earnings-based industrial assets. 1.8x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue and 2 of 14 names are… 6.1x Premium end EV/Revenue vs 0.4x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/Revenue — the spread the report explains 26 Transactions with disclosed terms 60 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

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   Section 02 of 06 — Industrial Battery Systems Anchor the Set, While Adjacent Models Broaden the Buyer Pool. The sector spans scaled battery franchises, storage platforms, software and vehicle supply. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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   SECTION 02 02 THE LANDSCAPE Industrial Battery Systems Anchor the Set, While Adjacent Models Broaden the Buyer Pool The sector spans scaled battery franchises, storage platforms, software and vehicle supply. 02 of 06 Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Industrial Battery Systems Anchor the Sector While Adjacent Models Reach Different Buyers

   Industrial Battery Systems Anchor the Sector While Adjacent Models Reach Different Buyers.

   Industrial Battery Systems Anchor the Sector While Adjacent Models Reach Different Buyers 14 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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   02 · MARKET MAP Industrial Battery Systems Anchor the Sector While Adjacent Models Reach Different Buyers 14 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MOTIVE POWER AND RESERVE POWER INDUSTRIAL BATTERY SYSTEMS 11 cos median 1.8x EnerSys (ENS) Energizer Holdings (ENR) Amprius (AMPX) Eos Energy (EOSE) Energy Vault (NRGV) Enovix (ENVX) Microvast Holdings (MVST) Electrovaya (ELVA) Ultralife (ULBI) CBAK Energy (CBAT) NeoVolta (NEOV) Installed base, replacement demand and qualification depth support an industrial value case. ADJACENT MODELS 3 cos median 0.4x Fluence Energy (FLNC) Stem (STEM) SES AI (SES) Storage ownership, dispatch software and vehicle supply connect the sector to different buyer groups.

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   02 · LANDSCAPE

   Scale Sits in Industrial Batteries, but Strategic Interest Extends Across the System

   Scale Sits in Industrial Batteries, but Strategic Interest Extends Across the System.

   Scale Sits in Industrial Batteries, but Strategic Interest Extends Across the System Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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   02 · LANDSCAPE Scale Sits in Industrial Batteries, but Strategic Interest Extends Across the System Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Motive power and reserve power industrial battery systems 11 79% 1.8x EnerSys (ENS) · Energizer Holdings, Inc. (ENR) · +9 more Installed base supports durability. This group represents 79% of the set and combines motive power, reserve power and industrial battery exposure. Replacement cycles, field performance and channel depth can support a more durable revenue profile. Adjacent models 3 21% 0.4x Fluence Energy, Inc. (FLNC) · Stem, Inc. (STEM) · +1 more Different models widen buyer interest. The remaining 21% spans storage asset ownership, optimisation software and vehicle battery supply. Value depends on contracted backlog, service attachment, dispatch economics and customer qualification.

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   SECTION 03

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   Section 03 of 06 — The Premium End Reflects More than Revenue Growth. Forward EV / Revenue separates sharply even after forecasts are reflected in the multiple. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Reflects More than Revenue Growth Forward EV / Revenue separates sharply even after forecasts are reflected in the multiple. 03 of 06 Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Revenue Multiples Separate on Execution Credibility

   Forward Revenue Multiples Separate on Execution Credibility.

   Forward Revenue Multiples Separate on Execution Credibility EV / Revenue (CY2027E) · all 12 rated companies, sorted descending · sector median 1.8x · EV/Revenue is the lens because practitioners price this growth set on revenue and 2 of 14 names are loss-making on forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (12 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 14 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles;

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   03 · PUBLIC MARKET VALUATION Forward Revenue Multiples Separate on Execution Credibility EV / Revenue (CY2027E) · all 12 rated companies, sorted descending · sector median 1.8x · EV/Revenue is the lens because practitioners price this growth set on revenue and 2 of 14 names are loss-making on forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (12 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 14 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 6.1x CORE · median 1.8x DISCOUNT · median 0.4x Sector median 1.8x WHAT SEPARATES THE TWO ENDS The top carries conviction. The premium end has a 6.1x EV / Revenue median. Because the lens is forward, that level already incorporates forecast growth and points to confidence extending beyond the forecast. The bottom needs proof. The discount end has a 0.4x EV / Revenue median. High forecast growth can sit here when backlog conversion, unit economics or capital needs remain less settled. Durability spans several levers. Bankable warranties, manufacturing yield, customer qualification and recurring service revenue can reinforce the case that forecast revenue will convert into lasting economics.

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   03 · VALUATION DRIVERS

   Faster Forecast Growth Does Not Carry the Higher Forward Revenue Multiple

   Faster Forecast Growth Does Not Carry the Higher Forward Revenue Multiple.

   Faster Forecast Growth Does Not Carry the Higher Forward Revenue Multiple Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=5; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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   03 · VALUATION DRIVERS Faster Forecast Growth Does Not Carry the Higher Forward Revenue Multiple Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=5; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 17% · EBITDA-margin split at 11% Growth Alone Does Not Separate Value Among the five names above 17% growth, the EV / Revenue median is 0.4x. Among the five names below that split, it is 1.8x. Bankability Supports Forecast Credibility Signed backlog, enforceable terms, accepted warranties and field data help distinguish revenue that can convert from revenue that still depends on execution. Unit Economics Remain Central Factory utilisation, manufacturing yield, warranty provisioning and cost per unit of energy shape how investors can assess the quality of the ramp. Services Can Improve Revenue Quality Controls, dispatch optimisation and long-term service attachment can add recurring economics to project-led hardware revenue.

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    03 · SITUATION MAP

    The Premium Sits Across More than One Growth Profile

    The Premium Sits Across More than One Growth Profile.

    The Premium Sits Across More than One Growth Profile Cut on EV / Revenue vs the sector median (1.8x) (rows) and revenue growth vs the covered median (17%) (columns) · 2 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP The Premium Sits Across More than One Growth Profile Cut on EV / Revenue vs the sector median (1.8x) (rows) and revenue growth vs the covered median (17%) (columns) · 2 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Faster Growth Above-median multiple · above-median revenue growth 1 names Amprius Technologies, Inc. (AMPX) Amprius Technologies, Inc. (AMPX) sits above both dividing lines. Its position combines forecast growth with a premium forward EV / Revenue multiple. Premium with Slower Growth Above-median multiple · below-median revenue growth 3 names EnerSys (ENS) · Stem, Inc. (STEM) · Electrovaya Inc. (ELVA) EnerSys (ENS), Stem, Inc. (STEM) and Electrovaya Inc. (ELVA) sit above the valuation line with lower growth. The premium sits alongside factors beyond near-term growth, including earnings quality, installed base and operating credibility. Discount with Faster Growth Below-median multiple · above-median revenue growth 4 names Fluence Energy, Inc. (FLNC) · Energy Vault Holdings, Inc. (NRGV) · CBAK Energy Technology, Inc. (CBAT) · +1 more Fluence Energy, Inc. (FLNC), Energy Vault Holdings, Inc. (NRGV), CBAK Energy Technology, Inc. (CBAT) and SES AI Corporation (SES) grow faster but sit below the valuation line. Their position highlights the need to test backlog conversion, unit economics and funding demands. Discount with Slower Growth Below-median multiple · below-median revenue growth 2 names Energizer Holdings, Inc. (ENR) · Microvast Holdings, Inc. (MVST) Energizer Holdings, Inc. (ENR) and Microvast Holdings, Inc. (MVST) sit below both dividing lines. The operating priority is to strengthen revenue quality while protecting the cost structure.

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    03 · THE AGENDA

    The Right Path Depends on Where Operating Proof Is Most Credible

    The Right Path Depends on Where Operating Proof Is Most Credible.

    The Right Path Depends on Where Operating Proof Is Most Credible NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA The Right Path Depends on Where Operating Proof Is Most Credible NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Industrial Model Prioritise replacement demand, aftermarket attachment and customer qualification where installed base already supports repeat revenue. What changes the answer: The answer changes when installed-base economics and service attachment become more dependable than project-led growth. Convert Backlog into Durable Economics Focus the operating model on enforceable terms, deployment cadence, gross-margin progression and controlled warranty exposure. What changes the answer: The answer changes when backlog conversion and project unit economics become repeatable. Attach Software and Services Use controls, dispatch optimisation and service agreements to add recurring economics around installed hardware. What changes the answer: The answer changes when attachment and retention support a durable contribution beyond equipment delivery. Secure Manufacturing Advantage Align factory ramp, qualified supply and domestic content with customer demand rather than adding capacity ahead of proof. What changes the answer: The answer changes when utilisation, yield and customer qualification support further capital deployment.

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    SECTION 04

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    Section 04 of 06 — Announced Transactions Show Several Routes to Strategic Fit. Vehicle capacity, industrial earnings and manufacturing assets draw different buyers. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Announced Transactions Show Several Routes to Strategic Fit Vehicle capacity, industrial earnings and manufacturing assets draw different buyers. 04 of 06 Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Announced Transactions Show What Buyers Agreed to Pay Across Different Models

    Announced Transactions Show What Buyers Agreed to Pay Across Different Models.

    Announced Transactions Show What Buyers Agreed to Pay Across Different Models 3 of 26 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 51 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Announced Transactions Show What Buyers Agreed to Pay Across Different Models 3 of 26 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 51 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Dec-2025 $3.0B Ford Motor Company Ford Motor Company and BlueOval SK, LLC link vehicle production with battery capacity. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The announced transaction suggests closer alignment between a vehicle manufacturer and its battery supply platform. That fit is consistent with the importance of capacity, qualification and supply assurance. HOW THE TARGET WAS VALUED The announced transaction value was $3.0B. Sep-2021 $1.3B Novus Capital Corporation II acquires Energy Vault, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction points to the importance of alignment between operating assets and the buyer's strategic position. HOW THE TARGET WAS VALUED The valuation should be benchmarked against the disclosed sector transactions. Oct-2023 $462M VinFast Auto Ltd. VinFast Auto Ltd. and VinES Energy Solutions Joint Stock Company bring vehicles and battery supply… EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The announced transaction suggests closer alignment between vehicle production and battery supply. The strategic fit sits in capacity access and customer-platform integration. HOW THE TARGET WAS VALUED The announced transaction value was $462M.

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    SECTION 05

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    Section 05 of 06 — Execution Evidence Determines Which Strategic Path Has Credibility. Owners can strengthen standing through backlog quality, unit economics and disciplined capital allocation. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Execution Evidence Determines Which Strategic Path Has Credibility Owners can strengthen standing through backlog quality, unit economics and disciplined capital allocation. 05 of 06 Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Standing by Converting Technical Proof into Operating Proof

    Owners Can Strengthen Standing by Converting Technical Proof into Operating Proof.

    Owners Can Strengthen Standing by Converting Technical Proof into Operating Proof NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Standing by Converting Technical Proof into Operating Proof NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Choose the Value Case Deliberately Decide whether the business stands on installed base, qualified manufacturing, contracted deployment or recurring software and services. Capital allocation should reinforce that position. FOR MANAGEMENT Make the Ramp Economically Repeatable Concentrate on yield, utilisation, backlog conversion, warranty exposure and cost per unit of energy. Growth has more credibility when these measures progress together. FOR BOARDS Test Build Versus Buy Assess whether manufacturing capacity, customer qualification, software capability or installed base is faster to add through internal investment or a transaction.

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    SECTION 06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (1.8x); amber marks below · 12 rated companies; 2 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 12 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (1.8x); amber marks below · 12 rated companies; 2 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 12 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥2.4x · median 6.1x · 3 companies Enovix Corporation ENVX Motive power and reserve power industrial battery… $639M 8.4x n/a n/a n/a Amprius Technologies, Inc. AMPX Motive power and reserve power industrial battery… $1.3B 6.1x 93% 6% 58 Electrovaya Inc. ELVA Motive power and reserve power industrial battery… $327M 3.0x 10% n/a n/a CORE — 0.8x–2.4x · median 1.8x · 6 companies Eos Energy Enterprises, Inc. EOSE Motive power and reserve power industrial battery… $1.3B 2.3x n/a n/a n/a Stem, Inc. STEM Storage asset optimisation and market dispatch software $371M 2.1x -3% 10% 27 EnerSys ENS Motive power and reserve power industrial battery… $7.3B 1.8x 3% 19% 24 Energy Vault Holdings, Inc. NRGV Motive power and reserve power industrial battery… $906M 1.8x 43% 11% 86 Energizer Holdings, Inc. ENR Motive power and reserve power industrial battery… $4.7B 1.6x -2% n/a n/a Microvast Holdings, Inc. MVST Motive power and reserve power industrial battery… $429M 0.9x -15% 20% 49 DISCOUNT — <0.8x · median 0.4x · 3 companies SES AI Corporation SES EV battery packs and modules supplied to vehicle OEMs $27M 0.4x 53% n/a n/a Fluence Energy, Inc. FLNC Adjacent: renewable generation and storage asset… $1.6B 0.4x 25% n/a n/a CBAK Energy Technology, Inc. CBAT Motive power and reserve power industrial battery… $138M 0.3x 78% 0% 33

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 51 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 51 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 26 transactions shown; the rest are in the companion workbook. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 T1 Energy Inc. → KORE Power, Inc. $32M n/a n/a T1 Energy Inc. announced a transaction for KORE Power, Inc. with a $32M value. The pairing suggests strategic interest in battery manufacturing capacity. Dec-2025 Ford Motor Company → BlueOval SK, LLC $3.0B n/a n/a Ford Motor Company announced a transaction for BlueOval SK, LLC. The pairing aligns vehicle production with battery capacity. Oct-2023 VinFast Auto Ltd. → VinES Energy Solutions Joint Stock Company $462M n/a n/a VinFast Auto Ltd. announced a transaction for VinES Energy Solutions Joint Stock Company. The combination suggests closer alignment between vehicle production and battery supply. Jun-2023 Clayton Dubilier & Rice → Spear Power System marine energy storage business n/a n/a 10.4x Clayton Dubilier & Rice announced a transaction for the Spear Power System marine energy storage business. The 10.4x EV / EBITDA valuation provides an earnings-based reference for an industrial storage asset. Jan-2023 n/a → Honbridge Holdings Limited n/a 2.0x n/a The announced Honbridge Holdings Limited transaction was recorded at 2.0x EV / Revenue. It adds a revenue-based reference to the transaction record. Oct-2022 n/a → Romeo Power, Inc. n/a 4.3x n/a The announced Romeo Power, Inc. transaction was recorded at 4.3x EV / Revenue. It provides a benchmark for vehicle battery exposure. Sep-2022 n/a → Enedo Oyj n/a 1.0x n/a The announced Enedo Oyj transaction was recorded at 1.0x EV / Revenue. It broadens the reference set beyond battery manufacturing. May-2022 n/a → Ningbo Akin Electronic Technology Co.,Ltd. n/a 2.6x n/a The announced Ningbo Akin Electronic Technology Co.,Ltd. transaction was recorded at 2.6x EV / Revenue. It provides another reference for adjacent manufacturing exposure. Apr-2022 n/a → Anhui Anfu Battery Technology Co., Ltd. n/a 3.4x n/a The announced Anhui Anfu Battery Technology Co., Ltd. transaction was recorded at 3.4x EV / Revenue. It offers a benchmark for battery manufacturing exposure.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 51 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 51 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 26 transactions shown; the rest are in the companion workbook. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2022 n/a → Akasol AG n/a 7.8x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Feb-2022 n/a → Blue Tongue Energy Pty Ltd n/a 1.1x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Dec-2021 Ultralife Corporation → Excell Battery Canada Inc.; 656700 B.C. Ltd.; Excell Battery Corp USA n/a 1.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2021 n/a → Guangdong Huichuang New Energy Co., Ltd. n/a 9.8x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Sep-2021 Novus Capital Corporation II → Energy Vault, Inc. $1.3B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2021 n/a → H&B Design Co., Ltd. n/a 2.3x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jun-2021 n/a → ABC Technologies Holdings Inc. n/a 1.0x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. May-2021 n/a → Alelion Energy Systems AB (publ) n/a 8.3x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Feb-2021 BorgWarner Inc. → Akasol AG n/a 8.6x n/a Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (12 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 14 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Batteries and Energy Storage Systems and it clears the coverage gate with 12 of 14 companies (86%). P / E is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (7 of 14 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 56 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 572 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (571) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Credible Conversion, Not Growth in Isolation.

    The Premium Sits with Credible Conversion, Not Growth in Isolation..

    Closing — The Premium Sits with Credible Conversion, Not Growth in Isolation. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    The Premium Sits with Credible Conversion, Not Growth in Isolation. NeuraCap AI — Batteries and Energy Storage Systems Coverage September 2026 · Prepared by NeuraCap AI · Confidential Batteries and Energy Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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