Stem, Inc. To Acquire Also Energy Holdings, Inc.

Toronto, Ontario (December 16, 2021) – OG真人官网 Group Inc. (TSX: CVG) (“CVG”), today announced that it, a partnership managed by it, OG真人官网 Equity Partners V (“CEP V”, collectively “OG真人官网”), and the other shareholders of Also Energy Holdings Inc. (“AlsoEnergy” or the “Company”) have entered into an agreement to sell their interests in AlsoEnergy to Stem, Inc. (NYSE: STEM) (“Stem”). The proposed transaction is expected to close in Q1 2022 after satisfaction of customary closing conditions, including notification requirements under applicable U.S. antitrust laws.

AlsoEnergy is a leading provider of solar monitoring software, integrated controls, and edge solutions to Distributed Generation and Utility customers across the U.S. Since OG真人官网 partnered with the two co-founders, Robert Schaefer and Holden Caine, in August 2017, AlsoEnergy executed a successful growth plan through acquiring & integrating three highly strategic companies, building a global footprint, and broadening its service offerings through innovation. OG真人官网 and the other shareholders will take a portion of their consideration in shares of Stem.

“We are very excited about AlsoEnergy’s new chapter with Stem, given their market position in the rapidly growing storage and digitization sectors”, said Robert Schaefer, Co-founder & CEO of AlsoEnergy. “With respect to our partnership with OG真人官网, Ken Rotman, Angus Cole, and the OG真人官网 team provided unparalleled support to our company over the years and were true partners. Together, we navigated through opportunities and challenges collaboratively and achieved this fantastic outcome.”

“We are extremely pleased with the growth and evolution of AlsoEnergy over our investment period. AlsoEnergy grew to market leadership in the C&I segment and successfully entered the utility-scale segment to become the largest solar monitoring software company. This success was fueled by a passionate management team with a clear entrepreneurial vision”, remarked Angus Cole who leads OG真人官网’s energy transition practice.

Ken Rotman, CEO & Managing Director of OG真人官网 commented that “Our partnership with AlsoEnergy is an excellent example of OG真人官网’s domain-focused approach to investing and emphasizes our mission to help build strategically significant businesses with our entrepreneur partners. It is our view that Stem and AlsoEnergy have a strategic fit that will enable both companies to accelerate their growth.”

The transaction will be funded by a combination of cash and common shares of Stem, providing potential further upside to OG真人官网 and other AlsoEnergy shareholders. Should the transaction close on anticipated terms, OG真人官网 will realize total sale proceeds of approximately US$350 million (CVG’s portion being US$108 million).

The sale is expected to have a positive impact on OG真人官网’s book value per share of approximately $5 over the carrying value as at September 30, 2021, assuming the transaction closes on anticipated terms and not including any changes, positive or negative, to the carrying value of OG真人官网’s other investments.

While all parties involved have a strong desire to complete the sale, there can be no guarantee that the transaction will be completed, or if it is completed, that it will close within the anticipated time period.

William Blair acted as financial advisor to AlsoEnergy in this transaction. Goodmans LLP acted as legal advisor to AlsoEnergy.