Hecate Energy to go public via EGH Acquisition (NASDAQ: EGHA) deal
Rhea-AI Filing Summary
EGH Acquisition Corp. has furnished an investor presentation outlining a proposed business combination with Hecate Energy Group LLC, a U.S. power project developer. The deal implies a pro forma enterprise value of about $1.283 billion, based on an $800 million equity rollover and $400 million of net debt with cash from EGH’s trust.
Hecate reports a development pipeline of about 48.8 GW across renewables, battery storage and thermal projects, a revenue backlog of roughly $686 million from signed milestone contracts, and estimated 2026 adjusted EBITDA of $115 million with projected 20–30% growth in 2027. Existing Hecate holders are expected to roll 100% of their equity and own about 78.7% of the combined company, which is expected to list on Nasdaq under the symbol “HCTE” after shareholder approval and effectiveness of a registration statement.
Positive
- Transformative de-SPAC transaction: Proposed merger would take Hecate Energy public at about $1.283 billion enterprise value, giving public investors access to a large private power developer with rolled equity from existing owners.
- Scale and contracted visibility: Hecate cites a 48.8 GW development pipeline and roughly $686 million of revenue backlog from signed milestone-based project sale agreements, plus estimated 2026 adjusted EBITDA of $115 million with projected 20–30% growth in 2027.
Negative
- None.
Insights
Proposed de-SPAC takes Hecate Energy public at $1.283B EV with sizable pipeline and backlog.
The transaction would combine EGH Acquisition Corp. with Hecate Energy, valuing the platform at about
Financially, the presentation highlights estimated
Closing still depends on EGH shareholder approval, SEC effectiveness of the registration statement and customary conditions. The deck positions Hecate as a pure-play way to access rising U.S. power demand from electrification and data centers, but actual outcomes will depend on executing its development pipeline and completing the business combination.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date
of earliest event reported):
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telephone number, including area code: (
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(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 7.01. | Regulation FD Disclosure. |
A copy of an investor presentation issued by EGH Acquisition Corp. (“EGH”) and Hecate Energy Group LLC (“Hecate”) on February 5, 2026 is furnished as Exhibit 99.1 to this Current Report.
The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of EGH under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings.
Additional Information about the Business Combination and Where to Find It
In connection with the proposed business combination between EGH and Hecate (“Business Combination”), EGH intends to file a registration statement (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”) that includes a preliminary proxy statement/prospectus of EGH, and after the Registration Statement is declared effective, EGH will mail a definitive proxy statement/prospectus relating to the Business Combination to EGH’s shareholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the SEC, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of EGH’s shareholders to be held to approve the Business Combination. EGH may also file other documents with the SEC regarding the Business Combination. EGH shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about EGH, Hecate and the Business Combination. Shareholders and investors will be able to obtain free copies of the proxy statement and other relevant materials (when they become available) and other documents filed by EGH at the SEC’s website at www.sec.gov.
No Offer or Solicitation
This communication relates to a proposed business combination between EGH and Hecate and does not constitute a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction, and shall not constitute an offer to sell or exchange or a solicitation of an offer to buy any securities of EGH (prior to or upon consummation of the Business Combination) or Hecate, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Participants in the Solicitation
EGH and Hecate and their respective directors and officers may be deemed to be participants in the solicitation of proxies from EGH’s shareholders in connection with the Business Combination. Information about EGH’s directors and executive officers and their ownership of EGH’s securities is set forth in EGH’s filings with the SEC. To the extent that holdings of EGH’s securities by EGH’s directors and executive officers have changed since the amounts printed in the prospectus for EGH’s public offering dated May 8, 2025, as filed with the SEC on May 9, 2025 (the “Prospectus”), such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the Registration Statement, including the preliminary and definitive proxy statement/prospectus regarding the proposed transaction when it becomes available. These documents can be obtained free of charge from the sources indicated above.
Forward-Looking Statements
Certain statements included in this communication may be considered forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or EGH’s or Hecate’s future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements include, among others, statements about EGH’s and Hecate’s ability to effectuate the Business Combination; the benefits of the Business Combination; the future financial performance of the combined company following the Business Combination; changes in EGH’s or Hecate’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds prior to the Closing and plans and objectives of management. These forward-looking statements are based on information available as of the date of this communication, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing EGH’s or Hecate’s views as of any subsequent date, and none of EGH or Hecate undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, EGH’s and Hecate’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the Business Combination; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the Business Combination; (iii) the outcome of any legal proceedings that may be instituted against EGH, Hecate or others following announcement of the Business Combination; (iv) the inability to complete the Business Combination due to the failure to obtain the approval of EGH shareholders; (v) the combined company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors following the Business Combination; (vi) the combined company’s ability to obtain the listing of its common stock and warrants on the stock exchange following the Business Combination; (vii) the risk that the Business Combination disrupts current plans and operations of Hecate as a result of the announcement and consummation of the Business Combination; (viii) the ability to recognize the anticipated benefits of the Business Combination; (ix) unexpected costs related to the Business Combination; (x) the amount of any redemptions by public shareholders of EGH being greater than expected; (xi) the management and board composition of the combined company following the Business Combination; (xii) limited liquidity and trading of the combined company’s securities; (xiii) the use of proceeds not held in the Trust Account or available from interest income on the balance of the Trust Account; (xiv) geopolitical risk and changes in applicable laws or regulations; (xv) the possibility that EGH, Hecate or the combined company may be adversely affected by other economic, business, and/or competitive factors; (xvi) operational risk; (xvii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Hecate’s resources; (xviii) the risks that the consummation of the Business Combination is substantially delayed or does not occur; and (xix) other risks and uncertainties, including those to be included under the heading “Risk Factors” in the Registration Statement to be filed by EGH with the SEC and those included under the heading “Risk Factors” in the Prospectus and in its subsequent periodic reports and other filings with the SEC. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by EGH, Hecate, their respective directors, officers or employees or any other person that EGH and Hecate will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of EGH and Hecate as of the date of this communication. Subsequent events and developments may cause that view to change. However, while EGH and Hecate may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of EGH or Hecate as of any date subsequent to the date of this communication.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Investor Presentation issued by EGH Acquisition Corp. on February 5, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 5, 2026
| EGH ACQUISITION CORP. | ||
| By: | /s/ Andrew B. Lipsher | |
| Name: | Andrew B. Lipsher | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Powerin g Ahead - Integrated Energy Inf r astructu r e f o r R a pidly Evolvin g Demand I n ves t or Presen t ation Febru a r y 2026
A b o u t t h i s P r e s e n t a tion Th i s i n ve s t or p r e s e nt a t io n ( “ Pr e s e nt a t io n ” ) con t a i n s p ro p ri et a r y a n d con f i d e nti a l i n f orm a t io n o f E G H A cq u i s ition C or p ( “ E G H ” ) , a n d t h e e ntir e con t e nt s h ou l d b e con s i d e r e d “ C on f i d e nt i a l I n f orm a t io n . ” Th i s p r e s e nt a t io n i s m a d e s ol e l y f or i n f orm a t io n a l p ur p o s e s , a n d no r e p r e s e nt a t io n or w a rr a nty , e x p r e ss or im p l i e d , i s m a d e b y E G H , H e c a t e En e r g y G rou p LL C ( “H e c a t e ” ) or a n y o f t h e ir r e p r e s e nt a t i v e s a s t o t h e i n f orm a t io n con t a i n e d i n t h e s e m a t e ri a l s or d i s clo s e d d ur i n g a n y r e la t e d p r e s e nt a t io n s or d i s cu s s i o n s . Th i s p r e s e nt a t io n h a s b ee n p r e p a r e d t o a ss i s t i n t e r e s t e d p a r t i e s i n m a k i n g t h e ir own ev a l u a t io n w i t h r e sp e c t t o a p o t e nti a l b u s i n e s s com b i n at i o n (t h e “ B u s i n e ss C om b i n a t io n ” ) b e t w e e n E G H a n d H e c a t e a n d r e la t e d t r a n s a c t io n s a n d f or no o t h e r p ur p o s e . N o r e p r e s e nt a t io n s or w a rr a nti e s , e x p r e ss or im p l i e d a r e g i v e n i n , or i n r e sp e c t o f , t h i s p r e s e nt a t io n . T o t h e f u l l e s t e x t e nt p e rmit t e d b y law i n no circ u m s t a nc e s w i l l E G H , H e c a t e or a n y o f t h e ir r e sp e c t i v e s u b s i d ia r i e s , s t ockho ld e r s , a ff i l ia t e s , r e p r e s e nt a t i v e s , p a r t n e r s , d ir e c t or s , o ff ic e r s , e m p lo y ee s , i n ve s t m e nt b a nk s , a d v i s e r s or a g e n t s b e r e sp on s i b l e o r l i a b l e f o r a ny d ir e c t , in d ir e c t o r c o n s e qu e n t i a l lo ss o r lo ss of p r o f it a ri s in g f r o m t h e u s e of t h i s p r e s e n t a t ion, it s c o n t e n t s , it s o m i s s i o n s , r e l i a nc e on t h e in f o r m a t io n con t a i n e d w i t h i n it, or on o p i n io n s commun i c a t e d i n r e la t io n t h e r e t o or o t h e rw i s e a ri s i n g i n conn e c t io n t h e r e w i t h . I n d u s t r y a n d m a rk e t d a t a u s e d i n t h i s p r e s e nt a t io n h a ve b ee n o b t a i n e d f rom t h ir d - p a r t y i n d u s t r y p u b l i c a t io n s a n d s ourc e s a s w e ll a s f rom r e s e a rch r e p or t s p r e p a r e d f or o t h e r p ur p o s es . N e ith e r E G H nor H e c a t e h a s i n d e p e n d e nt l y ve ri f i e d t h e d a t a o b t a i n e d f rom t h e s e s ourc e s a n d c a nnot a ss ur e y ou o f t h e d a t a ’ s a ccur a c y or com p l et e n e ss . Th i s d a t a i s s u b j e c t t o chan g e . I n a dd ition , t h i s p r e s e nt a t io n d o e s no t p ur p or t t o b e a l l - i n cl u s i v e or t o con t a i n a l l o f t h e i n f orm a t io n t h a t m a y b e r e q u ir e d t o m a k e a f u l l a n a l ys i s o f E G H or t h e B u s i n e s s C o m b i n at i o n . V i e w e r s o f t h i s p r e s e nt a t io n s h o ul d e a ch m a k e t h e ir own ev a l u a t io n o f E G H a n d o f t h e r e l e v a nc e a n d a d e q u a c y o f t h e i n f orm a t io n a n d s h ou l d m a k e s uc h o t h e r i n ve s t i g a t io n s a s t h e y d ee m n e c e ss a r y. A dd i tio n a l I n f o r m a tio n a b o u t t h e B us i n e s s C o m b i n a tio n a n d W h ere t o F i n d It I n conn e c t io n w i t h t h e B u s i n e s s C om b i n a t i o n , E G H a n d H e c a t e i n t e n d t o f i l e a R e g i s t r a t io n S t a t e m e nt w i t h t h e U S S e cur i t i e s a n d E x chan g e C ommi s s i o n ( “ S EC ” ) t h a t i n cl ud e s a p r e l i mi n a r y p ro x y s t a t e m e nt/ p ro s p e c t u s o f E G H , a n d a f t e r t h e R e g i s t r a t io n S t a t e m e nt i s d e cl a r e d e ff e c t i v e , E G H w i l l m a i l a d e f i n iti v e p ro x y s t a t e m e nt/ p ro sp e c t u s r e la t i n g t o t h e B u s i n e ss C om b i n a t io n t o E G H ’ s s h a r e h ol d e r s . Th e R e g i s t r a t io n S t a t e m e nt, i n cl ud i n g t h e p ro x y s t a t e m e nt/ p ro sp e c t u s con t a i n e d t h e r e i n , w h e n d e cl a r e d e ff e c t i v e b y t h e S EC, w i l l con t a i n im p or ta nt i n f orm a t io n a b ou t t h e B u s i n e ss C om b i n a t i o n a n d t h e o t h e r m a tt e r s t o b e v o t e d u p on a t a m ee t i n g o f E G H ’ s s h a r e h ol d e r s t o b e h e l d t o a pp ro v e t h e B u s i n e ss C om b i n at i o n. E G H m a y a l s o f i l e o t h e r d ocum e nt s w i t h t h e S EC r e g a r d i n g t h e B u s i n e s s C o m b i n at i o n . E G H ’ s s h a r e h o l d e r s a n d o t h e r i n t e r e s t e d p e r s on s a r e a d v i s e d t o r e a d , w h e n a v a i l a b l e , t h e p r e l i mi n a r y p ro x y s t a t e m e nt/ p r o s p e c t u s a n d t h e a m e n d m e nt s t h e r e t o a n d t h e d e f i n iti v e p ro x y s t a t e m e nt/ p ro sp e c t u s a n d o t h e r d ocum e nt s f i l e d i n conn e c t io n w i t h t h e B u s i n e ss C om b i n a t io n , a s t h e s e m a t e ri a l s w i l l con t a i n im p or ta nt i n f orm a t i o n a b out E G H , H e c a t e a n d t h e B u s i n e ss C om b i n a t i o n. S h a r e h ol d e r s a n d i n ve s t or s w i l l b e a b l e t o o b t a i n f r ee co p i e s o f t h e p ro x y s t a t e m e nt a n d o t h e r r e l e v a nt m a t e ri a l s ( w h e n t h e y b e com e a v a i l a b l e ) a n d o t h e r d ocum e nt s f i l e d b y E G H a t t h e S EC’ s w e bs it e a t w w w. s e c. g o v . I NV E S T M E N T I N AN Y S EC U R I T I E S D E S C R I B E D H ER E I N HA S N O T B EEN A PPR O V E D O R DI S A PPR O V E D B Y T H E S EC O R AN Y O T H ER RE G UL A T O RY A UT H O R I T Y N O R HA S AN Y A UT H O R I T Y P A SS E D UPON O R E N DO R S E D T H E M ER I T S O F T H E O FF E R I N G O R T H E A CC U R A C Y O R A D E Q U A C Y O F T H E I N F O RM A T IO N C O N T A I N E D H ERE I N . AN Y REPR E S E N T A T IO N T O T H E C O N T R A RY I S A C R IM I NA L O FF E N S E. P E I G l o b a l P a r t n ers Th i s m a t e ri a l h a s b ee n p r e p a r e d b y PE I G lo b a l P a r t n e r s H ol d i n g s LL C a n d PE I G lo b a l P a r t n e r s LL C (t o g e t h e r, “ PE I” ) a U . S . - r e g i s te r e d b rok e r - d e a l e r, e m p lo y i n g a pp ro p ri a t e e x p e r t i s e , a n d i n t h e b e l i e f t h at it i s f a ir a n d no t mi s l e a d in g . T h e in f o r m a t io n u p o n wh i ch t h i s m a t e ri a l i s b a s e d w a s o b t a in e d f r o m s ou r c e s b e l i e v e d t o b e r e l i a b l e , b u t h a s no t b ee n in d e p e n d e n t l y v e ri f i e d , t h e r e f o r e , w e d o no t g u a r a nt e e it s a ccur a c y . I t m a y b e b a s e d on s u b j e c t i v e a ss e ss m e nt s a n d a ss um p t i o n s a n d m a y uti l iz e on e a mon g a lt e rn a t i v e m e t h o d ol o g i e s t h a t p ro d uc e d i f f e ri n g r e s u l t s ; a ccord i n g l y , it s h ou l d no t b e r e l i e d u p on a s a n a ccur a t e r e p r e s e nt a t io n o f f utur e eve nt s . PE I a n d t h e ir r e sp e c t i v e d ir e c t or s , o ff ic e r s a n d e m p l oy ee s m a y b u y or s e l l s e cur i t i e s m e ntion e d h e r e i n a s a g e nt or p ri n ci p a l f or t h e ir own a ccount. Th i s commun i c a t io n i s b e i n g p ro v i d e d s t rictl y f or i n f orm a t io n a l p ur p o s es on l y . A n y v i e w s or o p i n io n s e x p r e ss e d h e r e i n a r e s o l e l y t h o s e o f t h e i n s t ituti o n s i d e n t i f i e d , no t PE I . Th i s i n f orm a t i o n i s no t a s ol i cit a t io n or r e comm e n d a t io n t o p urc h a s e s e cur i t i e s o f PE I a n d s h ou l d no t b e con s t ru e d a s s uc h . N o r e sp on s i b i l i t y i s a cc e p t e d , a n d no r e p r e s e nt a t io n, u n d e r t a k i n g or w a rr a nty i s m a d e or g i v e n , i n e ith e r c a s e , e x p r e ss l y or im p l i e d l y , b y PE I a s t o t h e a ccur a c y, r e l i a b i l ity or com p l et e n e ss o f t h e i n f orm a t io n con t a i n e d h e r e i n or a s t o t h e r e a s on a b l e n e ss o f a n y a ss um p t i o n s on w h ic h a n y o f t h e s a m e i s b a s e d or t h e u s e o f a n y o f t h e s a m e . A ccord i n g l y , n e ith e r PE I nor a n y o f it s o ff ic e r s , d ir e c t or s , e m p lo y e e s , a g e nt s or r e p r e s e nt a t i v e s w i l l b e l i a b l e f or a n y d ir e c t , i n d ir e c t or con s e q u e nti a l lo s s or d a m a g e s u f f e r e d b y a n y p e r s on r e s u l t i n g f rom t h e u s e o f t h e i n f orm a t io n con t a i n e d h e r e i n , or f or a n y o p i n i on s e x p r e ss e d b y a n y s uc h p e r s on , or a n y e rror s , omi s s i o n s or mi s s t a t e m e nt s m a d e b y a n y o f t h e m. R e p ro d uction w i t h out wr i tt e n p e rmi s s i o n o f PE I i s e x p r e ss l y f or b i d d e n. A l l PE I lo g o s , t r a d e m a rk s a n d s e r v ic e m a rk s a pp e a ri n g h e r e i n a r e p ro p e r t y o f PE I. 2 Disc l aim e r ( 1 /3)
N o Of f er o r S o li cit a ti on Th i s commun i c a t io n r e la t e s t o a p ro p o s e d b u s i n e ss com b i n a t io n b e t w e e n E G H a n d H e c a t e a n d d o e s no t con s t itut e a p ro x y s t a t e m e n t or s ol i cit a t io n o f a p ro x y , con s e nt or a uthor i z a t io n w i t h r e sp e c t t o a n y s e cur i t i e s or i n r e sp e c t o f t h e p o t e nti a l t r a n s a c t io n, a n d s h a l l no t con s t itut e a n o ff e r t o s e l l or e x chan g e o r a s ol i cit a t io n o f a n o ff e r t o b u y a n y s e cur i t i e s o f E G H ( p rior t o or u p on con s um m a t io n o f t h e B u s i n e ss C om b i n a t io n ) or H e c a t e , nor s h a l l t h e r e b e a n y s a l e o f a n y s uc h s e cur i t i e s i n a n y s t a t e or j ur i s d i c t io n i n w h ic h s uc h o ff e r, s ol i cit a t io n , or s a l e wo u l d b e u n law f u l p rior t o r e g i s t r a t io n or q u a l if ic a t io n u n d e r t h e s e cur i t i e s law s o f s uc h s t a t e or j ur i s d ict i o n . N o o ff e r o f s e cur i t i e s s h a l l b e m a d e e x c e p t b y m e a n s o f a p ro sp e c t u s m ee t i n g t h e r e q u ir e m e nt s o f S e c t io n 10 o f t h e S e cur i t i e s A c t o f 1933 , a s a m e n d e d , a n d o t h e rw i s e i n a ccordanc e w i t h a pp l i c a b l e law. Pa r t i c i p a n t s i n t h e Sol i c i ta t i on E G H a n d H e c a t e a n d t h e ir r e sp e c t i v e d ir e c t or s a n d o ff ic e r s m a y b e d ee m e d t o b e p a r t ic i p a nt s i n t h e s ol i cit a t io n o f p ro x i e s f r om E G H ’ s s h a r e h ol d e r s i n conn e c t io n w i t h t h e B u s i n e s s C o m b i n at i o n . I n f orm a t io n a b out E G H ’ s d ir e c t or s a n d e x e cuti v e o ff ic e r s a n d t h e ir own e r s h i p o f E G H ’ s s e cur i t i e s i s s e t f or t h i n E G H ’ s f i l i n g s w ith t h e S EC . T o t h e e x t e nt t h a t h ol d i n g s o f E G H ’ s s e cur i t i e s b y E G H ’ s d ir e c t or s a n d e x e cuti v e o ff ic e r s h a ve chan g e d s i n c e t h e a mount s p ri n t e d i n t h e p ro sp e c t u s f or E G H ’ s p u b l i c o ff e ri n g d a t e d M a y 8 , 2025 , a s f i l e d w i t h t h e S EC on M a y 9 , 2025 (t h e “ Pro sp e c t u s ” ) , s uc h chan g e s h a ve b ee n or w i l l b e r e f l e c t e d on S t a t e m e nt s o f C h a n g e i n O w n e r s h i p on Form 4 f i l e d w i t h t h e S EC . A dd ition a l i n f orm a t i o n r e g a r d i n g t h e i n t e r e s t s o f t h o s e p e r s on s a n d o t h e r p e r s on s w h o m a y b e d ee m e d p a r t ic i p a nt s i n t h e p ro p o s e d t r a n s a c t io n m a y b e o b t a i n e d b y r e a d i n g t h e R e g i s t r a t io n S t a t e m e nt, i n c lu d i n g t h e p r e l i mi n a r y a n d d e f i n iti v e p ro x y s t a t e m e nt/ p ro s p e c t u s r e g a r d i n g t h e p ro p o s e d t r a n s a c t io n w h e n it b e com e s a v a i l a b l e . Th e s e d ocum e nt s c a n b e o b t a i n e d f r ee o f cha r g e f rom t h e s ourc e s i n d ic a t e d a b o v e. Fo r w ar d - L o o k i n g St a te m e n ts C e r t a i n s t a t e m e nt s i n cl ud e d i n t h i s commun i c a t io n m a y b e con s i d e r e d f orw a r d - loo k i n g s t a t e m e nt s w i t h i n t h e m e a n i n g o f t h e s a f e h a r b or p ro v i s io n s o f t h e U . S . Pri va t e S e cur i t i e s L i t i g a t io n R e f orm A c t o f 1995 . Forw a r d - lo o k i n g s t a t e m e nt s a r e s t a t e m e nt s t h a t a r e no t h i s t oric a l f a c t s a n d g e n e r a l l y r e la t e t o f utur e eve nt s or E G H ’ s or H e c a t e ’ s f utur e f i n a nc i a l or o t h e r p e r f orm a nc e m e t ric s . I n s om e c a s e s , y ou c a n i d e nti f y f orw a r d - loo k i n g s t a t e m e nt s b y t e rmi n ol o g y s uc h a s “ b e l i eve , ” “ m a y , ” “ w i l l , ” “ p o t e nti a l l y , ” “ e s t im a t e , ” “ con t i n u e , ” “a ntici p a t e , ” “ i n t e n d , ” “ cou l d , ” “ wo u l d , ” “ p ro j e c t , ” “t a r g e t , ” “ p l a n, ” “ e x p e c t , ” o r t h e n e g a t i v e s of t h e s e t e r m s o r v a ri a t ion s of t h e m o r s imi l a r t e r m inolo g y . S uch f o r w a r d - loo k i n g s t a t e m e n t s incl u d e , a m o n g o t h e r s , s t a t e m e n t s a b ou t E GH ’ s a n d H e c a t e ’ s a b i l ity t o e ff e c t u a t e t h e B u s i n e s s C o m b i n a t i o n ; t h e b e n e f it s o f t h e B u s i n e s s C o m b i n a t i o n ; t h e f utur e f i n a nc i a l p e r f o rm a nc e o f t h e com b i n e d com p a n y f ol l ow i n g t h e B u s i n e ss C om b i n a t io n ; chan g e s i n E G H ’ s or H e c a t e ’ s s t r a t e g y , f utur e o p e r a t io n s , f i n a nc i a l p o s ition , e s t i m a t e d r eve n u e s a n d lo s s e s , p ro j e c t e d co s t s , p ro sp e c t s , t h e a b i l ity t o r a i s e a dd ition a l f u n d s p rior t o t h e C lo s i n g a n d p lan s a n d o bj e c t i v e s o f m a n a g e m e nt . Th e s e f orw a r d - loo k i n g s t a t e m e nt s a r e b a s e d on i n f orm a t io n a v a i l a b l e a s o f t h e d a t e o f t h i s c ommun i c a t i o n , a n d curr e nt e x p e c t a t io n s , f or e c a s t s a n d a ss um p t i o n s , a n d i n v ol v e a n u m b e r o f j u d g m e nt s , ri s k s a n d u n c e r t a i n t i e s . A ccord i n g l y , f orw a r d - loo k i n g s t a t e m e nt s s h ou l d no t b e r e l i e d u p on a s r e p r e s e ntin g E G H ’ s or H e c a t e ’ s v i e w s a s o f a n y s u b s e q u e n t d a t e , a n d non e o f E G H or H e c a t e u n d e r t a k e s a n y o b l ig a t io n t o u p d a t e f orw a r d - look i n g s t a t e m e n t s t o r e f l e c t eve nt s or c irc u m s t a nc e s a f t e r t h e d a t e t h e y w e r e m a d e , w h e t h e r a s a r e s u l t o f n e w i n f orm a t io n , f ut u r e eve nt s or o t h e rw i s e , e x c e p t a s m a y b e r e q u ir e d u n d e r a pp l i c a b l e s e cur i t i e s law s . You s h ou l d no t p la c e u n d u e r e l i a nc e on t h e s e f orw a r d - look i n g s t a t e m e n t s . A s a r e s u l t o f a n u m b e r o f kno w n a n d u n kno w n ri s k s a n d u n c e r t a i n t i e s , E G H ’ s a n d H e c a t e ’ s a c t u a l r e s u l t s or p e r f orm a nc e m a y b e m a t e ri a l l y d i f f e r e nt f rom t h o s e e x p r e ss e d or im p l i e d b y t h e s e f orw a r d - look i n g s t a t e m e nt s . S om e f a c t or s t h a t cou l d c a u s e a c t u a l r e s u l t s t o d i f f e r i n cl ud e : ( i ) t h e t im i n g t o com p l et e t h e B u s i n e s s C o m b i n at i o n ; ( i i ) t h e occurr e nc e o f a n y eve nt, chan g e or o t h e r circ u m s t a nc e s t h a t cou l d g i v e ri s e t o t h e t e rmi n a t io n o f t h e d e f i n iti v e a g r ee m e nt s r e la t i n g t o t h e B u s i n e s s C o m b i n at i o n ; ( i i i ) t h e outc o m e o f a n y l e g a l p roc e e d i n gs t h a t m a y b e i n s t itut e d a g a i n s t E G H , H e c a t e or o t h e r s f ol l ow i n g a nno u nc e m e nt o f t h e B u s i n e ss C om b i n a t io n ; ( i v ) t h e i n a b i l ity t o com p l et e t h e B u s i n e ss C om b i n a t i o n d u e t o t h e f a i l ur e t o o b t a i n t h e a pp ro v a l o f E G H s h a r e h ol d e r s ; ( v ) t h e com b i n e d com p a n y ’ s s ucc e ss i n r e t a i n i n g or r e cru i t i n g , or chan g e s r e q u ir e d i n , it s o ff ic e r s , k e y e m p lo y ee s or d ir e c t o r s f ol l ow i n g t h e B u s i n e ss C om b i n a t io n ; ( v i ) t h e com b i n e d com p a n y ’ s a b i l ity t o o b t a in t h e l i s t in g of it s c o m m on s t o c k a n d w a r r a n t s on t h e s t o c k e x ch a n g e f ollowin g t h e B u s in e ss C o m b in at io n ; ( v i i ) t h e ri s k t h at t h e B u s in e s s C o m b i n a t i o n d i s ru p t s cur r e n t p l a n s a n d o p e r a t io n s o f H e c a t e a s a r e s u l t o f t h e a nno u nc e m e nt a n d con s um m a t i o n o f t h e B u s i n e s s C o m b i n at i o n ; ( v i i i ) t h e a b i l ity t o r e c o g n i z e t h e a ntici p a t e d b e n e f it s o f t h e B u s i n e ss C om b i n a t i o n ; ( ix ) u n e x p e c t e d co s t s r e la t e d t o t h e B u s i n e s s C o m b i n a t i o n ; ( x ) t h e a mount o f a n y r e d e m p t io n s b y p u b l i c s h a r e h ol d e r s o f E G H b e i n g g r e a t e r t h a n e x p e c t e d ; ( x i ) t h e m a n a g e m e nt a n d b o a r d com p o s it i o n o f t h e com b i n e d com p a n y f ol l ow i n g t h e B u s i n e ss C om b i n a t i o n ; ( x i i ) l i mit e d l i q u i d i t y a n d t r a d i n g o f t h e com b i n e d c om p a n y ’ s s e cur i t i e s ; ( x i i i ) t h e u s e o f p roc e e d s no t h e l d i n t h e T ru s t A ccount or a v a i l a b l e f rom i n t e r e s t i n com e on t h e b a lanc e o f t h e T ru s t A ccount; ( x i v ) g e o p ol i t ic a l ri s k a n d chan g e s i n a pp l i c a b l e law s or r e g u l a t io n s ; ( x v ) t h e p o ss i b i l it y t h a t E G H , H e c a t e or t h e com b i n e d com p a n y m a y b e a d ve r s e l y a ff e c t e d b y o t h e r e conomic , b u s i n e s s , a n d /or com p e t iti v e f a c t or s ; ( x v i ) o p e r a t io n a l ri s k; ( x v i i ) l i t i g a t io n a n d r e g u l a t ory e n f orc e m e nt ri s k s , i n cl ud i n g t h e d i v e r s io n o f m a n a g e m e nt t im e a n d a tt e ntion a n d t h e a dd ition a l co s t s a n d d e m a n ds on H e c a t e ’ s r e s ourc e s ; ( x v i i i ) t h e ri s k s t h a t t h e con s um m a t io n o f t h e B u s i n e ss C om b i n a t i o n i s s u b s t a nti a l l y d e lay e d or d o e s no t occur; a n d ( x ix ) o t h e r ri s k s a n d u n c e r t a i n t i e s , i n cl ud i n g t h o s e t o b e i n cl ud e d u n d e r t h e h e a d i n g “ Ri s k F a c t or s” i n t h e R e g i s t r a t io n S t a t e m e nt t o b e f i l e d b y E G H w i t h t h e S EC a n d t h o s e i n cl ud e d u n d e r t h e h e a d i n g “ Ri s k F a c t or s” i n t h e Pro sp e c t u s a n d i n it s s u b s e q u e nt p e rio d ic r e p or t s a n d o t h e r f i l i n gs w i t h t h e S EC . I n l ig h t o f t h e s i g n i f ic a nt u n c e r t a i n t i e s i n t h e s e f orw a r d - look i n g s t a t e m e nt s , y o u s h o u l d no t r e g a r d t h e s e s t a t e m e nt s a s a r e p r e s e nt a t io n or w a rr a nty b y E G H , H e c a t e , t h e ir r e sp e c t i v e d ir e c t or s , o ff ic e r s or e m p lo y ee s or a n y o t h e r p e r s on t h a t E G H a n d H e c a t e w i l l a ch i eve t h e ir o bj e c t i v e s a n d p lan s i n a n y sp e ci f i e d t im e f r a m e , or a t a l l . Th e f orw a r d - look i n g s t a t e m e nt s i n t h i s c o mmu n ic a t io n r e p r e s e nt t h e v i e w s o f E G H a n d H e c a t e a s o f t h e d a t e o f t h i s c o m m unic a t i o n . S u b s e q u e n t e v e n t s a n d d e v e lo p m e n t s m a y c a u s e t h at v i e w t o ch a n g e . H ow e v e r, wh i l e E GH a n d H e c a t e m a y e l e c t t o u p d a t e t h e s e f o r w a r d - loo k i n g s t a t e m e n t s a t s o m e p oin t i n t h e f utur e , t h e r e i s no curr e nt i n t e ntion t o d o s o, e x c e p t t o t h e e x t e nt r e q u ir e d b y a pp l i c a b l e law. You s h ou l d , t h e r e f or e , n o t r e l y on t h e s e f orw a r d - loo k i n g s t a t e m e nt s a s r e p r e s e ntin g t h e v i e w s o f E G H or H e c a t e a s o f a n y d a t e s u b s e q u e nt t o t h e d a t e o f t h i s commun i c a t io n. 3 Disc l aim e r ( 2 /3)
U s e o f P ro jecti o ns Th i s Pr e s e nt a t io n con t a i n s f i n a nc i a l f or e c a s t s f or H e c a t e w i t h r e sp e c t t o c e r t a i n f i n a nc i a l r e s u l t s f or H e c a t e ’ s f i s c a l y e a r s 20 26 a n d 2027 . N e ith e r E G H ’ s nor H e c a t e ’ s i n d e p e n d e nt a u d itor s h a ve a u d it e d , s t u d i e d , r ev i e w e d , com p i l e d or p e r f orm e d a n y p roc e d ur e s w i t h r e sp e c t t o t h e p ro j e c t io n s f or t h e p ur p o s e o f t h e ir i n c lu s io n i n t h i s Pr e s e nt a t io n, a n d a ccord i n g l y , t h e y d i d no t e x p r e ss a n o p i n io n or p ro v i d e a n y o t h e r f orm o f a ss ur a nc e w i t h r e sp e c t t h e r e t o f or t h e p ur p o s e o f t h i s Pr e s e nt a t io n . Th e s e p ro j e c t io n s a r e f orw a r d - loo k i n g s t a t e m e nt s a n d s h ou l d no t b e r e l i e d u p on a s b e i n g n e c e ss a ri l y i n d ic a t i v e o f f utur e r e s u l t s . I n t h i s Pr e s e nt a t io n, c e r t a i n o f t h e a b o v e - m e ntion e d p ro j e c t e d i n f orm a t io n h a s b ee n p r o v i d e d f or p ur p o s e s o f p ro v i d i n g com p a ri s o n s w i t h h i s t oric a l d a t a . Th e a ss um p t i o n s a n d e s t im a t e s u n d e rl y i n g t h e p ro sp e c t i v e f i n a nc i a l i n f orm a t io n a r e i n h e r e ntl y u n c e r t a i n a n d a r e s u b j e c t t o a wi d e v a ri et y o f s i g n i f ic a nt b u s i n e s s , e conomic a n d com p e t iti v e ri s k s a n d u n c e r t a i n t i e s t h a t cou l d c a u s e a c t u a l r e s u l t s t o d i f f e r m a t e ri a l l y f rom t h o s e con t a i n e d i n t h e p ro sp e c t i v e f i n a nc i a l i n f o rm a t io n . A ccord i n g l y , t h e r e c a n b e no a ss ur a nc e t h a t t h e p ro sp e c t i v e r e s ult s a r e in d ic a t i v e of t h e f u t ur e p e r f o r m a nc e of H e c a t e o r t h at a c t u a l r e s ult s wi l l no t d i f f e r m a t e ri a l l y f r o m t ho s e p r e s e n t e d in t h e p r o sp e c t i v e f in a nci a l in f o r m a t io n . I nclu s ion of t h e p r o sp e c t i v e f i n a nc i a l i n f orm a t io n i n t h i s Pr e s e nt a t io n s h ou l d no t b e r e g a r d e d a s a r e p r e s e nt a t io n b y a n y p e r s on t h a t t h e r e s u l t s con t a i n e d i n t h e p ro sp e c t i v e f i n a nc i a l i n f orm a t i o n w i l l b e a ch i eve d. Th e f i n a nc i a l i n f orm a t io n a n d d a t a con t a i n e d i n t h i s p r e s e nt a t io n i s u n a u d it e d a n d d o e s no t con f orm t o R e g u l a t io n S - X . A ccord i n g l y , s uc h i n f orm a t io n a n d d a t a m a y no t b e i n cl ud e d i n , m a y b e a d j u s t e d i n or m a y b e p r e s e nt e d d i f f e r e ntl y i n , a n y p ro x y s t a t e m e nt, r e g i s t r a t io n s t a t e m e nt, or p ro sp e c t u s t o b e f i l e d b y H e c a t e w i t h t h e S EC . S om e o f t h e f i n a nc i a l i n f orm a t io n a n d d a t a con t a i n e d i n t h i s p r e s e nt a t io n , s uc h a s E B I T D A a n d E B I T D A m a r g i n h a ve no t b ee n p r e p a r e d i n a ccordanc e w i t h Unit e d S t a t e s g e n e r a l l y a cc e p te d a ccountin g p ri n ci p l e s ( “ G AA P ” ) . H e c a t e a n d E G H b e l i eve t h e s e no n - G AA P m e a s ur e s o f f i n a nc i a l r e s u l t s p ro v i d e u s e f u l i n f orm a t io n t o m a n a g e m e nt a n d i n ve s t or s r e g a r d i n g c e r t a i n f i n a nc i a l a n d b u s i n e s s t r e n d s r e la t i n g t o H e c a t e ’ s f i n a nc i a l con d ition a n d r e s u l t s o f o p e r a t io n s . H e c a t e a n d E G H b e l i eve t h a t t h e u s e o f t h e s e no n - G AA P f i n a nc i a l m e a s ur e s p ro v i d e s a n a dd ition a l t ool f or i n ve s t or s t o u s e i n ev a l u a t i n g p ro j e c t e d o p e r a t i n g r e s u l t s a n d t r e n ds i n a n d i n com p a ri n g H e c a t e ’ s f i n a nc i a l m e a s ur e s w i t h o t h e r s im i la r com p a n i e s , m a n y o f w h ic h p r e s e nt s im i la r no n - G AA P f i n a nc i a l m e a s ur e s t o i n ve s t or s . M a n a g e m e nt d o e s no t con s i d e r t h e s e no n - G AA P m e a s ur e s i n i s ol at io n or a s a n a lt e rn a t i v e t o f i n a nc i a l m e a s ur e s d e t e rmi n e d i n a ccordanc e w i t h G AA P. Th e p ri n ci p a l l i mit a t io n o f t h e s e no n - G A A P f i n a nc i a l m e a s ur e s i s t h a t t h e y e x cl ud e s i g n i f ic a nt e x p e n s e s a n d i n com e t h a t a r e r e q u ir e d b y G AA P t o b e r e cor d e d i n H e c a t e ’ s f i n a nc i a l s t a t e m e nt s . I n a dd iti o n , t h e y a r e s u b j e c t t o i n h e r e nt l i mit a t io n s a s t h e y r e f l e c t t h e e x e rci s e o f j u d g m e nt s b y m a n a g e m e nt a b out w h ic h e x p e n s e a n d i n com e a r e e x cl ud e d or i n cl ud e d i n d e t e rmi n i n g t h e s e no n - G A A P f i n a nc i a l m e a s u r e s . You s h ou l d r ev i e w H e c a t e ’ s a n d E G H ’ s a u d it e d f i n a nc i a l s t a t e m e nt s , w h ic h w i l l b e i n cl ud e d i n t h e d e f i n iti v e p ro x y s t a t e m e nt r e la t i n g t o t h e B u s i n e s s C o m b i n at i o n . 4 Disc l aim e r ( 3 / 3)
C o - fou n der and CE O since incepti on B r i n g s more than 30 y ea r s o f expertise in p ow er p l a nt devel o p me n t , c er t ified as b o th a C P A and CFA H a s h eld le a ders h ip and B o a r d p o sit io n s a t OC I So l a r Pow er , C o rner S t o n e Pow er D eve lo p me n t , 330 I nvest m ent M anage m ent , P e o p les ’ Ener g y and F u l l mark Ener gy C o - fou n der and COO s in c e in c e p t ion H o lds 30 y ea r s o f experien c e in str a tegy and o p er a t io n s fo r ener g y and h ig h - te c h c o m p anies. H a s h eld le a ders h ip and B o a r d p o sit io n s a t OC I So l a r Pow er , C o rner S t o n e Pow er D eve lo p me n t , 330 I nvest m ent M anage m ent and F u l l mark Ener gy P o l sk y E n e r gy C h r i s B u l l i nger CE O & Pre s i d ent C F A C PA N i ck B u l l i ng er COO K ey Spea k ers T od a y’s A ge n da 1 . I n t ro d u c t i on t o H e c a t e E ner g y Group 2 . Opportun i t y Over v i ew 3 . M a r k e t B a c kdrop 4 . D e v e l opment P i pe l i ne 5 . T r a nsa c t i on Over v i ew 6 . Q&A S e ss i on 5 Tod a y’s Spe a kers & Ag e nda
P u r e P l a y De v e l o p e r w i th Tu r n k e y S o l ut i o n s a n d I n - H ouse C a p a b i li tie s R e su l ting i n L a r gest U S D e v e l o p m en t P i pe l i ne H e cat e Energy – The L arg e st Pur e P lay D e v e lo p er i n the US R e n ew ab les B a tt e r y S t o r a ge T h e r m a l + D a t a Ce n t er 25.0 G W a c r o s s E R C OT , M I S O , N Y I S O , P J M , S E R C , S PP , a n d W E CC 10 . 7 G W of w hi c h h a s b ee n s o l d to thir d p a r ti e s w i th p a y m e nt m il es ton es out s t a n d i ng 14.1 G W a c r o s s E R C OT , I S O - N E , M I S O , P J M , S PP , a n d W E C C 2 . 0 G W of w hi c h h a s b ee n s o l d to thir d p a r ti e s w i th p a y m e nt m il es ton es out s t a n d i ng 22 + G W o f p ot e nti a l th e rm a l - a n d d a t a - c e nt e r c o m p a tibl e s i t e s C o m p a ny i nt e n d s to a d v a nc e d e v e l op me nt o f 6 - 10 G W o f p r o j e ct s d u r i n g 2026 Ac h i ev e s l o w a t t r i t i o n r a t e s d u e t o s t r i n g e n t pip el i n e c r i t e ri a , t r a n s m i ss i o n a c ce s s, a n d p r o j ec t s ’ l o w r i s k n a t ure A ddi t i o n a l 11 + G W o f p r o j ec t s wi th s i t e s un d e r eva l u a t i on S i t i n g I n t e r c o nn e c t i o n E n v i r o nm e n t a l P e r m i t t i n g E P C P r o j e c t S a les E x p e r i e nc e d t e a m u s i n g i n - hou se to ol s to qu i ck l y a ss e ss p r o s p e ct i v e s i t e s f or n e w p r o j e ct origin a ti on N e t w ork o f p a thf i n d e r s w i th s t r ong r e l a ti o n s hip s w i th f a rm i n g , r a nch i n g , a n d r e a l es t a t e e ntit i es T e a m m e m b e r s w i th e x t e n s i v e b a ck g r ound i n t r a n s m i ss io n a nd d i s p a tch m od e li ng I nt e r n a l t e a m h a n d l es ~ 95 % o f a ll t r a n s m i ss i on p l a nn i n g w ork D e d i c a t e d V P o f P e rm i ttin g & En v i r onm e nt a l Af f a i rs S t r ong c o mm unit y a n d g o v e r n m e nt r e l a ti o ns Fu ll y e qu i pp e d t e chn i c a l t e a m w i th s u bs t a nti a l e x p e r i e nce D e li v e r i n g e x e cuti o n r e a d y E P C c o nt r a ct s a t b e l o w m a r k e t c o s t w i th a tt r a ct i v e t e r m s S t r ong r e l a ti o n s hip s w i th r e p ut a b l e pr o j e ct a cqu i r or s , r es ult i n g i n m a n y r e p e a t cu s tom e rs N e t w ork o f b l u e ch i p c o mm e r c i a l o f f t a k e rs C a p a b ili t i e s o f br i n gi n g pro j ec t s t h ro u g h f u ll c o n s t r u c t i o n v i a mec h a n i s m s s u c h a s B u il d - Tr a n s fe r Ag r e e me n t s ( B T A) H i g h ly t ec hn i c al a n d e x p e ri e n ced t eam wi th c ap a b il i t i e s a c r o ss t h e f u ll d ev e l o p m e n t a n d op e r a t i o n a l s p ec t r um F u ll m a r k E n e r gy Jo i nt V e ntu re b e t w ee n H e c a t e a n d I n f r a R e d C a p i t a l P a r tn e r s ( “ I R C P ” ) , a n I PP f o c u s e d on d e v e l opin g , b ui l d i n g , a n d o w n i n g s t a n d a l on e B a tt e r y En e r gy Stor a g e S o l uti o n s ( B ES S ) p r o j e cts D i s t r ib u t i o n wa t e r fa l l by M O I C t o I R CP T eam o f 26 e m pl o y e es D e v e l o p m e n t Pi p e li n e I n - Ho u s e C a pabi l i t i e s J Vs 6 Hec a te E n e r g y s i t s a t the cr o ss r o a d s o f the p ow er e c os y s tem , w i th t o p - t i er cu s t o me r s a n d c o u n te r p a r t i e s
P r ee m i nent deve l o p e r d e li v e r i ng d e - r i sk e d p ow e r a ss ets to s ecur e t he ene r g y f utu re H e cat e at a G lance 7 O v e r v i e w K e y Hi g h li g h ts E xten s i ve exp e r i e n c e a n d t r a c k r e c o r d m a k e s Hec a te E n e r g y the so l ut io n t o the U.S.’ s s u bs t a nt i a l d em a n d f o r p ow er 48+ GW Nat i o n w i de p o rt f o li o across a l l I SO s (2) (1 ) R e v e nu e s i n c e i n c e p t i o n i n cl u d e s f o r e c a s t e d f ee s f r o m o u t s t a n d i n g pr o j e c t m il e s t o n e p a ym e n t s ( i . e . R e v e nu e B a c k l o g, d e f i n e d e l s e wh e r e i n t h i s pr e s e n t a t i o n ) ; B u il d - T r a n s f e r f ee s e x pr e ss e d a s n e t m a rg i n ( p r o j e c t f ee s m i nu s c o s t s) (2 ) In cl u d e s 1 2. 7 G W o f s o l d R e n e w a b l e s a n d B a tt e r y pr o j e c t s w i t h o u t s t a n d i n g mi l e s t o n e p a y m e n ts (3 ) R e v e nu e B a c k l o g i s a n o n - G A AP m e a s u r e a n d ma n a g e m e n t ’ s pr o j e c t i o n o f un d i s c o un t e d r e v e nu e f r o m pr o j e c t s w i t h s i g n e d p u rc h a s e a n d s a l e a gr e e m e n t s . R e v e nu e s a r e t y p i c a ll y c o n t i n g en t o n c o mpl e t i o n o f pr o j e c t o r d e a l - s p e ci f ic d e v e l o pm e n t a n d c o m m e rc ia l mi l e s t o n es (4 ) IPP f o c u s e d o n d e v e l o p i n g, o wn i n g, b u il d i n g a n d o p e r a t i n g s t a n da l o n e B E SS pr o j e c ts (5 ) A d j . E B I TDA i s a n o n - G AA P m e a s u r e a n d i n c l u d e s $8 mm o f e s t i m at e d p u bli c c o m pa n y c o s ts 3 0 + S t a t es E x p a n s i v e ge o g r a p h i c f o o t p r i nt IPP Ow n ership 40 % in F u ll m a rk E n e r g y (4) $68 6 m m+ R eve n u e b ack l o g (3) Di v ersifi e d T ech n ol o gy Sola r , B E S S , & T h e r m a l gen e r a ti on $11 5 mm E st . 2026 A d j . E BI T D A (5 ) w i th p ro j e c t ed 2 0 - 30 % 2027 g r o w th F o un d ed 2012 H e a d q u a r te rs C h i c a g o , I l l i n ois E m p l o y ees 63 P r o ject s S o ld 60 S o l d t o Re p e a t Buye r s 6 + GW Re v enue S i nce I nce p ti o n (1) $1 . 2 B+ Com p any H i s to ry 201 2 • C o m p a n y Fo un d ed 201 6 • C l o s ed f i r s t D ev e l o p m e n t L o an 2018 • P a r t n e r ed t o f o r m F u ll ma r k E n e r g y • S wi t c h ed f o c u s t o 500 + MW p r o j ec ts 2021 • S o ld 40 % s t a k e t o 2022 • C l o s ed $550 mm C or p o r a t e C r ed it F a cili ty 202 3 • Ac h i ev e d 4 . 2 G W s o ld f o r $425 mm 202 5 • Fo un d e r s re - a c q u i r ed 40 % s t a k e f r o m Rep s ol 2026 • E G H Me r g e r An n o u n c ed
W i th 245 + Ye a r s o f C u m u l a tive E xper i ence B e st i n C lass M an a g e m e nt Team 8 K e y S p e a k e r s F o un d e rs P r o v en E xper i ence A c r oss K e y B u s i ne s s Funct i o ns E xpertise Y ea r s Ed u c a tion W or k E xperie n ce C hri s B u lling er C EO & P r e s i d e nt D e v e l op me nt L e a d e r s hip, D e a l S t r uct u r i ng 30+ N ick B u lling er COO S t r a t e gy & O p e r a ti o n s , C o ntr a ct D e v e lo p m e nt 30+ We s We i d aw C FO F i n a nc e , A cc o untin g , C or p or a t e C ont r ol 25+ Dia n e S ulli v an C DO D e v e l op me nt, P e rm i ttin g & E n v i r o nm e nt a l , T e a m L e a d e r s hip 25+ C raig Ov e rm y er S V P o f O p e r atio ns O p e r a ti o n s, P o w e r D e v e l op me nt 35+ Pa u l Tur n e r , PhD C SO S i t e Ori g i n a ti o n, En e r gy E co n o m i cs, Bu s i n e ss D e v e l op me nt 30+ F a zli Q a d ir C T O S u p p l y C h a i n En g i n e e r i n g , E n e rgy An a l y t i cs 35+ D a vi d T o h ir C h air m an C a p i t a l M a r k e t s , S t r a t e g i c L e a d e r s hip 35+ P o l s k y E n e r gy C FA C PA M ana g e m e n t w i t h d e cad e s of h i s to r y w o r k i n g to g e t h er Est a bl i s h e d r e l a t i o n s h i ps w i t h key p u bl i c an d p r i v a t e s t a ke h olde r s P r o v e n track r e co r d of u t i li t y s ca l e p r oj e ct d e v e l o p m e nt L e an o rg aniza ti o n a l s tr u ct u r e a i din g rap i d p r oject d e plo y m e nt 12+ G W s of p r oject s s old to b l u e c h i p i n v e s to rs W o o d la n d Ve n tu res SI T HE E N E R G I E S I N C.
9 P r o ject D e liv e ry C o n t r ac t i n g o f t h i r d - p a r t y E PC , O & M , a n d a ss e t ma n a g e m e n t w o r k P r o j e c t / P o r t f o li o s a l e s a n d a c q u i s i t i o ns N e g o t i a t i o n o f pr o j e c t M e mb e r s h i p In t e r e s t Pu rc h a s e & S a l e A gr e e m e n t s O p e r a ti o n s / Le g al N e g o t i a t i o n o f o fft a k e a gr e e m e n t s w i t h pr o j e c t c o un t e rp a r t i es L e g a l , c o rp o r a t e a n d pr o j e c t mar k e t i n g c o ll a t e r al , d o c u m e n t ma n a g e m e n t , da t a ma n a g e m e n t , I T, o p e r a t i n g pr o j e c t m a n a g e m en t A cc o unt i n g , Ca p i t a l a n d I n v e s t m ents F i n a n ci a l p la nn i n g & a n a l y s is In t e r n a l a u d i t a n d t ax In v o ici n g, a cc o un t s r e c e i va b l e a n d a cc o un t s p a y a b le F i n a n ci a l r e p o r t i ng F u ll m a r k E ne r gy B a tt e r y s t o r a g e j o i n t v e n t u r e w h ic h o w n s 4 o p e r a t i n g pr o j e c t s t o t a li n g 1 2 5 M W a n d i s n e a ri n g c o n s t r u c t i o n o n a n add i t i o n a l 8 0 MW H e c a t e o w n s a 4 0 % s t a ke D i a ne S u l l iv an C h i e f D e v e l o p m e nt O f f i c er N i c k Bul l i n g er C h i e f O p e r a tin g O f f i c er F a z li Q ad ir C h i e f T e c h n o l o g y O f f i c er We s We i d a w C h i e f Fin a n c i a l O f f i c er P a u l Tu r ner C h i e f St r a t e g y O f f i c er C h r i s Bul l i n g er CE O & P r e s i d e nt D a v i d T o h ir C h a i r m a n o f t h e B o a rd D a n K nuth V P o f F i n a n ce M i che l e Lettie r e C o n t r o ll er Ju li e O hn s t a d T r e a s u r er K ir s ti n C a sh F P & A M a n a g er C r a i g O v e rm y er S V P O p e r a t i o ns P a t r i c i a S h o rr S V P P r o j e c t D e v e l o pm e n t, E x e c u t i v e SME Pr est o n Sc h u l t z S V P P r o j e c t D e v e l o pm e n t, E x e c u t i v e SME C r e y W i l s on S e n i o r D i r e c t o r o f P r o j e c t D e li v e ry E x te r n a l Ge n e r a l C o un s el A n d r e w Bo g g s S V P D e v e l o pm e n t, E x e c u t i v e SME A r un a R a n a w ee ra V P o f T r a n s mi ss i o n & In t e rc onn e c t i on S e a n F a ll o n D i r e c t o r o f E PC a n d D e v e l o pm e nt A i d a n S n y d er S e n i o r D i r e c t o r o f D e v e l o pm e nt A m y K r e b s V P o f E n v i r o n m e n t a l a n d P e r m i tt i n g A ff a i rs Ma t t Le v i ne S e n i o r D i r e c t o r o f D e v e l o pm e nt P h i l i p M oo ne y S V P o f T e c hn o l o g y, E x e c u t i v e SME F e i z hen Lu S V P o f P r o c u r e m e n t a n d S u p p l y Ch a in T o n y Z hu D i r e c t o r o f P r o c u r e m e n t a n d S u p p l y Ch a in C h a n d r a Be t t a d a p ur V P o f T e c hn o l o gy P r o ject D e v e lo p m ent E n g i nee r i n g a n d T r a n s m i s s io n P l a nn i ng P r o j e c t s i t e c o n t r o l a n d ma n a g e m e nt In t e rc onn e c t i o n P l a nn i ng D e v e l o pm e n t o f s i t e s i n cl u d i n g pr e li mi n a r y e n g i n ee ri n g a n d e n v i r o n m e n t a l a ss e ss m e nt A l e x P u g h D i r e c t o r o f D e v e l o pm e nt Sup p ort e d b y an Im p eccable Org a n i zation W i th 60 + e m p l o y ee s a cro s s funct i o ns
(1 ) B a s e d o n pr o f o r m a E n t e rpr i s e V a l u e o f $ 1. 2 8 B , 2 0 2 6 E N o n - G A A P A d j . E B I TD A o f $ 1 1 5 m m , 2 0 2 7 E A d j . E B I TD A gr ow t h o f 2 0 - 3 0 % , a n d i n d u s t r y p e e r av e r a g e E V / 2 0 2 6 E A d j . E B I TD A m u l t i p l e o f 1 2. 8x a n d E V / 2 0 2 7 E A d j . E B I TD A m u l t i p l e o f 1 1. 6x (2 ) In c l u d e s ca p ac i t y o f s o l d p r o j e c t s w i t h p a y m en t m il e s t o n e s o u t s ta n d i n g ; R e n e w a bl e s i n c l u d e s ca p ac i t i e s o f s ta n da l o n e r en e w a b l e s a n d h y b r i d r en e w a bl e s + s t o r a g e p r o j e c ts (3 ) R e v e nu e B a c k l o g i s a n o n - G A AP m e a s u r e a n d ma n a g e m e n t ’ s pr o j e c t i o n o f un d i s c o un t e d r e v e nu e f r o m pr o j e c t s w i t h s i g n e d p u rc h a s e a n d s a l e a gr e e m e n t s . R e v e nu e s a r e t y p i c a ll y c o n t i n g en t o n c o mpl e t i o n o f pr o j e c t o r d e a l - s p e ci f ic d e v e l o pm e n t a n d c o m m e rc ia l mi l e s t o n es D i ffe r e n t i a ted B u s i n e ss M o del M ark e t Tai l w i n d s 10 • Pow e r d e m a n d d r i v en b y u np re c e d en t e d d ata c e n t e r g r o wt h a n d rob u s t e l e ctr i f i cati o n , co u p l e d w i th a ra p i d ret i re m e n t o f c o a l ca p ac i t y is set t o su p p o r t l arg e g i g awatt s ca l e ca p ac i t y ad d i t i o n s i n t h e ne ar f u t u re • On e o f th e l arg e s t p r o j e ct p i pe li n e s i n a h i gh g r o wth m ark e t , p r o v e n t r ac k reco r d a n d a n EB I TDA p o s i t i v e b u s i ne ss • T ra n sact i on re p res en t s u n i q ue p u re p l a y op p o r t un i t y at a n a tt r acti ve d i sc o u n t t o p ee r s (1) • E x pe r i en c e d e v e l opi n g , eng i nee r i ng , a n d fin a n cin g al l t y pe s of p ow e r t e c h n o l og y ( coa l , g as, h y dr o , w i n d, sol ar , s to rag e , e tc .) • Eac h of H e cat e ’ s e x e c u t i v e s b r i ng s at l e ast 25 y e ar s of ex pe r i en c e i n p ow e r gene rat i on a n d d e v e l op m ent • M u l t i p l e p r o j e ct m on e t i z at i on p at h wa y s e x i s t to m a x i m i z e p r o j e ct ret u rns : D e v e l op & S e ll , D e v e l op m en t S e r v i c e s A g re e m en t s , a n d B u il d - Tran s fer A g re em e n ts • C om p a n y h as opti o n t o e x p a n d i n t o n e w b u s i ne s s s t rat e g i e s i n clu d i ng be co m i ng a n I n d epen d en t Pow e r Pr o d u c e r o r p ref e r r e d de v e l op m en t p art n e r t o d ata c e n t e r co m p a n i e s t o f u rth e r d r i v e r e t u rns • H e cat e h as a on e of t he l ar ge s t p r o j e ct p i pe li ne s t o ta l i ng 4 8 . 8 G W , w i th 2 5 G W of R en e w ab l e s , 9 . 7 G W o f t he r m a l , an d 1 4 . 1 G W of B a t te r y u n d er d e v el o pm e n t (2) • W i th f un da m e n ta l l y s o u n d p r o j e ct s , H e cate' s p r o j e ct s are e x pe cte d t o f e tch p re m i um PPAs • Pr o j e cts w i t h t o ta l c ap acit y of 1 1 + G W s old s i n c e 2 0 21 • S i gn i f i ca n t cas h f l ow v i s i b ili t y fr o m $ 68 6mm re v en u e b ac k l o g (3 ) v i a p r o ject s s o l d t o thi r d p ar t i es wi t h m il e s t on e p a y m en t s outsta n d i ng Attract i v e E n try V a l u a t i on Be s t - I n - C l a s s M ana g e m e n t T e am P r o v e n Pi p e li ne Ro b u s t F i n anci als Key Inv e stm e nt Highl i ghts
(1 ) M a n a g e m e n t e x p e ri en c e i n cl u d e s l e ad i n g, f o un d i n g a n d w o r k i n g a t IPP s – S i t h e E n e rg i e s & F u ll m a r k E n e r g y a n d U t ili t i e s – WE C , DT E , R WE (2 ) C a lc u l a t e d a s gr ow t h r a t e f r o m 4,0 1 0 T W h t o 1 0 , 1 5 8 T W h. (3 ) R e v e nu e s i n c e i n c e p t i o n i n cl u d e s f o r e c a s t e d f ee s f r o m o u t s t a n d i n g pr o j e c t mi l e s t o n e p a y m e n t s ( i . e . R e v e nu e B a c k l o g, d e f i n e d e l s e wh e r e i n t h i s pr e s e n t a t i o n ) ; B u il d - T r a n s f e r f ee s e x pr e ss e d a s n e t marg i n ( p r o j e c t f ee s mi nu s c o s t s) (4 ) U . S . D e p a r t m e n t o f E n e rg y. (5 ) R e q ue s t f o r P r o p o s a l – P r o c e s s f o ll o w e d b y c o m pa n i e s s e e k i n g bi d s f o r n e w p r o j e c t s. (6 ) H e c a t e E n e rg y , i n p a r t n e r s h i p w i t h In f r a R e d C a p i t a l P a r t n e r s , f o r m e d F u ll mar k E n e r g y i n 2 0 1 8 t o p u r s u e add i t i o n a l p ow e r pr o j e c t s . H e c a t e E n e rg y c o n t i nu e s t o o wn 4 0 % o f t h e j o i n t - v e n t u r e , w i t h a 1 2 5 M W o p e r a t i n g p o r tf o lio Pro v en E xecution an d V i si b le Growth T r a j ectory P ow e r P l a nt De v e l o p er B a s e l o a d P ow e r Ge n e r a ti on D a t a Cen t e r s for A I Ge n e r a ti on In d e p en d ent P ow e r P r o d ucers F u l l - c y c l e d ev e l o p m e n t fro m p roject o r i g ina t i o n thr o u g h c o n s t r u c t ion Flex i b le ex i ts: o p t io nal i t y t o ex i t w h en va lue is ma x im i z ed S t r o n g net w o rk o f p re v i o u s and f u ture b u sine s s p a r tners , w i t h 500 + p o tent i a l b u y ers o f He c a t e p r o jec ts E x p er t ise in m u l t iple g enerat i o n te c h no lo g ies – rene w ables, st o r a g e , and thermal t o meet de m and and o ffer v a lue t o f u ture b u y ers and o p er a t o rs Em p l o y ees and P r i nc i p a l s h a v e p re v i o u s experien c e devel o p in g g as p r o jec t s fo c u se d o n re l i a b i l i ty M u l t i - te c h no lo g y so l u t io n s in c lu s i v e o f rene w ables, st o r a g e , and natura l g as t o p r o v i de re l i a b le , c le a ner p ow er fo r en d u sers S t r a t e g i c a l l y l o c a t ed sites w h ere the marke t nee d s p ow er most A I de m and s u rge = u rge n t c apa c i t y r a ce S u pp l y c o n s t r a i nts re q u i r e fas t e r pr o je c t del i v e ry , w hi c h He c a t e a l re a dy h as w el l u n d er w ay E x p er i ence e n ables He c a t e Ener g y t o l a u nch an inde p en d ent p ow er p r o v i der p l a tf o rm S ig n ifi c ant p r io r I PP le a ders h ip experien ce P r o ven c o ntra c t i n g exe c u t io n and p o s t - N T P p r o jec t mana g eme n t w i t h in mana g eme n t te a m ( 1) H ec a te E ne r g y ’ s s t r o ng, i n - d e m a n d bu s i ne s s h a s s i gn i f i c a nt g r ow th o pp o r tun i tie s a l r e a dy i n p l a ce 11 M eeti n g Ma r k et N ee d s … ...A nd E xpand i ng Ad j a cent B u s i ne s s Op p o r tun i ties H i s to r i ca l P e r fo r m a n c e : 6 0 + so l d p r o ject s 12 + GW o f ca p ac i ty $1 . 2 B (3 ) re v e n ue D e cad e s of T h e rm a l E x p e r i e n c e : Ca p i ta l i z e o n m ark e t d e m an d w i th 22 + GW o f ga s c o m p a t i ble pr o jects Est a bl i s h e d P art n e r s h i p w i t h Dat a Ce n te r s : C o - d e v el o p H ecate’ s m u l t i - GW data ce n ter a n d e n er g y c a m p u s p o r t f o lio P ot en t i a l IP P B u s i n e ss M o de l: O wn thr o ugh o p erat io n, s i m il ar t o 40 % s tak e in Ful l mark E nerg y (6 ) , and d e li v er r e curr i n g re v e n ue Ma r k et Op p o r tun i ty U . S . E l e ct r i c i t y C o n s ump t i o n t o G r o w ~1 5 3 % (2 ) b y 2050 ~ 1 04 G W (4 ) o f p o we r p l ant s w i ll ret i re b y 2030 an d n e e d t o b e re p l aced D a t a center s a r e e x p ected t o c o nsu m e ~1 2 % o f a ll U . S . electr i c i t y (4) Ut i li ty RFP (5 ) ne e d s e x p ect e d t o r i s e i n li n e w i th d e m and
A d v a ntag e d Position w it h C onsid e rab l e Value Ad d it i on Pr e - D e v elo p me n t G r e e n f i el d S i te H ec a te p r o ject s a r e the b a c k b o ne s u pp o r ti n g the g r ow i ng p ow e r d e m a n d g a l v a n i zed by e l ect r i f i c a ti o n & t he A I r e v o l ut i on 12 O pe r a t i o n al In t e g r a t e d E n e r g y C a m p us B efo r e Af t er V a l u e A dd Si t e Id e n t i f ica t io n & C o n tr ol In t e r c o nn e c t ion E nvi r o nm e n t al & P e r mit t ing E P C & Buil d T r a ns f er C o mm e r cial Arr a ng e m e n ts P r oj e ct B u y e r s La r g e P o w e r Co n s u m e rs Co m m u n it y En g a g e m e nt P art n e r s & Su p p li e rs S t r o ng H i s tory a n d Re l a ti o n s h i p s w i th Bl u e C h i p Buye r s , Oper a tors a n d P a r tne rs H ec a te E ne r g y s i ts a t the cro s s r o a d s o f the p ow e r ec o s y s te m , w i th to p - tier cust o m e r s a n d c o unte r p a r tie s
R e t a i n s o wne r s h i p p o s t - C O D t o g e n e r a t e r e c u rr i n g , l o n g - d u r a t io n cont ra ct e d ca s h f l o w s B u il ds a l o n g - t e r m a ss e t p l a t f o r m w i th u t i li t y - s ca l e r e n e w a b l e a n d the r m al g e n e r a t io n s u pp o r t i n g da t a - cent e r - dr i v e n l o a d g r o w t h w i th p o r t f o li o di v e r s i f i ca t i on In d e p en d en t P o w er P r o du c er M o d e l 60 m o n t h s+ A d v a n ced s y s t e m i mp a ct s tu d ie s , f a ci l i t y s tu d ie s , a n d de taile d i n t e r con n e cti o n m o de l i ng C o mpl e t e a d v a n ced p e r m i t ti n g : zoning , g r a din g , dr a i n a g e , a n d r i g h t - o f - w ay /e a s e m e nt F u r the r de taile d e n g i n ee r i n g , gr i d m o de l i n g , a n d E P C s cop i n g , s o li di f y i n g s h o v el r ea dine s s PP A n e g o t i a t io n , m e r c h a n t m o de l i n g , a n d f i n al pr o j e ct s t r u ct u r i n g lea ds t o h i g h e r v al u a t io n s T a r g e t s b u y e r s s ee k i n g N T P - r ea d y a ss e t s w i th s t ro n g s c h e d u le ce r t a i n ty M i d - t o L a t e - S t a g e D e v e l op & F li p 24 - 36 m o n t hs O v e r s ee e n d - t o - e n d con s t r u cti o n m a n a g e m e n t i n addi t i o n t o m a n a g e m e n t o f t ra n s m i ss i o n i n t e r con n e cti o n e xec u t io n , u pgr a de s , a n d f i n al comm i ss i o n i ng D e li v e r y o f b u il t , o p e r a t i n g a ss e t s all o w i n g b u y e r s t o c a ptur e I T C s , an d l o n g - t e r m r e v e n ue C a ptur e i n cr e m e n t a l v al u e u p l i f t a s H e ca t e a ss u m e s con s t r u cti o n r i s k a n d p r o v i de s a turnke y s o l u t io n f o r u t i li t i e s a n d IPPs B u il d & T r a n s f e r ( B T A ) 36 - 60 m o n t hs Mul t i p le Monetization P a thw a ys P r oj e ct St a rt H ec a te s t r a teg i c a l l y d e p l o y s c a p i t a l a cro s s i ts p i p e li ne to m a x i m i ze v a l ue a n d r etu rn ( 1 ) Ac t u a l s a l e s pr i c e c a n v a r y b y te c h no lo g y , ma r k et, a n d o t h e r pr o j e c t - s p e c ifi c f a c t o rs Id e n t i f y t a r g e t m a r k e t s a n d p r os p e ctive s i t es E s t a b l i s h s i t e cont r o l , o pt i m i ze la n d con f i g u r a t io n , an d d e v el o p e n g i n ee r i n g la y o u t s C o n d u ct e n v i r o n m e n t a l a n d f ea s i b i li t y s tu d ie s , a n d p e r m i t ti n g p a thw a y s cop i n g Int e r con n e cti o n a ppl i ca t i o n s , t r a n s m i ss i o n f ea s i b i li t y, a n d a n al y s i s o f d i s p a tc h e con o m i cs D e - r i s k co r e s i t i n g f a ct o r s whi l e m ai n t a i n i n g a c a p i t a l - li g h t p r o f ile , e n a b l i n g ea r l y m o n e t i zat i o n thr o u g h pr e - NTP s a l es E a rl y - St a ge Deve l o p & F l i p 6 - 24 m o n t hs T y p ical S al e s P r i c e ( 1) P o r t ion o f H e ca t e R e venue $0 . 0 3 - $0 . 0 6 /W 20 - 30% $0 . 0 8 - $0 . 1 6 /W 40 - 60% U p to $0 . 2 0 +/W 10 - 20% F u t u re p o te n t i a l b u s i n ess mo d e l c o u ld p ro v id e st abl e, re c u rr i n g ca s h f l o w s a n d a bili t y t o s u pp o rt n e w , l o w er c o st f i n a n c i n g f ac ili t i es 13
S e lect E xa m p les o f H e cat e ’s R e ne w ab l e s + BESS T r ack Record H ec a te h a s d e v e l o p e d 5 G W o f r ene w a b l e s + BE S S p r o ject s n ow i n o p e r a ti o n o r c o n s t r uct io n , i nc l u d i ng so m e o f the c o unt r y ’ s l a r ge s t a n d s e v e r a l “f i r s t - o f - i t s - k i n d ” p r o jects 14 R e pr e s e ntat i v e Exa m ples J ica r i l la 1 & 2 A kt i n a S o l a r Hi g h la n d + N e w Mark e t S olar C ider S olar MW AC 100 MW S o l ar 20 MW B E SS 500 MW S o l ar 500 MW B E SS in d eve l o p m e nt 300 MW ( Hi g h l a n d S o l ar) 100 MW ( N ew M ar k e t S o l ar) 500 MW S o l ar L oc a t i on W E CC ( P N M serv ic e t err i t o r y ) E RCO T ( H o u s t o n Zo n e) P J M ( A E P - D ay t o n Zo n e) N Y I S O ( Zo n e A) O ff t a k er ( s) P u b lic S erv ic e C o m p a n y o f NM C o n sor t i u m o f l a r g e c o m mer c i a l a n d in d u s t r i a l u sers W h o l esa l e E RCO T m ar k et F o r t u n e 50 C o r p o ra t i on C i t y o f C incinn a ti N ew Y o r k S t a t e En er g y Re s e a r c h a n d D ev e l op m e n t A u t h o r i t y ( N Y S E R D A) N T P / C O D 2021 / 2023 , 2024 2020 / 202 3 2021 / 202 4 2024 / 2027 ( es t .) Key Fea t u res Pr o j e c t b u il t o n Jic ar ill a A p a c h e l a nd H e c a t e f in a nc e d a n d b u il t a 1 2 - m il e t ra n s m i s s i o n lin e t o e n a b l e d eve l o p m e n t o f a m u l t i - GW cl ea n e n er g y p ark D eve l o p e d, so l d, a n d f in a nc e d as a m er c h a n t p roje ct H e c a t e arra n g e d t h e E PC c o n t ra c t ; b u il t o n t i m e a n d u n d er b u d g e t a m i d s t p a n d e m ic a n d t ar i ff h ea d w in ds L ar g es t - a t - t h e - t i m e so l ar p roje c t in E as t er n In t er c o n n e c t i on Fi rs t t wo p h ase s o f a b roade r 600 + MW p roje ct D eve l o p e d in c o ll a b o r a t i o n w i t h l o c a l M in o r i t y - O w n e d B u s in es s L ar g es t o n s h o re re n ewa b l e e n er g y p roje c t ever d eve l o p e d in N ew Y o rk Fi rs t p roje c t s u cc es s f u ll y p er m i tt e d v i a N ew Y o r k 9 4 - c p ro c ess
( 1 ) “ T r e n d s – A r t ifi c i a l I n te l l i g e n c e ( A I ) ” B O N D , 30 M a y 2025. ( 2 ) “ P o w e r Ch e c k : W a tt ’ s Go in g on w i t h t h e G r i d ? ” B a n k of A m e r i ca I n s t i t u te, 22 J u l y 2025 H ec a te E ne r g y present s t he o p p o r tun i ty to c a p i t a li ze o n the U. S . ec o n o m y ’ s e v e r - expand i ng d e m a n d f o r p ow e r D a t a C e nt e r P r o j e ct s Contin u e t o G r ow ( m i l l i on s q. f e e t ) ( 1) G r o wing Sh a r e o f U . S. L o a d D r iv e n b y D a t a C e n t e r s ( 1) 4. 5 7.7 10. 8 9. 5 14.0 19. 0 18 . 5 18.1 28.5 35.6 42.0 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 24 D a t a c e nt e r d e v e l op me nt c o ntinu es to a cc e l e r a t e a c r o s s th e b o a r d , w i th $323 billi o n i n e s t i ma t ed 2025 c ap e x ( 1) En e r gy C on s u mp ti on (T W h) US e l e ct r i c al d e m and ( i n t e r a w a t t ho u r s p e r y e a r ) 2 0 1 4 – 2035 ( 2) H e c a te Energ y ha s fu l l y i nt e g ra t e d e x p ert i s e an d capa b ili t i es , l e d by tec h nic a l e x p ert s , ca r e e r d e v el o p er s , an d d e cade s - te n u red e x ec u t i v es takin g p r o ject s fr o m ince p t io n t o op e ra t i o ns A s data ce n ter p r o ject s c o nt i n u e t o g r o w i n s c al e, H ecate Ener g y ’ s p r o ject s i z es c o nc u r r e n t l y g r o w t o m e e t i ncrea s e d d e m and H ecate Ener g y c r eat e s v a l u e b y d e li v er i n g p r e - N TP p r o ject s o n c o mp re ss e d t i m el i n e s an d i s p os i t io n e d t o p u r s u e a f u tur e IP P s t r a t e gy C u rr e n t m ark e t backd r o p p r o v i d e s e x p os u r e to U . S . p o w e r d e m an d g r o w t h, w i t h d e v e l o p m e n t s p o s i t i o n e d to m ee t g r o w i n g d e m an d r a t h e r t h an t i e d to any s i n g l e u t i li t y , h y p e rsc al e r , s i te , tec h nology or r e g i o n a l p o w e r m ark et Ca p it a l i zing o n E x p an d in g M a r k e t O pp o r t uni ty 147 178 224 292 371 450 513 3 . 7 % 4 . 3 % 5 . 2 % 606 6 . 5% 8 . 0% 9 . 3 % 10 . 3% 11 . 7% -- 5 10 15 -- 100 200 300 400 500 600 700 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 30 En e r g y C ons u m p t ion ( T W h) S h a r e o f T o t a l D e m a n d ( %) S h a r e o f T ot a l C o n su m p tio n (%) Re s i de n t i a l C o mm er c i a l D a t a Ce n t er s I n d u s t r i al C o m p ell i ng M a rket Op p ortuni ty T e r a w a tt H o urs (T W h) 6 , 000 2 , 000 201 4 201 6 201 8 202 0 2 0 2 2 202 4 2026 E 2028 E 2030 E 2032 E 2034E 4 , 000 0 15
So u r c e : B lo o m b e rg N E F , B lo o m b e rg I n te l l i g e n c e , S & P G lo b al ( 1 ) C a l c u l a te d a s gr o w t h r a te f r o m 4 , 010 T W h t o 10 , 158 T W h . 28 % 24% 17% 31% 0% 41% 17 % 17 % 24% I n c r e a s i n g n ee d fo r 0% div e r s i f i e d f u e l - t y p e s U . S . e l e ct r i c i t y co n s u m ption to g r o w ~ 1 5 3 % by 2 0 5 0 ( 1) T o t a l U . S . el e c t r i c ity c onsum p ti o n f o r ec a s t ( 202 4 – 2050) 4,010 TW h 10,158 TWh M a y 2024 F o re c a st: 3.6 % C A GR T o t a l U . S . el e c t r i c ity c onsum p ti o n f o r ec a s t ( 202 4 – 2050) 4,080 TW h 8,667 TWh N o v. 2022 F o re c a st: 2.9 % C A GR 202 2 2024 Dat a c en te r s co n t i n u e to i nc r ea s e s u ppl y / d e m an d i m ba l anc es Scal e of Energy T ransition Fa r Exceeds Curren t Deploymen t C a pab i l i t ies – Be n efi t ing Hecate Energy ’ s Di v erse, Expansive Pipel i ne B y 2 0 3 0 , a s h o r tfa l l of 1 3 0+ G W s m u s t b e add r e ss e d to m ee t p e a k de m and 870 945 -- 5 00 1 , 0 00 1 , 5 00 2 0 2 3 C a p a c i ty A d d i ti o ns R e tir e m e nts 2 0 3 0 C a p a c i ty ( G W ) P e ak De m and 20 1 ( 127 ) 131 S h o r t fa ll % Ge n e r a t io n M ix 10x A I q u eri e s c o n s um e ~ 1 0 × m o r e e n e r g y th a n a s t a nda r d G oo g le s e a r ch S t a n d a r d G oo g l e S e a r ch A I - p o w e r ed S ea r ch % Ge n e r a t io n M ix 16
9 . 7 GW 25 GW 14 . 1 GW T h e r m al R e n e w a b l e s Ba t te ry E R CO T 24 . 1% I S O - N E 5 . 0% M I SO 14 . 4% NY ISO 1 . 5% PJM 13 . 5% S E RC 0 . 1% S PP 13 . 7% W E C C 27 . 8% 95 + p r o j ec ts H e cat e Energy is Pois e d to C apture N ation w id e Growth W E CC T o t a l: 16 , 700 MW N o . of p r o je c ts : 17 E R C OT T o t a l: 14 , 45 0 MW N o . of p r o je c ts : 20 M I SO T o t a l: 8 , 62 3 MW N o . of p r o je c ts : 14 P JM T o t a l: 8 , 13 6 MW N o . of p r o je c ts : 17 S PP T o t a l: 8 , 21 4 MW N o . of p r o je c ts : 13 CA I SO N Y I SO T o t a l: 892 MW N o . of p r o je c ts : 6 I S O - NE T o t a l: 2 , 985 MW N o . of p r o je c ts : 11 S E RC T o t a l: 80 MW N o . of p r o je c ts : 1 9 ma r k et s , 30 + s t a t es M e g a - S ca l e P r oj e ct s i n t h e M ost S o u g h t - Aft e r P o w e r M ark e ts R e n e w a b l es B a tt e ry Th e r m al ( 1) Pr o j e c t s W i th B r o a d F u e l D i ve r s i t y (2) H e ca t e E n e r g y Pr o j e c t s b y R e g i o n ( I SO ) (1) H e ca t e P o rt f o li o Ma p (3) 17 ( 1 ) I n c lu d e s lo n g - te r m si te s u n d e r e v a lu a t ion ( 2 ) I n c lu d e s 12.7 G W of s o l d R e n e w a b l e s a n d B a tte r y pr o j e c t s w i t h o u t s t a n d in g m i l e s t on e p a y m e n ts (3 ) S u b s e t o f H e c a te p o r t f o li o ; l o c a t i o n s app r o x i m a te .
E R C OT T o t a l : 6 , 000 MW N o . o f s i t e s : 5 M I SO T o t a l : 3 , 750 MW N o . o f s i t e s : 3 WE CC T o t a l : 5 , 250 MW N o . o f s i t e s : 5 P JM T o t a l : 3 , 500 MW N o . o f s i t e s : 3 D a t a C e nt e r a n d / o r G as C o m p a t i b le S i t es SPP T o t a l : 3 , 750 MW N o . o f s i t e s : 3 Gas & D a ta C e nte r - C o m p ati b le Pro j ect Sites O v e rv i e w o f s i tes wi th a cce s s t o k e y i nf ra s t r uctu r e a n d l a n d f o r g a s - f i r e d p l a nt s a n d c o - l o c a ted d a t a cente r deve l o p m ent S e l e ct P r oj e cts ( 1) T h e rm a l an d Dat a Ce n te r Com p a t i ble Pr o j e ct s ( 2) O b e n c h a i n i s a p r o p o s e d 800 MW / 240 MW b e h i n d - t h e - m e t e r s o l a r / s t o r ag e p r o j e c t p o w e r i n g a d a t a c e nt e r i n A l b a n y C o u nt y , WY P o i nt Mo u nt a i n i s a m u l t i - t e c h n o l o g y c a m p u s c a p a b le of s u pp o r t i n g 400 MW of s o l a r a n d s t o r ag e , 1,250 MW of n a t u r a l gas , a n d a 1000 + MW d a t a c e nt e r i n Cr a n e C o u nt y , TX Ll a n o E n e r g y C e nt e r i s i n d evel o p m e nt t o s u pp o r t a 1 G W + d a t a c e nt e r i n R oo s evel t C o u nt y , NM 18 ( 1 ) S e l e c t pr o j e c t s a r e u n d e r d e v e lo p m e n t a n d y et t o r e a c h C O D . I ma g e s d is p l a y e d r e f l e c t a r e pr e s e n t a t i v e l a y o u t of e a c h pr o j e ct ( 2 ) C a p a c i t i e s s h o w n r e pr e s e n t f in a l p h a s e d c a p a c i t y of m u l t i - p h a s e pr o j e c t s. Loc a t io n s a ppr ox i m a te . Fi n a l p o r t fo l i o s u b j e c t t o on g o in g d i l i g e n c e b y Com p a n y m a n a g e m ent
( 1 ) R o u n d e d e s t i m a te of H e c a te n et d e bt ( 2 ) C a s h in t r u s t a s of 1/30/2026 (3 ) C a l c ul a te d o n a $10 . 29 p e r s h a r e ba sis ; t h e s h a r e p r i c e r e fl e c t s t h e r e d e m p t io n pr i c e a s of 1/30/2026 ( 4 ) I n c lu d e s 15 m i l l i on r i g h t s o u t s t a n d in g , w h i c h w i l l c on v e r t t o 1.5 m i l l i on c o mm on s h a r e s a t t r a n s ac t io n c lo se (5 ) I n c l u d e s 500 , 000 p r i v a te p l a c e m e n t u n i t s ; e x c l u d e s 1 m illi o n e a r n o u t s h a r es T r ans a ct i o n H i gh li gh t s S o u r c e s & U s e s ($ m m US D) S h ar e s O u t s t a n ding 98 .8 S h are Pr i ce ( $ ) $10 . 29 E q u i ty V a l u e $1 , 017 + Exi s t i n g N et D e b t R o ll o v er $400 ( - ) P F N e t C a s h ( $134) P F E n te r p r i s e V a l u e $1 , 283 P r o F o r m a O w n e r s h i p a t C l os e ( 3) P r o F o r m a V a l u a t i o n ($ m m US D) S h a r e s ( mm ) % O w n e r s h ip H e ca t e 77 . 7 78 . 7% P u b li c S h a r e h o l d e r s ( 4 ) 16.5 16.7% S p o n s o r ( 5 ) 4 . 6 4 . 6% V a l u a t i on He c a t e Ener g y p r e - money equit y v a luat io n o f $800 mm He c a t e Ener g y t o t a l net de b t o u tst a n d in g o f $400 m m ( 1) T r a n s a c t io n im p l i es $1 , 283 mm p r o fo r ma enter p r i se v a lue F i n a n c i ng Ass u me s n o rede m p t io n s fr o m E G H A c quisit io n C o rp . ’ s $154 mm Cas h in T ru s t ( 2) E x p e c ted u se o f net p r oc eed s in c lu d es de b t serv i c e and devel o p me n t o f He c a t e ’ s u t i l i t y - sc a le ener g y p a r k p o r t fo l i o a lo n g side dat a c enter ap p l i c a t i o ns Ass u me s no p r e - a r r a n g ed P I PE S t r u c t u re He c a t e s h a r e h o lders w i l l ro l l o ve r 100 % o f their equit y and a r e expec t ed t o h o ld ~ 78 . 7 % o f the o u tst a n d in g p r o - fo r ma equity U p - C struc t u re in c lu d in g T a x Re c ei v able Agree m ent SO U R C ES He c a t e Ener g y Eq u it y R o ll o v e r $800 Cas h in T ru s t $154 T o t a l S o u r c e s $954 U S ES E q u i t y t o He c a t e Ener g y $800 Cas h t o B a l an c e S h eet $134 Fees $20 T o t a l U s e s $954 19 H ec a te h a s ente r e d i nt o a d ef i n i tive bu s i ne s s c o m b i n a ti o n a g r ee m ent w i th E GH A c q u i s i ti o n Co r p . th a t wo u l d r e s u l t i n H ec a te b ec o m i ng a pu bli c c o m p a n y to b e l i s ted o n N a s d a q un d e r t he t i c k e r s y m b o l “HCT E .” Il l ustrativ e T r ans a ct i on O v er v iew
O v e r loo k E ne r gy A d vi s o rs M i l e s to n e H ec a te E GH Com p l e te Y e ar E n d A u dit I nv es t or O u tr e a ch A n a l ys t O u tr e ach S h ar eh olde r Rotat i on B u s i n e ss U p d a t e A n no u n ce m e n ts M ana g e m e n t P r e s e n t a t i o ns P r e pa re & F il e P r o xy S h ar eh olde r Vote & C l os i ng C l o s e Da t e : Q 2 / Q 3 2026 Fin a n ci a l & M a r k et A dvisory L e g al A cco u n t i n g & T a x C o n sul t an cy M ilesto n es Rea d i n es s & P rofession a l S u ppo rt 20 B ig 4 A c coun t ing Fi rm Path T o C losi ng
50.0 % 5 4 . 9% 69.7 % 37.4 % 8 5 . 3% 69.5 % T EV C o m p ar a b le C o m p anies Analysis ( 2 0 2 6 E) Att r a ct i v e ent r y m u l ti p l e c o m p a r e d to i n d u s t r y peer a v e r a ge E V /2026 E A d j. E BITDA o f 12 . 8 x M e an: 12 . 7 x 12.0x 10 . 5x 13.7x 8.0 x 9.7x 8.2x 17.1x 12.9x 8.5x 32.2 % 4 2 . 8% 30.2 % 31.1 % 25.0 % 15.7 % 48.6 % M e an: 10 . 7 x M e an: 1 0 . 8x M e an: 16 . 4 x EV / F Y 2 6 Adj. E B IT DA 19.6x 20.8x 8.8x 16.3x 11.1x H C T E G lo b a l G r e e n f iel d Dev e lo p er M a j ority Re n e w a b le IPP Th e r m al I P P D a t a C e n te r Dev e lo p er 1 . 2 8 B 48 . 7 B 50 . 9 B 18 . 6 B 4 . 8 B 96 . 9 B 75 . 9 B 42 . 6 B 41 . 9 B 19 . 7 B 98 . 4 B 76 . 2 B 73 . 8 B 46 . 4B M e an: 37 . 5 % M e an: 77 . 4 % Mea n : 30.1 % Mea n : 53.0 % 49.2 % I m pli ed P r o F o r ma Mu l t iple ( 1) FY 26 Adj. E B IT D A M arg in 21 So u r c e : F ac t S et a s of 1/28/2026 ( 1 ) B a s e d on pr o fo r ma E n te rpr is e Va lu e of $1.28 B a n d 2026 E no n - G AA P A d j . EBI T D A of $115 mm , in c lu d in g $8 mm of p u b l i c c o m p a n y c o s ts
1 7 .8 x 18.8x 5.7x 14.9x 10.0x 9 . 6x 12.9x 7.3x 8.1x 8.7x 16.1x 12.1x 8.3x T EV C o m p ar a b le C o m p anies Analysis ( 2 0 2 7 E) Att r a ct i v e ent r y m u l ti p l e c o m p a r e d to i n d u s t r y peer a v e r a ge E V /2027 E A d j. E BITDA o f 11 . 6 x M e an: 12 . 1 x M e an: 10 . 2 x M e an: 9 . 7x M e an: 14 . 3 x EV / F Y 2 7 Adj. E B IT DA H C T E G lo b a l G r e e n f iel d Dev e lo p er M a j ority Re n e w a b le IPP Th e r m al I P P D a t a C e n te r Dev e lo p er 1 . 2 8 B 48 . 7 B 50 . 9 B 18 . 6 B 4 . 8 B 96 . 9 B 75 . 9 B 42 . 6 B 41 . 9 B 19 . 7 B 98 . 4 B 76 . 2 B 73 . 8 B 46 . 4B 50.9 % 55.4 % 66.3 % 32.4 % 41.3 % 37.9 % 60.7 % 34.4 % 29.9 % 2 6 .0 % 1 6 . 6% 49.5 % 86.4 % 6 9 . 8% M e an: 36 . 8 % M e an: 78 . 1 % Mea n : 31.2 % M e a n : 5 3.0 % FY 27 Adj. E B IT D A M arg in I m pli ed P r o F o r ma Mu l t ipl e R a n g e ( 1) 22 8.6x t o 9.3x So u r c e : F ac t S et a s of 1/28/2026 ( 1 ) B a s e d on pr o fo r ma E n te rpr is e Va lu e of $1.28 B a n d 2027 E no n - G AA P A d j . EBI T D A gr o w t h of 2 0 - 30%
So u r c e : Co mp a n y pr e s s r e l e a s es ( 1 ) B a s e d on pr e - m on e y H e c a te E n e rg y E n te rpr is e Va lu e of $1.2 B a n d pr o j e c t p i p e l i n e of 39.1 GW Priv a te C o mpar a b les & Rec e nt T r ans a ct i ons H ec a te' s v a l ue of $30 . 7 / k W (1 ) r e p r e s ent s a 59 % d i s c o unt t o t he a v e r a ge c o m p a r a b l e p r i v a te t r a n s a ct io n’ s m u l ti p l e o f $74 . 1 / kW 23
12 GW + s ol d s i n ce 2021 Si g n i f ic a n t c a s h f lo w vi s i b ility U n p r ece d e n te d De m a n d G r o w t h Agi n g C oal F le et F lexibl e m o n etiz a tio n wit h f u l l - s ervi c e c a p a b ility F u t u r e p ot e n ti a l f or IP P m o d el E xe c u tive s wit h a t least 25 y ea r s o f exp e r ie n ce Divers e exp e r ie n ce A tt r ac t iv e E n t r y M u lti p le Sig n i f ica n t p r oje ct e d g r o w t h i n 2027 O n e o f t h e l arg e s t p i p eli n e s – 48 . 8 GW + Diversi f ie d tec h n ol o gy Ma r k et T a il w i n ds At tr a cti v e E nt r y V a l u a ti on Best - I n - C l a ss Ma n a ge m ent Te am D i f f e r ent i a t e d Bus i ne s s M o d el P r o v en Pi p e l i ne R o b u s t F i n a nc i a ls W i th o ne o f the l a r ge s t p r o ject p i p e li ne s i n a h i gh g r ow th m a r k et , p r o v en t r a c k r ec o r d a n d a n E BITDA pos i tive bu s i ne s s , Hec a te E n e r g y p r e s e n t s a u n i q ue p ure p l a y o pp o r tun i ty t o i nve s t a t a n a t t r a c t i ve d i s c o u n t t o p eers 24 Pur e P lay Po w er S e ctor Inv e stm e nt Op p ortuni ty
Q&A C o n t a c t s: H eca t e E n ergy G r o u p L LC I n v e s to r s @ H ecate En e r gy.com EG H A cq u isitio n C orp. i n f o @ene r gyg r o w t h h old i n gs.com M edia C o n t a ct H ecateIR@al l i a n cead v i s o rs .com 25 Than k You!
FAQ
What business combination did EGHA disclose with Hecate Energy?
How is Hecate Energy valued in the EGHA merger presentation?
What ownership will Hecate shareholders have after the EGHA deal closes?
What is Hecate Energy’s project pipeline and revenue backlog per EGHA’s deck?
What financial outlook does Hecate Energy provide in the EGHA materials?
What ticker will the combined Hecate and EGHA company trade under?
