29 Sustainability Report 2021 Climate Transition | Accelerating Innovation CLIMATE TRANSITION Price Risk Management: Metals Through the direct efforts of our Global Markets Commodities team, Goldman Sachs supports the auto industry in shifting production toward EVs and making them economically viable. We develop risk management strategies for key raw materials — or refined metals — and for batteries, which have a commodity price that can account for 30% of the production cost. Our products allow automakers to mitigate price risks through financial and physical hedging, and we include solutions to streamline sourcing of metals. Battery Manufacturing: Northvolt Our Asset Management group has co-led the last three equity financing rounds for Northvolt AB, the leading independent sustainable lithium ion battery cell supplier in Europe, totaling over $1.6 billion of investment in the company. Northvolt has been able to accelerate its plans to expand manufacturing and reach true scale while bringing sustainable batteries to the automotive and energy storage industries. Charging Networks: ChargePoint We acted as exclusive financial advisor to ChargePoint, a leading EV charging network operating in North America and Europe, during its acquisition of ViriCiti, a provider of electrification for eBus and commercial vehicles. The acquisition accelerates ChargePoint’s electrification of fleets and resulted in the creation of a combined charging-telematics solution designed to ensure operational readiness at a low cost. Battery Materials: Redwood Materials The transition to EVs will require increased battery recycling capacity as well as a rapid increase in battery materials production capacity in the US and Europe. To meet demand, Redwood Materials is recycling batteries, optimizing battery materials, and designing recycling programs and collaborations with both Ford and Volvo. Our Asset Management group invested in Redwood’s Series C equity round in 2021, helping to accelerate their development and further driving the transition to electric vehicles. Financing Micro-Mobility with TIER Goldman Sachs helped TIER, the European micro-mobility leader, raise $60 million to directly deploy e-scooters and its network of battery- charging stations last year. One-third of TIER’s trips replace a car ride 1, with the potential to avoid ~14 kilotons of CO 2 from entering the atmosphere. TIER’s new scooters also contain several hardware improvements, such as swappable batteries, that improve their energy efficiency and result in reduced emissions per trip. “The future of fleets is electric. Adding ViriCiti’s vehicle management capabilities to our fleet portfolio ... underscores the importance of software to EV charging and will ensure operational readiness at low cost as fleets of all types across North America and Europe continue to electrify.” PASQUALE ROMANO President and CEO, ChargePoint 1—YouGov study; SFMTA (2019): San Francisco Municipal Transportation Agency. Powered Scooter Share Mid-Pilot Evaluation. 29