#1HEKA KWA NIKOLA REMOVING THE TRUCK FROM THE CARBON EQUATION DEEP DIVE NIKOLA TWO PROTOTYPE N NIKOLA™#2DISCLAIMER Certain statements included in this presentation that are not historical facts are forward looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements include, but are not limited to, statements regarding the company's expectations regarding its business, business model and strategy; the company's expectations regarding its projected truck builds and related specifications; the company's expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Nikola's management and are not predictions of actual performance. Forward looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola's business and the timing of expected business milestones; the effects of competition on Nikola's future business; the availability of capital; and the other risks detailed from time to time under the heading "Risk Factors" in Nikola's reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended June 30, 2020 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward looking statements. These forward looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward looking statements. This presentation contains trademarks and trade names that are the property of their respective owners.#3AGENDA Nikola Overview & Timeline Nikola Two Fuel Cell Vehicle - Alpha Prototypes ◆ Patented Technology → Hydrogen Storage & Fuel Cell • Development & Validation Testing Nikola Tre BEV and FCEV Preview □ HD Hydrogen Fueling Stations > HD H2 Fueling & Communications Development US DOE Project: Nikola Novel HD Fuel Cell MEA Conclusion NIKOLA#4FC VEHICLES + H2 INFRASTRUCTURE PARALLEL DEVELOPMENT WITH PARTNERS FUEL CELL TRUCKS Long Range, Heavy Duty Class 8/40-ton Commercial Vehicle High Torque & Power Output Zero Tailpipe Emissions. and Very Low WTW + H₂ HD H2 STATIONS < 20 min Fast Fueling (in development with NEL) 8T On-Site Hydrogen Generation from Grid with Supplemented Renewable Energy 10T Onsite Storage Heavy Duty & Light Duty Fueling CLEARANCE 14" W" NIKOLA#5☐ NORTH AMERICA FCEV ■ NIKOLA NIKOLA TWO™ Status: Alpha Prototypes developed 2018, debut April 2019 Dyno and closed course testing (Michigan and Arizona) Public demonstration at Nikola World and beer delivery at Anheuser Busch Sustainability event Bosch Fuel Cell System used in Prototype ■ NIKOLA NIKOLA TRE™ EUROPE & NORTH AMERICA BEV & FCEV Status: Developed with CNHi, based on Iveco S-Way BEV (720kWh) Prototypes are being built in Germany, SOP (Ulm) in Q4 2021 FCEV Prototypes will be built in 2021, SOP in 2023 Bosch Fuel Cell System#6NIKOLA HIGH LEVEL MILESTONE PLAN Announce hydrogen station collaboration Begin Tre BEV testing 4Q2020 Complete Tre BEV prototypes Manufacture second batch of Tre BEV test trucks 1Q2021 2Q2021 Break ground on first commercial hydrogen station Substantial completion of JV manufacturing building modifications in Ulm Complete Phase I of Coolidge, AZ manufacturing facility 3Q2021 Begin Tre BEV production in Ulm Ulm facility assembly line complete for start of Tre BEV production 4Q2021 Manufacturing • Tre BEV Begin testing FCEV truck prototypes 2022 Begin U.S. Tre BEV production in Coolidge facility FCEV Truck Begin production of FCEV trucks 2023 Complete Coolidge facility • Hydrogen Station#7NIKOLA TWO FCEV ALPHA PROTOTYPE DUAL STACK FUEL CELL Generates Electricity 240 kW Fuel Cell (Gross) Heavy-Duty Application Custom Build I Stability N INDEPENDENT SUSPENSION Independent Control Improved ride HYDROGEN TANKS Hydrogen Storage 61 kg H POWER ELECTRONICS / DISTRIBUTION UNIT Distributes energy to axles and vehicle Energy Flow & Conversion W E-AXLES / ELECTRIC MOTORS Power the Drive Axles 1 H W Motor and transmission in on compact unit Dual-motor commercial-vehicle eAxle 2 motors (per axle) Torque vectoring capable BATTERIES Handle Dynamic Load Conditions (Acceleration, Regenerative Braking) 250 kWh, 710 Volt capable battery pack 0 DE BUDWEISER NOLA NIKELE ANHENSER-BUSCH#8NIKOLA TWO SYSTEM INTEGRATION PATENTS SUSPENSION, ELECTRIC AXLE AND GEARBOX 10 256 110 260 110 258 252 110 28 32 256 -110 FIG. 1 EP3705321A1- Vehicle Rear Suspension 258 110 256 252 260 258 110 41 -50 30 EP 3 708 467 A1 17r 32 53 28 92 88 72 88u 10 14r 90 84 18 76 84 18 OO 30 881 90 54 14r FIG. 11 10589788/20200239076- Vehicle Frame Arrangement#9NIKOLA TWO SYSTEM INTEGRATION PATENTS HYDROGEN STORAGE INTEGRATION 106 108 104 116u 106 114 100 98 102 -31-33 17 26u -50 30 31 28 261 -26u -19 FIG. 2 10589788/20200239076- Vehicle Frame Arrangement -16 -10 -52 94- 96 -100 64 26u FIG. 5 38 28 58- 16 OO 56 14r -66 62 52#10NIKOLA TWO HYDROGEN STORAGE ALPHA PROTOTYPE SYSTEM ■ Nine 70MPa Type IV Hydrogen Tanks, 61kg Hydrogen Storage Light-duty valving from production FCEVS Partially validated GTR #13 Test/ CSA with 20,000 hydraulic fueling cycles, Valves Design Validation Tested. ■ Light-duty Refueling with Nikola-specific SAE J2799/ J2601 Communication to Station ■ Integrated Fire Shield between Battery System and HSS (Patent Pending) ▪ Six H2 Detectors mounted throughout vehicle#11NIKOLA TWO ALPHA FUEL CELL SYSTEM BOSCH-POWERCELL TWINBOX System power 240kW total 2x 120kW Stack Gross 2x 100kW System Net Based on PowerCell S3 Stack Alpha/Beta level Balance of Plant components Shock, Vibration Resistant Series suppliers for Stack (Freudenberg, Umicore, DANA, etc.) POWERCELL* [Complete fuel cell stack] "Images from PowerCell website FREUDENBERG INNOVATING TOGETHER [Gas diffusion layer] DANA Complete metalic bipolar plates with integrated seal Sadal umicore Fuel col catalyst powder] GreenerityⓇ [Complete integrated layer membrane electrode assemblies#12FUEL CELL STACK EXTERNAL TESTING POWERCELL, SWEDEN ■ Fuel Cell Stack Testing (120kW) FAT & DV Testing on Greenlight FC Test Stand Polarization RH-Stoichiometry-Pressure Sensitivity/Dynamic Drive Cycle ■ Initial Accelerated Stress Test (AST) Evaluation. Full FC Stack FAT wwwg POWERCELL POWERCELL Tukang GREENLIGHT IIL#13FUEL CELL SYSTEM EXTERNAL TESTING SYSTEM TEST STAND WITH INSTRUMENTATION Two Single Stack Fuel Cell System Testing for FAT and Basic Function Test ■ Functional Safety HV/H2 Safety (Shutoff) Testing including DCDC Converter FCCU Calibration Testing (Operation/ Diagnostics)#14VEHICLE SAFETY CRASH MODELING AND SIMULATION ■ Crash modeling: Conducted crash models to simulate frontal and lateral impacts to identify safety issues and optimize design Simulations from validated Crash: Provided critical safety characteristics such as crash displacements, setting of sensors, isolation of HV bus THE KINE ANG LAP BỞI HỌ THƯ LÀ 424 HEINE SAF HE AND LAP H2 END CAPS +0.3, Peak. F=42.5 Time[] Fuel Cell Battery H2 Storage#15NIKOLA TRE BEV BASED ON IVECO S-WAY CHASSIS ■ BEV Prototypes being built in Ulm, Germany 720kWh battery storage/ 350kW charging 480 kW (640 hp) continuous power output at nominal voltage Dual motor gearbox integrated into solid axle ELLIEDS wystarnacionale NIKO#16NIKOLA TRE FUEL-CELL TRUCK SHARED PLATFORM WITH BEV VARIANT B * Image courtesy of Bosch#17NIKOLA'S H2 STATION AT PHOENIX HEADQUARTERS: HD/LD DEVELOPMENT H2 FUELING STATION WITH 1000KG STORAGE AND DISPENSING CAPABILITIES LOOK 26#18HYDROGEN FAST FUELING DEVELOPMENT TARGETS 70 MPa HIGH FLOW <20 MIN HD FUELING 60-80kg CER NIKOLA#198T/DAY H2 STATION CONCEPT: 70 MPA HEAVY DUTY & LIGHT DUTY ZERO EMISSION POWER GENERATION CONVERSION OF ELECTRICITY TO HYDROGEN VIA ELECTROLYSIS LD Hydrogen Fueling 1TM ONSITE HYDROGEN STORAGE SUPPLY FAST 70 MPA FUELING STATION HD Hydrogen Fueling NIKOLA FAST 70 MPA HYDROGEN DISPENSER NIKOLA LD Fast Charging HYDROGEN FUEL CELL VEHICLES *****#20HD FUELING EQUIPMENT DEVELOPMENT NIKOLA CO-FOUNDED INDUSTRY GROUP Project is fully funded by the partners and HD hardware prototypes will be tested in 2021. Nikola Chairing both ISO 17268 Standard for H2 Nozzles & ISO 19880-7 Gaseous H2 Fueling protocols. ■ HD H70HF Fueling Nozzle Receptacle Hose Breakaway NIKOLA HYUNDAI nel. ΘΑ TOYOTA Shell Air Liquide 0#21DURABLE MEAS FOR HD FCE TRUCKS DOE PROJECT I The goal of this project is to Reduce/eliminate crack formation during deposition/operation → improve durability Improve catalyst utilization → Use less PGM More effectively orient ionomer, reducing SO3 poisoning → better mass transport and ORR activity Accurately control pore-size distribution → better water management and mass transport Technology Improvement Targets: At high RH: Reduction in flooding from "macro" pores At low RH: Improvement in ionic conductivity from water condensation in primary pores MEA Design Approach Reference 2020 US DOE AMR Publication https://www.hydrogen.energ v.gov/pdfs/review20/fc326 murthi 2020 p.pdf BRRRRRRRR 250-500m Catalyst lonomer Void space 10 Primary pores will be more accessible in 80 core due to low ionomer coverage. 10 18 Percentage of primay pone volume to total pore volume (1) 30 Creative divity 0.00 0.07 0.00 10.04 Jom 0 0 GDL+MPL Catalyst Layer Georgia Tech Membrane There will be a larger percentage of "Macro" pores between spheres 100 200 300 Secondary pre determi 400 500 Northeastern University Catalyst Highly active and durable Pt alloy catalyst Physical/electrochemical Characterization Iterative MEA design NIKOLA CL/MEA Development MEA Performance and Durability Testing Carnegie Mellon Post-mortem analysis University Electrode synthesis OAK RIDGE National Laboratory Modeling Catalyst layer & MEA University parameter MEA Fabrication Carnegie Mellon -Los AlamosNREL (Conventional MEA fabrication/baseline only) MEA testing, component AST & characterization Los Alamos NREL CL/MEA physical analysis Carnegie Mellon University * Northeastern (Prof. Mukerjee): Dual IBAD technique to produce durable catalyst powders Georgia Tech. (Prof. Xia): Synthesize supported durable cuboctahedral PtCo catalyst Nikola: Novel durable CL/MEA structure (Nikola IP), to form layered structures of catalyst powders and ionomer CMU (Prof. Litster): Create CL transport models and recommend MEA formulation/optimization based on feedback from X-ray computed tomography and pFIB- SEM imaging#22ADVANCED MEMBRANE FOR HD TRUCKS DOE PROJECT II FY '20 DOE ADVANCED MEMBRANE PROJECT: * Objectives: ■ MEA based on reinforced PFSA membrane that meets performance/durability targets at ≥ 95°C Reduce radical scavenger mobility Prevent ionomer radical attack Develop & validate HD-specific membrane AST in conjunction with DOE FC-PAD ❖ Partner: Chemours™ Chemours New membrane chemistry and architecture with an immobilized radical scavenger High(er) Temp. Stability - develop ionomer/reinforcement architecture optimizing membrane thickness for reduced gas crossover OVERALL MEA DEVELOPMENT AT NIKOLA: Design and Develop MEAS optimized for High efficiency Cost Durability under HD Drive Cycles . Develop Accelerated Stress Tests (ASTs) specific to HD truck operating conditions = Predict fuel cell stack failure modes Develop mitigation strategies Materials Appropriate control strategies Reference: US DOE HT Membrane Workshop Presentation (Sept. 2020)#23PATENT APPLICATION FAMILIES EMBODYING NIKOLA'S HYDROGEN-RELATED INTELLECTUAL PROPERTY PATENT TITLE Vehicle Frame Arrangement High Volume, Fast H2 Fueling of a Heavy-Duty Vehicle H2 Fueling with Bi-Directional Communication Cooling System for Fuel Cell Stacks Method of Operating a Fuel Cell System for a Motor Vehicle Pressurized Vessel Heat Shield and Thermal Pressure Relief System Catalyst Layers of Membrane-Electrode Assemblies and Methods of Making Same Systems, Methods, and Devices for Cation-Associating Fuel Cell Components STATUS OF U.S. APPLICATION* Issued - 10,589,788 Not Yet Published Issued - 10,800,281 Not Yet Published Not Yet Published Not Yet Published Not Yet Published Not Yet Published These patent applications are directed to intellectual property developed jointly by Nikola and its partners, as well as intellectual property developed solely by Nikola. *This only denotes the status of U.S. applications. Status of related applications in other jurisdictions may differ.#24CONCLUSION Nikola Two is a running Fuel Cell Electric Prototype and in operation since 2019. Nikola owns IP related to vehicle integration, H2 storage & fueling, FC & system control, electric axle, suspension, and more. Nikola Tre BEV Truck 2021, FCEV Truck 2023, developed together with Iveco and based on S-Way chassis and cab. Nikola Co-Developing 70MPa HD Fueling and evaluating Fueling Hardware (nozzles, etc.) with industry group. ■ Nikola H2 stations will be available to both lease customers and public for Heavy Duty and Light Duty fueling. Nikola working on DOE funded MEA development projects to meet durability requirements for HD (next generation fuel cell). N NIKOLA#25NIKOLA N TRANSPORTING THE FUTURE TO NOW.