Nikola SPAC Presentation Deck

DEDICATED FCEV FLEET ROLL OUT CASE STUDY ANHEUSER-BUSCH (AB) AB PILOT STATION • Currently working with Nel to build 8-ton hydrogen station near the Anheuser-Busch brewery in Van Nuys, CA Station capable of producing 8,000 kgs of hydrogen per day • Station expected to be fully commissioned in 2022 . . Fleet Test Beta Trucks with AB Starting mid-2021 utilizing Phoenix hydrogen station until Van Nuys station complete in 2022 Initial site selection determined based on customers' dedicated routes • Nikola's first two stations are planned to support approx. 400 miles interstate along 1-10 between AB's Van Nuys, CA brewery and a third- party distribution partner located in Chandler, AZ ☆☆ * Brewery Locations * Distribution Centers * Third-Party Distribution Partner NIKOLA Van Nuys, CA ANHEUSER-BUSCH STATION LOCATIONS • AB to convert entire distribution fleet (approx. 800 trucks) to Nikola trucks . • AB has 12 breweries and 6 distribution centers located across the United States • Nikola anticipates developing a hydrogen station near each brewery location to provide access to each distribution center • Additional stations may be developed at certain distribution centers depending on the roundtrip length of the lane 27

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