Nikola SPAC Presentation Deck

FCEV TRUCK DEMAND CATALYZES BUILD OUT OF HYDROGEN INFRASTRUCTURE BENEFITS OF HYDROGEN PRODUCTION AND REFUELING Fast refuel time-similar to today's refueling time for diesel engines Hydrogen fuel can be produced from a variety of renewable sources Hydrogen production serves as a load balancing mechanism for the grid-enabling further incorporation of renewable power sources Hydrogen can provide an effective form of storage for intermittent energy sources HYDROGEN AS ENERGY STORAGE Water Electricity Electrolysis process utilizes water and electricity to create Hydrogen and Oxygen Hydrogen Oxygen (By-product) Hydrogen is an efficient storage method of renewable electricity, with potential to reduce stress on grid LEADING THE CHARGE FOR INDUSTRY STANDARDS Nikola and other industry leaders signed an MOU in early 2019 to assist in standardization and increase the speed to market for critical hydrogen fueling components In December 2019, Nikola was voted co-chair of the consortium by its members-validating its position as a first-mover in the industry Air LiquideHYUNDAI nel TOYOTA Fuel Cell Electricity Water (By-product) 1 NEL designed Danish planned H, network, expected to initially consist of 11 stations utilizing NEL's electrolysis technology nel. Partnership with NEL provides access to deep electrolysis H₂ production expertise to deliver zero emissions transportation ecosystem 90+ Years of Experience >3,500 Electrolyzers Delivered ~50 H₂ Fueling Stations Installed Customers in 80+ Countries Designed 1st Country-Wide H₂ Network 21

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