Nikola Investor Day Presentation Deck

50 PAGE V1OXIN PRODUCTION INCENTIVES INCENTIVES CURRENT / POTENTIAL Existing and proposed legislation is expected to allow Nikola to capitalize on further value creation 45Q - Qualified Carbon Capture !!!! Existing tax credit of $12-$50/mt of CO₂ captured & sequestered. - Proposals in congress could boost to $175 / mt - current consensus target increase is centering around ~$85 / mt Potential Incentive Value(1): ~$0.07 - $0.52 / kg 1) Based on $12-$85 Credit Value/mt of CO₂ ● Producer Tax Credit (PTC) CO₂e kgs to produce a kg of H₂ At least 0.0 but less than 0.45 At least 0.45 but less than 1.5 At least 1.5 but less than 2.5 At least 2.5 but less than 4 At least 4 and not more than 6 PTC per kg $3.00 $1.002 Potential Incentive Value: ~$0.45 - $3.00/ kg 75¢ 60¢ 45¢ Not currently available - "Build Back Better" bill proposed Up to $3.00/kg H₂ produced Credits dependent on CO₂ emittance per kg H₂ produced

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