Nikola SPAC Presentation Deck

H₂ STATION UNIT ECONOMICS HYDROGEN STATION KEY ASSUMPTIONS $0.035/kWh of electricity • 61.2 kWh needed to produce 1 kg of hydrogen • 11.1 liters required to produce 1 kg of hydrogen • 3 FTE per station • 100% station utilization, or 8,000 kg per day (2,920,000 kg per year) • Station useful life of 21 years . Station CapEx Fuel Revenue-210 Trucks Station Fuel & Operating Cost Annual Unlevered Cash Flow Hydrogen Station Direct Fixed Costs Repair and Maintenance Insurance Costs and Charges Station Personnel Cost [A] Total Operating Expenses Station Depreciation Total P&L Expense Working with Nel, Nikola plans to generate hydrogen at scale in a cost effective manner [B] Annual H2 Production (tonnes) Cost per kg (excl. Depreciation) CASH GENERATED PER STATION-630 TRUCKS (3 LEASE CYCLES) implied 21-Year Unlevered IRR Implied 21-Year Levered IRR Pre-Delivery ($16,610,000) (516,610,000) 21% 43% Year 1 10,500,000 (6,919,114) $3,580,886 Annual Cost to Produce Hydrogen Hydrogen Station Direct Variable Costs Electricity Consumption Cost Water Consumption Cost Year 2 10,500,000 (6,919,114) $3,580,886 Single-station model expected to generate cash to fund future stations and potentially have access to multiple financing options to fund ongoing H₂ network development Year 3 10,500,000 (6,919,114) $3,580,886 Year 4 $ 6,254,640 39,407 640,000 166,100 115,500 $ 7,215,647 731,429 $ 7,947,076 $ 10,500,000 (6,919,114) $3,580,886 2,920 2.47 Year 5 Assumption Notes 10,500,000 (6,919,114) $3,580,886 178,704 MWh @ $35.00 per MWh 8,585,484 # of galions@ $4.59/1,000 gallons 8.0% % of total station capex 1.0% % of total station capex 3.0 # of FTE's @ $35k salary + 10% benefits Year 6 Electrolyzer power consumption of 52.8 kWh/kg [A]/[B] 10,500,000 (6,919,114) $3,580,886 Year Years 1-7 ($16,610,000) 10,500,000 73,500,000 (6,919,114) (48,433,797) $8,456,203 $3,580,886 Years 1-21 Full Station Life ($16,610,000) $220,500,000 ($145,301,392) $58,588,608 A combination of debt and equity financing (at the station level) may be utilized to maximize capital efficiency and return to shareholders 1 Assumes station at 100% utilization; based on initial costs, savings are expected in 2025 and beyond due to anticipated advances in technology 2. Repair and maintenance includes monthly, quarterly, and annual inspections of the electrolysers, dispensers and compressors, sensors and detectors, worn out parts (including the work done to replace them), replacement filling of misc. medias, analysis and optimization of operation parameters, remote monitoring, and troubleshooting 3 1 metric tonne-1,000 kg 4. Given construction lead-time for each station, upfront station capex for the first lease cycle is assumed one year prior to cash flow generated in Year 1 5. Represents all hydrogen station operating expenses including electricity costs, water costs, station personnel, and station maintenance, excludes corporate G&A expenses 6. IRR based on quarterly cash flows evenly spread over each year unless otherwise noted 7. Assumes stations are financed with 60% debt, with a maturity of 10 years and a 6% interest rate 24

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