Nikola SPAC Presentation Deck

H₂ STATION ROLL-OUT DEDICATED SINGLE-STATION STRATEGY HYDROGEN STATION ROLL-OUT STRATEGY Hydrogen fueling stations will be built one at a time along dedicated routes, based on customer need and network optimization ● ● ● ● ● ~450,000 trucks, or ~25% of total fleets(²), operate along dedicated routes, typically between a plant and distribution center along major freight corridors Initial build out of 1,200 station equivalents (3) will be developed to serve this section of the market (based on 210 trucks per 8,000kg station) Station locations determined by pre-orders, selecting customers with routes along the most trafficked freight corridors First stations may potentially operate as hubs, allowing fleets to refuel within a 250-mile radius Projected average one-time station capex of $16.6M expected to support 630 leases over 21 years improvements in technology are expected to reduce capex by 10% in 2025 and beyond Targeting dedicated routes segment enables a focused roll out of H₂ station network to optimally manage capital outlay PROJECTED TOTAL STATION CAPEX One Time Station Related Capex Station Production and Fueling Equipment Land and Building Total Station CapEx 210 Trucks x 3 Product Cycles Total Station Capex per 7-year Truck Lease (1) NEL A-485 electrolyzer 50MPa Hydrogen 1,000kg/day 2.2MW Storage 1. Includes transformer/rectifier, electrolyzers, supply compressors, hydrogen storage, fueling station equipment, dispensers and installation 2. Management/industry source estimate 3. Equivalent of 1,200 stations producing 8,000kg; actual number of locations will likely vary as some stations will produce >8,000kgs $ $ Key Hydrogen Station Components $ 14,860,000 1,750,000 16,610,000 630 26,365 Dual H₂Station® Fueling 1,000kg/day two dispensers N 21

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