Nikola Results Presentation Deck

08 // PAGE NIKOLA WVR | NIKOLA INVESTMENT Low-Cost, Low-Carbon Hydrogen Production NIKOLA ACQUIRES 20% INTEREST IN WVR PROJECT ● Acquired 20% equity interest at $250M valuation (50/50 split between cash and stock) (1) WVR is redeveloping an idle integrated gasification plant and installing a new Combined Cycle Hydrogen Turbine asset to produce low- carbon/zero-carbon hydrogen and electricity WVR is centrally located within a 250-mile radius of major cities and highly travelled trucking corridors • Utilize carbon capture & storage (CCS) in production of H₂ from petcoke and other byproducts o CO₂ emissions will be sequestered before entering the atmosphere Ability to offtake up to 20% of overall H₂ production (~50 metric tons per day) o WVR is projected to produce ~268 metric tons H₂ / day (net) ● < $1.00 Anticipated price to purchase 1 kg of H₂ via offtake agreement o Does not include the cost and capital investment for on-site storage, liquefication, distribution, and dispensing TRUCK UPDATES COOLIDGE FACILITY UPDATE (2) MINNEAPOLIS SERVICE AREA CHICAGO ~250 miles ST. LOUIS MILWAUKEE DETROIT WV RESOURCES TERRE HAUTE, INDIANA ULM FACILITY UPDATE WVR DEALER NETWORK Q2 2021 RESULTS COLUMBUS NASHVILLE 1) NKLA shares issued were calculated based on the 30-day average trailing price prior to deal execution / $25M. This resulted in 1,682,367 shares of common stock issued at $29.1M and a put right with a value of $3.2M as of the closing date 2) Management estimate based on spot forward rate of electricity (MISO Indiana Hub Average Day Ahead Power Price) and WVR debt service requirements for anticipated Department of Energy loan ATLANTA PITTSBURG CHARLOTTE Q3 & FY 2021 OUTLOOK APPENDIX

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