Nikola SPAC Presentation Deck
EXPECTED MANUFACTURING FACILITY AND
HYDROGEN STATION ROLL OUT CAPEX
HYDROGEN
STATIONS
MANUFACTURING
FACILITY (INCL.
EQUIPMENT)
PURCHASE OF
HQ (PHOENIX)
OTHER FIXED
ASSETS
EXPECTED CAPEX DEVELOPMENT (SM)
$M
$M
NIKOLA TWO
Equipment
Maint. CAPEX
Facility
2019
2019
39
2019
FOLLOW DEVELOPMENT OF FCEV
TRUCKS ON THE ROAD
Phase 1
2020
2020
-3X
2021
2020
2021
Phase2
2022
Equipment -40% of total
facility Investment
25
2022
2021
2023
2024
2023
Large part of CAPEX in 2020 is related to a
one-time expense, covering R&D for a test
facility to develop and prove out the Nikola
BEV and FCEV powertrains, as well as a plot
hydrogen station
2022
KEY CONSIDERATIONS
Hydrogen station CAPEX will follow development on FCEV
trucks on the road (need for fuelling stations)
One hydrogen station is expected to be able to serve -210 FCEV
trucks (max utilization) for 3 lease cycles (21 years expected
station lifetime)
Lead time to develop station -6 quarters
Phase 1 investment expected in range of $100M
Phase 2 investment expected in range of $500M (incl. paint line)
• Of phase 2 investment-60% accur in 2021, about half as much
in 2022 and remaining in 2023
Equipment maintenance to be about 5% of total manufacturing
facility investment per annum after facility investment completed
Phoenix HQ building expected to be purchased in 1H 2022 for
$25M
• Increase in 2020 driven by R&D (-65% of 2020 other fixed
asset CAPEX) and pilot hydrogen station (-20%)
2021 expected somewhat above long term as projects initiated
in 2020 close in 2021
From 2022, other fixed asset CAPEX to stabilize around $6-8M
per annum
ILLUSTRATIVE PURPOSES ONLY; ACTUAL TIMING OF CAPEX MAY VARY SIGNIFICANTLY
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