Nikola SPAC Presentation Deck slide image

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 53
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