Nikola SPAC Presentation Deck

EXPECTED STATION CAPEX CAPEX PER FCEV HYDROGEN STATION BUILD-UP $M -$2M LAND & BUILDING -$15M HYDROGEN EQUIPMENT -$17M Project station capex of $17M, representing capex of $26K per FCEV truck TOTAL STATION CAPEX -13X -221M total station revenue = a) $350k fuel revenue per truck x b)-210 trucks per station x c) 3 lease cycles supported by each station Land and building CAPEX based on required acres and building sq. ft. per station, market cost rates of land per acre and construction of retail building per sq. ft. Hydrogen Equipment comprised of key hydrogen station components (Electrolyzer, Storage Tanks, Rectifier, and Fueling Dispensers) Total Station CAPEX is inclusive of all Hydrogen Station components and labor (Land & Building, Hydrogen Equipment, and Installation Costs) Station Lifetime Fuel Revenue is "13x Station CAPEX "$221M Fuel Revenue per Station Lifetime/ $17M Total Station CAPEX -$221M Lifetime Fuel Revenue Calculation represents 93,333 kg of Hydrogen Fuel included per lease. Assumed $3.75/kg sale price. 3 "Truck Product Cycles" with 210 Trucks supported per cycle by single station. 93,333 kg x $3.75/kg x 630 Trucks="$221M Fuel Revenue per Station Lifetime FUEL REVENUE PER STATION LIFETIME Assuming a lifetime of 21 years per station, and a capacity of 210 trucks per station with a lifetime of 7 years, each station will operate through 3 product cycles or 630 trucks LIFETIME OF FCEV HYDROGEN STATION ~21 YEARS ILLUSTRATIVE PURPOSES ONLY; ACTUAL MAY VARY STATION CAPACITY ~210 FCEV It is expected that each station will be able to serve-210 trucks in operation LENGTH OF FCEV LEASE 7 YEARS Each FCEV lease will have a duration of 7 years STATION CAPEX PER FCEV ~$26K Its is expected that each station will be able to serve -630 FCEV trucks through its lifetime Its is expected that FCEV stations will be -60% debt financed

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