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Investor Presentaiton

Business Model Underpinned by Strong Unit Economics California Project • 2 100kW and 4 175kW chargers equipped with 2 Tesla Connectors in LA • Assumes both program funding and partner funding at beginning of project Non-California Project . • 2 100kW and 2 350kW chargers equipped with 2 Tesla Connectors in Washington Assumes only program funding at beginning of project, as well as a lease bonus to the host ($ and kWh in thousands) kWh Dispensed Utilization Revenue ($ and kWh in thousands) Year 0 Year 1 Year 7(1) Year 0 Year 1 Year 7 (1) 155 705 kWh Dispensed 145 8.9% 22.9% Utilization 11.1% 545 23.7% $265 $470 Revenue $70 $245 (-) Operating Expenses (180) (290) (-) Operating Expenses ($10) (50) (95) EBITDA $85 $180 EBITDA ($10) $20 $150 Net capex (260) Net capex (165) Annual Cash Flow Payback period ($260) $85 $180 2.5 yrs. Annual Cash Flow Payback period ($175) $20 $150 3.5 yrs. 7 Year Unlevered IRR: 35.0%+(1) Payback period: ~2.5 years Average cash yield: ~50%(1) Robust underwriting standards underpin disciplined capital allocation Multi-faceted analysis for each charging underwriting Proprietary utilization data and sophisticated forecasting tools 7 Year Unlevered IRR: 30.0%+(1) Payback period: ~3.5 years Average cash yield: ~50% (1) Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Cumulative Cash Flow Year 0 Year 1 Annual Cash Flow Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (1) Source: EVgo Bertie analysis toolkit. EVgo believes charging assets have 10+ year useful life. Underwriting evaluation period limited to 7 years to de-risk projections. EVgo 24
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