Hyzon SPAC Presentation Deck

Valuation Benchmarking Hyzon Valuation Based on Post-Money Enterprise Value of $2.1bn 2024E EV / Sales 0.9 x HYZON 6.5 x HYZON 31.4 x HYZON | DCRB+ fuelcellenergy 69.6 x fuelcellenergy 29.0 x POWERCELL 118.6 x nel. Median: 20.6 x 22.4 x PLUG POWER 113.9 x 20.6 x Median: 108.8 x BALLARD BALLARD 103.7 x PLUG POWER ■ Hydrogen 16.4 x ITM POWER 81.6 x 11.0 x 2024E EV / EBITDA ITM POWER nel. 58.5 x POWERCELL Source: Market data as of 12-Jan-2021. Hyzon, Luminar, Innoviz and Romeo EBITDA and sales per management estimates. 2.6 x NIKOLA ■Auto Tech Suppliers NM N NIKOLA 17.5 x LUMINAR 135.9 x INNOVIZ TECHNOLOGIES Median: 6.1 x 6.9 x INNOVIZ TECHNOLOGIES 39.3 x Median: 32.8 x Velodyne® 5.3 x ■ New Energy OEMs Velodyne 26.2 x LUMINAR CLEAR AND OBSERVED PREMIUM VALUATION FOR HYDROGEN PLAYERS 1.9 x FINANCIALS ROMEO POWER TECHNOLOGY 11.3 x ROMEO POWER TECHNOLOGY 9.8 x T TESLA 48.3 x T TESLA 40

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