Advent SPAC Presentation Deck

Valuation & Peer Group EV / REVENUE Multiples Advent 2024E Multiple Advent 2024E Multiple 12.7x EV / EBITDA Multiples 7 ADVENT 5.4x 2.7x NM NM 2021-2023 Revenue CAGR Market Capitalization ($m) 13.7x ADVENT 114.8% $462m (1) (1) 29.9x 20.6x NM BALLARD 13.6x 410.2x 91.4x BALLARD Developer & manufacturer of PEM fuel cells 46.7% $6,443m 42.3x 29.8x 26.2x POWERCELL Core Comps NM NM 52.9x POWERCELL Developer & producer of hydrogen fuel cell stacks and systems 67.3% $2,162m $326 million valuation facilitates substantial value uplift based on peer group multiples 72.8x 65.6x CeresPower! NM NM CeresPower 57.2x 339.1x Fuel cell technology & engineering company 23.6% $3,219m Core Comps Note: Market data as of January 4, 2021. Market capitalization presented on a fully diluted basis using the treasury stock method. (1) Advent multiples represent implied Transaction Adjusted multiples based on PF Enterprise Value of $326m. "NM" indicates the data is not meaningful (negative revenue or EBITDA, or multiple above 500x). 40.7x 26.8x NM ITM POWER 17.3x 118.6x 75.7x ITM POWER PEM technology for hydrogen electrolysers and fuel cells 93.9% $3,562m 33.9x 24.6x PLUG POWER Other 198.8x 126.6x PLUG POWER 17.7x Other 79.9x Design and manufacturing of hydrogen fuel cell systems 38.9% $20,572m 28.3x Legend NM 20.2x fuelcellenergy 224.6x 2022E 2023E 2024E 13.4x 30.3% $3,505m 78.6x fuelcellenergy Direct gas natural gas fuel cell manufacturer AMCI ADVENT Acquisition Corp. 36

View entire presentation