Aeva Technologies, Inc. · NASDAQ:AEVA
Aeva Technologies — SPAC Merger (November 2020)
33 slides from Aeva Technologies's SPAC merger presentation, Nov 19, 2020
Slide 1: Investor Presentation November 2020
AEVA Investor Presentation November 2020
Slide 2: Legal Disclaimer
Legal Disclaimer AEVA Disclaimers and Other Important Information pI making their ¥ pany’ Comp. CIPV" 3") and for no other purpose. ys IPVand Aeva, this in part), and person, except your r eed to know to sell, or t0 buy, or roxy, vote, y i , such offer, solicitation or sale may jurisdiction ‘advice
Slide 3: Legal Disclaimer (Cont'd)
Legal Disclaimer (Cont’d) Lo Use of Projections. ‘ Pl future results. financial economic, See"F ‘above. Actual ly Financial Information; Non-GAAP Financial Terms ingh i or may any proxy ep. IPV with the SEC. Furthermore, Such as Adjusted EBITDA (and (GAAP"), Aeva and IPV believe these for SPV trend
Slide 4: InterPrivate Acquisition Corp Overview
InterPrivate Acquisition Corp Overview AEVA Highly Experienced IPV Management Team INTERPRIVATE Ahmed Fattouh CEO Brian Pham Partner, Tech & Life Sciences fy \ Alan Pinto ros Partner, Industrials and Capital Markets Brandon Bentley General Counsel Minesh Patel Vice President 20+ years of experience
Slide 5: Aeva's Experienced Team
Aeva’s Experienced Team A Founded in 2017 by former leaders from Apple and Nikon Head of Sensing Program Management at Apple SPG s Led System Program Management for Apple Watch 1 Founder at BlueLibris (Acq’d) - wearable health sensing Product rg Stanford Mechatronics Mina Rezk Led World’s 1st Commer
Slide 6: Groundbreaking Technology
Slide 7: Aeva's Rapid Pace of Breakthrough Technology To Market
Aeva’s Rapid Pace of Breakthrough Technology To Market {\ BUSINESS /\ Ee New ork Gimes CSED AE Audi Founded Aeva’s Publicly Featured by NYT Released A-Series 4D Revealed Partnership with By Soroush Salehian and Mina Rezk —_| “New Eyes for Driverless Cars” LIDAR to Key Partners ‘Audi AID 2017 2018 20
Slide 8: Key Investment Highlights
Key Investment Highlights A Breakthrough Technology To Capture Existing TAM & Create New Categories World’s first 4D LIDAR on a Chip combining instant velocity, long range, low power consumption at industry leading costs Proven silicon i hnology, ing mass pr ion scale across broad applications The “
Slide 9: Evolution of Sensing for Machine Perception
Evolution of Sensing for Machine Perception A COLOR ee; @ DEPTH © INERTIAL MOTION oy De VELOCITY Sensing Requirement REFLECTIVITY CouDe [| L Radar Legacy ToF LiDAR Other LiDARs today GB Meets Perception ™l Partially Meets Does Not Meet = ° ° ° Machine perception has evolved from using basic vision s
Slide 10: Massive Opportunity Across Multiple Large Markets
Massive Opportunity Across Multiple Large Markets AEVA Contracted Projects Underway in Automotive... ... Drive Expansion into Proven Applications Using 4D LiDAR Technology Automotive Trucking Passenger Cars Mobility i > sb ad SF +$100Bn +$160Bn ADAS+AV ADAS+AV 2025E TAM 2030E TAM Production Start 20
Slide 11: High Visibility on 2025 Revenue
High Visibility on 2025 Revenue AEVA Agreements with top four automotive customers represent +$440MM in 2025E Revenue — Represents ~50% of 2025E Total Revenue — Partners include leaders in automated and autonomous driving across Passenger Cars, Trucking, and Mobility/Technology — Additional pipeline
Slide 12: Redefining Perception for Consumer Applications
Redefining Perception for Consumer Applications (s 4D LiDAR chip unlocks perception across devices * 6x Longer Range allows for Augmented Reality and Virtual Reality in large open spaces ¢ Micrometer depth precision provides superior resolution for high definition 3D mapping No sunlight degradation
Slide 13: Financial Summary
Slide 14: Differentiated 4D LiDAR Core Design
Differentiated 4D LiDAR Core Design... A Aeva 4D LiDAR FMCW! / Coherent Detection Aeva is the Only FMCW LiDAR Company Meeting P ption Needs Silicon Photonics Chip Processing re () Low Power Eye Safety Margin Low [High High Pulsed Power All LiDARs Today AEVA 4D LiDAR Superior Capability Vv Instant Ve
Slide 15: Underpinned by Proprietary Breakthrough Technology
.Underpinned by Proprietary Breakthrough Technology ‘A Custom S ductor — Fiber-less Laser Silicon Photonics laser based on proven processes 30x Tower costs vs Legacy LiDAR Proven CMOS based photodetector integrated on Silicon Photonics without the use of exotic processes Key LIDAR components integra
Slide 16: Aeva 4D LiDAR Technology Snapshot
Aeva 4D LIDAR Technology Snapshot 12 mis
Slide 17: Only Solution Meeting Next-ADAS and AV Requirements at Cost
Only Solution Meeting Next-ADAS and AV Requirements at Cost Automotive Requirements Next-ADAS and AV Competitor 4 C itor 2 a 3 4 Requirement AEVA Automotive Grade Automotive / Tier 1 oO Yes @ In House Dev r ) In House Dev @ Yes oO Yes Range @ 10% (m) >200 @ x @ x @ x @ 110/170 @ Best Resolution (°)
Slide 18: Strategic Partnerships with Top Automotive Players
Strategic Partnerships with Top Automotive Players A Regces to VW Majority Owner Strategic Partner Automotive Production Partner Porsche SE Majority Owner of VW Group Investments in Aeva in 2018 and 2019 Partnership with Audi AID announced in 2019 ° ZF is one of the world’s largest automotive Tier1
Slide 19: Partnering with World's Top OEMs to Bring 4D LiDAR to Mass Production
Partnering with World’s Top OEMs to Bring 4D LIDAR to Mass Production AEVA » Aeva is actively engaged with 30 of the top players in automated and autonomous driving across Trucking, Passenger and Mobility/Tech » Agreements with top four automotive customers represent +$440MM in 2025E Revenue’, repre
Slide 20: Development Timeline to Deploy Global Scale by 2024
Development Timeline to Deploy Global Scale by 2024 ‘A Utilizing production ready automotive Tier1 manufacturing partners for rapid and global scale to customers by 2024 Illustrative Timeline to Series Production Auto-B Sample Development, Auto-B Production & Qualification Auto-C Production & Qualif
Slide 21: Bringing Perception to Broad Applications
Bringing Perception to Broad Applications A Diverse Applications Automotive e => Consumer Electronics @ Consumer Health @ Industrial & Security @ Powerful Software Stack & ar @ «o } WW Detection Classification Motion State Device PoGiionix Bio Remote Module Module Estimation J metrics ID eee @ce e0e
Slide 22: Transaction Overview
Slide 23: Robust Growth Trajectory
Robust Growth Trajectory AEVA r » We sell perception solutions across four verticals 4D LiDAR System + Perception Software for Automotive, Industrial, and Security Silicon Photonics Engine + Software for Ci » Sales to Automotive OEMs for production vehicles expected to commence in 2024 and include A
Slide 24: Attractive Margin and Free Cash Flow Profile
Attractive Margin and Free Cash Flow Profile AEVA r » Highly profitable business model demonstrated by healthy margins — Aeva system is composed of 3 core components, each is already being produced based on proven high volume semiconductor processes providing high visibility into production COGS. Si
Slide 25: Path to ~$3Bn 2030E Adjusted EBITDA
Path to ~$3Bn 2030E Adjusted EBITDA A Potential Long-Term Growth Vectors 2030E Targets » Further adoption of L2+/3 ADAS and L4/5 Autonomy in passenger cars, trucks and mobility platforms » Proliferation of LIDAR for use in consumer electronics (phones, tablets, and smart devices in the home) » Broad
Slide 26: Slide 26
Slide 27: Transaction Overview
Transaction Overview Transaction Structure InterPrivate and Aeva entered into a business combination agreement on November 2, 2020 The transaction is expected to close in Q1 2021 Itis anticipated that the post-closing company will be listed on the NYSE and retain the Aeva name Valuation Transaction
Slide 28: Pro Forma Equity Ownership
Pro Forma Equity Ownership Sources and Uses"? Pro Forma Valuation* $ in millions $ in millions (Share Price in $) InterPrivate Trust? $243 Share Price $10.00 Rollover Equity $1,700 Pro Forma Shares Outstanding 213.056 PIPE $120 Total Sources $2,063 [Equity Value l $2,134 | Plus: Debt 0 Less: Gash fo
Slide 29: Operational Benchmarking
Operational Benchmarking AEVA CY2019A-CY2022E Revenue CAGR Median: 126% 192% t 187% Median: 14% 2% &% mA ovo. SLXIUINX LUMINAR 2022-2025 2022-2025? 2021-2024? CY2019A-CY2022E Average Gross Margin Median: 61% 64% 58% 2025, EEXIUINK Sow. CY2019A-CY2022E Average EBITDA Margin LUMINAR Velodyne™ 2025? 20
Slide 30: Valuation Benchmarking
Valuation Benchmarking AEVA EV / CY2021 (CY+1) Revenue : Median: 13.3x on plledian: 14.2% : Median: 3.1x .7X 17.4x 8.6x a SJowora. SLXILINX Pie 7 tayaion es pe TESLA 2025 2017" me EV / CY2021 (CY+1) EBITDA : Median: 32.0x 74,4hledian: 57.2x Median: 10.4x 44.6x AN Sworn. ‘ELXIUINK -— 7. 2025 2017" 40
Slide 31: Valuation Multiple in Perspective
Valuation Multiple in Perspective AEVA EV / CY2021 (CY+1) EBITDA © thee, ‘Ambarelat 70.0x 60.0, feSeEn 50.0x, 40.0% ph 2014-2017! 30.0 e@ ‘SxuNx Povo. 20.0x, © Velodyne™ 10.0x 2021-2024 LUMINAR 2022-2025 © AEVA © 2022-2025 0.0x 0% 25% 50% 75% 100% 125% 150% 175% 200% 2019A-2022E Revenue CAGR (%) 1 C
Slide 32: Transaction Represents Attractive Discount to Peers
Transaction Represents Attractive Discount to Peers A Key Inputs and A ptions + The applied range of EBITDA multiples are centered around the median of Aeva’s peer group 37.7x CY2021E (CY+1) EBITDA, with sensitivities built in on both the high and low ends + Implied Future Enterprise Value calculate
Slide 33: Perception for All Devices
Perception for All Devices