Microvast Holdings, Inc. · NASDAQ:MVST
Microvast — Tuscan Holdings — SPAC Merger (February 2021)
32 slides from Microvast's SPAC merger presentation, Feb 1, 2021
Slide 1: Investor Presentation February 2021
INVESTOR PRESENTATION February 2021
Slide 2: Disclaimer
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE This presentation (the “presentation”) is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a reco
Slide 3: Disclaimer (continued)
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE No Offer or Solicitation : This presentation is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicit
Slide 4: Tuscan Holdings and InterPrivate Capital Overview
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE Sponsor Co - Sponsor and Advisor 4 Tuscan Holdings and InterPrivate Capital Overview Note: 1. InterPrivate Acquisition Corp. has entered into a definitive agree
Slide 5: Microvast Leadership Team + Transaction Overview
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 5 Microvast Leadership Team + Transaction Overview Notes: 1. Assumes no redemptions 2. Includes $482.5MM in PIPE proceeds and $57.5MM in proceeds from Convertib
Slide 6: Investment Highlights
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 6 Investment Highlights Partnerships with industry leaders, with over $ 1.5Bn in contracted revenue through 2027 providing high visibility 5 L eading fully - ow
Slide 7: Company Overview
2, ene microvast® Company Overview
Slide 8: Microvast's Vision
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 8 Microvast’s Vision Energy Density Long Life Fast Charging Safe » Deliberately built technology for high performance and mobility » Developed distinct technolo
Slide 9: Microvast at a Glance
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 9 Microvast at a Glance Vertically Integrated, Fully - Owned Proprietary Technology Portfolio $100MM + 2020E Revenue $ 1.5Bn + Contracted Revenue T hrough 2027
Slide 10: Established Global Presence Provides Solid Foundation for Growth
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 10 Established Global Presence Provides Solid Foundation for Growth Note: 1. MOU: Memorandum of Understanding 2006 2008 2019 2014 2016 2020 2021 2022 Headquarte
Slide 11: Complete Battery Solutions for a Broad Range of Applications
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 11 Complete Battery Solutions for a Broad Range of Applications Note: 1. All images are copyright of their respective owners PASSENGER VEHICLES (PV) High energy
Slide 12: Large Addressable Market at a Key Inflection Point
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 0 2 4 6 8 10 12 14 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Commercial Vehicle Sales in U.S., Europe, China, Japan & South Korea (3) Units (MM) 12
Slide 13: Opportunities to Expand to Adjacent High-Growth Markets
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 13 Opportunities to Expand to Adjacent High - Growth Markets Notes: 1. TAM based on battery demand (GwH) estimates from Bloomberg New Energy Finance (BNEF), as
Slide 14: Microvast Has Best-in-Class Battery Cell Technology
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 14 Microvast Has Best - in - Class Battery Cell Technology Battery Cell Capabilities: Microvast vs. Leading Competitor Energy Density +30% ( 330 Wh/kg ) +30 % (
Slide 15: Microvast's High Performance Technology: Illustrative Comparison
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 15 Microvast’s High Performance Technology : Illustrative Comparison Microvast’s In - Production Technology as Illustrated in a Leading Passenger BEV Notes: 1.
Slide 16: Proprietary Technology Across All Battery Components
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE Proprietary Technology Across All Battery Components Broad Portfolio of Cell Chemistries Suited to Specific Applications Unique Capabilities Down to the Cell Le
Slide 17: Vertical Integration Enables Solution Breadth and High Margins
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 17 Vertical Integration Enables Solution Breadth and High Margins Vertically Integrated From Initial Concept Development to Final System Manufacturing Establish
Slide 18: Landmark CNH / FPT Contract Underscores Growth Potential
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 18 Landmark CNH / FPT Contract Underscores Growth Potential Notes: 1. Total assumed revenue of >$ 1.5Bn over 7 - year contract term (through 2027), of which ~$9
Slide 19: Recent Business Wins With Marquis Global Customers
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 19 Recent Business Wins With Marquis Global Customers Demonstrate Business Momentum Long - Standing Partnerships with Leading Global Customers Recent wins with
Slide 20: Contracted Pipeline up to 2025 Provides Significant Revenue Visibility
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 20 Contracted Pipeline up to 2025 Provides Significant Revenue Visibility Notes: 1. Pipeline maintained through 2025, whereas contracted revenue extends through
Slide 21: Highly Attractive Financial Profile With Potential for Accelerating Growth
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 21 Highly Attractive Financial Profile With Potential for Accelerating Growth and Stable Margins Note: 1. Includes ~5% of Passenger Vehicle Sales Adj. EBITDA by
Slide 22: Transaction Overview and Valuation
Transaction Overview and Valuation
Slide 23: Proposed Transaction Overview
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 23 Proposed Transaction Overview Notes: 1. Pro Forma share count includes ~27.6MM SPAC shares, ~7.9MM SPAC founder shares, ~55.0MM PIPE investor shares (which i
Slide 24: Operational Benchmarking
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 24 Operational Benchmarking Notes: 1. Based on projections in QuantumScape September 2020 Investor Presentation; de minimis revenue of $39MM and gross profit of
Slide 25: Valuation Benchmarking
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 1.6x 1.0x 0.8x 54.3x 4.6x 1.7x 1.2x 16.0x 15.7x 7.1x 4.7x 4.0x 1.9x 1.8x 2024E 2025E 2026E 2026E 2027E 2024E 2025E 25 Valuation Benchmarking Notes: 1. Microvast
Slide 26: Valuation Multiple in Perspective
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 0.0x 20.0x 40.0x 60.0x 80.0x 100.0x 120.0x 140.0x 160.0x 0% 25% 50% 75% 100% 26 Sources: Company filings and Capital IQ as of 1/29/2021 Valuation Multiple in Pe
Slide 27: Battery technology innovator focused on electrifying the CV market
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 27 Battery technology innovator focused on electrifying the large, growing CV market Differentiated, proprietary technology across the entire battery system – f
Slide 28: Supplementary Materials
2, ene microvast® Supplementary Materials
Slide 29: Battery 101: How Battery Technology Works
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE Energy Density (Wh/kg) (1) Higher energy density offers greater range and longer screen time Charging Time Faster charging capability offers greater mobility 29
Slide 30: Market Overview: EV Adoption Driven by Secular Growth Drivers
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE Market Overview: EV Adoption Driven by Secular Growth Drivers Electrification Driven by Powerful Structural Factors Economies of scale driving down Total Cost o
Slide 31: Microvast's Entrepreneurial Team Committed to Innovation
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 31 Microvast’s Entrepreneurial Team Committed to Innovation • 11+ years experience in lithium - ion battery business • Worked for The Dow Chemical • Board of Di
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