Aeva Technologies, Inc. · NASDAQ:AEVA
Aeva Technologies — SPAC Merger (November 2020)
36 slides from Aeva Technologies's SPAC merger presentation, Nov 2, 2020
Slide 1: Investor Presentation November 2020
AEVA ics Investor Presentation November 2020
Slide 2: Legal Disclaimer
Legal Disclaimer Lo Disclaimers and Other Important Information ‘This presentation (this "Presentation" s provided for informational purposes only and has been prepared to assist interested partes in making their own evaluation with respect to a potential Business combination between eva, Inc. (‘Aev
Slide 3: Legal Disclaimer (Cont'd)
Legal Disclaimer (Cont'd L> Use of Projections ‘This Presentation contains projected financial information with respect to Aeva. Such projected financial information constitutes forward-looking information, and is for ilustrative purposes only and should not be relied upon as necessarily being inica
Slide 4: InterPrivate Acquisition Corp Overview
InterPrivate Acquisition Corp Overview Highly Experienced IPV Management Team INTERPRIVATE Ahmed Fattouh = CEO Brian Pham Partner, Tech & Life Sciences Alan Pinto Partner, Industrials and Capital Markets General Counsel Minesh Patel Vice President Brandon Bentley 20+ years of experience in private e
Slide 5: InterPrivate Investment Thesis
InterPrivate Investment Thesis A Breakthrough Technology Bo eee en tts Infancy, with Profound Competitive Advantages « Automotive applications alone >$100Bn « 4D LiDAR on a Chip: superior performance at lower cost * Aeva significantly expands the TAM: * The “end state” for automotive applications Co
Slide 6: InterPrivate Transaction Summary
InterPrivate Transaction Summary AgVA Attractive Transaction Parameters Investing at the inflection point Underwriting only what we know Upside from robust pipeline of additional customers Priced at compelling valuation against recent comps Transaction Summary + $1,700MM pre-money equity valuation -
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Slide 8: Aeva's Experienced Team
Aeva’s Experienced Team Founded in 2017 by former leaders from Apple and Nikon Soroush Salehian CEO and Co-Founder Head of Sensing Program Management at Apple SPG Led System Program Management for Apple Watch 1 Founder at BlueLibris (Acq'd) - wearable health sensing Product Stanford Mechatronics a¢
Slide 9: Industry Disruptor Positioned For Long-Term and Sustainable Growth
Industry Disruptor Positioned For Long-Term and Sustainable Growth A AEVA Only provider of comprehensive perception solutions across devices developed on Silicon Photonics for mass market Large TAM of $118Bn+ in 2025E with significant penetration opportunity in automotive, consumer electronics and c
Slide 10: Evolution of Sensing for Machine Perception
Evolution of Sensing for Mach ine Perception A vie ©: REFLECTIVITY © INERTIAL, MOTION Sensing Requirement COLOR VELOCITY DEPTH — 2 Radar Legacy ToF LiDAR Other LiDARs today @® Meets Perception Mill Partially Meets Does Not Meet * Machine perception has evolved from using basic vision sensors to mult
Slide 11: Massive Opportunity Across Multiple Large Markets
Massive Opportunity Across Multiple Large Markets A AgVA Contracted Projects Underway in Automotive... ... Drive Expansion into Proven Applications Using 4D LiDAR Technology Trucking i? Automotive Passenger Cars & ~ S Mobility S ADAS+AV ADAS+AV +$100Bn > +$160Bn 2025E TAM 2030E TAM Production Start
Slide 12: Aeva's Rapid Pace of Breakthrough Technology To Market
Aeva’s Rapid Pace of Breakthrough Technology To Market BUSINESS /\ The New York Fimes CLED VOLKSWAGEN @ Audi ‘WW Porsche SE | a ec oe eee eee Founded ‘Aeva's Publicly Featured by NYT Released A-Series 4 Revealed Partnership with “Anncuneed Firs 40 GOAR Ful bal CEAU ea See By Soroush Salehian and Min
Slide 13: Groundbreaking Technology
Groundbreaking Hechnology
Slide 14: Differentiated 4D LiDAR Core Design
Differentiated 4D LIDAR Core Design... A Aeva 4D LiDAR FMCW! / Coherent Detection Legacy LiDAR (Time of Flight) AM/ Direct Detection Aeva is the Only FMCW LiDAR Company Meeting Perception Needs Silicon Photonics Chip Low Continuous Power Eye Safety Margin Low MMMM High High Pulsed Power All LiDARs T
Slide 15: Underpinned by Proprietary Breakthrough Technology
...Underpinned by Proprietary Breakthrough Technology A Custom Semiconductor Fiber-less Laser ty Custom Receiver Silicon Photonics Optical Engine Super Pixel Density Per Beam ASIC Processor with Unique DSP Perception Software + Proprietary semiconductor laser based on proven processes 30x Lower cost
Slide 16: Coupled with Uniquely Capable Application Software
...and Coupled with Uniquely Capable Application Software Yawrate [i Acceleration (a) 20 2Ams 5x Faster Detection and Centimeter Precision Motion Tracking for All 40m Increased Stopping ae Objects Using Instant Velocity per Distance oa Pixel at 10x Less Power Centimeter Grade Motion State Without Co
Slide 17: Aeva 4D LiDAR Technology Snapshot
Aeva 4D LiDAR Technology Snapshot 17
Slide 18: Aeva 4D LiDAR in Action
Aeva 4D LIDAR in Action Instant Velocity
Slide 19: 4D Perception Software
4D Perception Software 19
Slide 20: Only Solution Meeting Next-ADAS and AV Requirements at Cost
Only Solution Meeting Next-ADAS and AV Requirements at Cost A Automotive Requirements Next-ADAS and AV Competitor 1 Competitor 2 Competitor 3 Competitor 4 Requirement AEVA Automotive Grade Automotive /Tier 1 | @ Yes @ irtousedev | @ intousedev | @ ves @ vs Range @ 10% (m) >200 @ 250 oO 220 r 250 @ 4
Slide 21: Partnering with Top Automotive Industry Players
Partnering with Top Automotive Industry Players A VW Majority Owner Strategic Partner Automotive Production Partner * Porsche SE Majori f VW SresieS= MajonhyOwnens croup * ZF is one of the world’s largest automotive Tier1 * Investments in Aeva in 2018 and 2019 manufacturers to most top OEMs + Partne
Slide 22: 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 nea A » Aeva is actively engaged with 30 of the top players in automated and autonomous driving across Trucking, Passenger and Mobility/Tech Top 7 partners, including 3 Partners in Production Selection Stage and 4 Strategic Partne
Slide 23: Development Timeline to Deploy Global Scale by 2024
Development Timeline to Deploy Global Scale by 2024 A Utilizing production ready automotive Tier! manufacturing partners for rapid and global scale to customers by 2024 Illustrative Timeline to Series Production A Series Platform Production & i § Qualification Auto-B Sample Development | Auto-B Prod
Slide 24: Bringing Perception to Broad Applications
Bringing Perception to Broad Applications Diverse Applications (Automotive @ 2B ‘Consumer Electronics @ Electronics @ “i Consumer Health @ Industrial & Security @ se. Powerful Software Stack Detection Classification Motion State Module Module Estimation Device Positioning 2 VELOCITY DEPTH REFLECTIVI
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Slide 26: Robust Growth Trajectory
Robust Growth Trajectory + We sell perception solutions across four verticals — 4D LIDAR System + Perception Software for Automotive, Industrial, and Security — Silicon Photonics Engine + Software algorithms for Consumer Electronics » Sales to Automotive OEMs for production vehicles expected to comm
Slide 27: Attractive Margin and Free Cash Flow Profile
Attractive Margin and Free Cash Flow Profile A la 5 » Highly profitable business model demonstrated by healthy margins Estimated Gross Profit $552 Aeva system is composed of 3 core components, each is already being produced based on proven high volume semiconductor processes providing = Total gross
Slide 28: 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
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Slide 30: Transaction Overview
Transaction Overview A Transaction Structure InterPrivate and Aeva entered into a business combination agreement on November 1, 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 Transactio
Slide 31: 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 [$231 Plus: Debt 0 Debt Repayment F En
Slide 32: Operational Benchmarking
Operational Benchmarking AEVA CY2019A-CY2022E Revenue CAGR Median: 126% 192% H i 187% Median: 14% Median: 30% 24% adhd 31% 4% Ee — id LUMINAR Velodyne TESLA 2022-2025 2014-2017" 2022-2025" 2021-20248 CY2019A-CY2022E Average Gross Margin : Median: 67% Median: 61% 63% 69% 5% a a = aoe ra EEXILNX SJ. L
Slide 33: Valuation Benchmarking
Valuation Benchmarking Ev / CY2021 (CY+1) Revenue Median: 12.4x Median: 3.1x 16.4x 2.0x ‘a 2.8x ss ra Sowa, LUMINAR Velodyne — 2025% 20248 4 Median: 29.9x Median: 54.0x d Median: 10.4x 68.0x C a js a \ 7 Velodyne™ LUMINAR poe _— ‘2017! 20248 2025 " Mobieye francis dated o pre-anrouncement unatected
Slide 34: Valuation Multiple in Perspective
Valuation Multiple in Perspective A EV / CY2021 (CY+1) EBITDA To.0x te. @ Ambarella" 60.0x 50.0x 40.0x a 2014-2017" 30.0x 20.0x Velodyne* 10.0x. 2021-20242 LUMINAR 2022-20269 AEVA © 2022-2025 0.0x 0% 25% 50% 75% 100% 125% 180% 175% 200% 2019A-2022E Revenue CAGR (%) Computing Platforms Traditional LI
Slide 35: Transaction Represents Attractive Discount to Peers
Transaction Represents Attractive Discount to Peers A Key Inputs and Assumptions + The applied range of EBITDA multiples are centered around the median of Aeva’s peer group 36.6x CY2021E (CY+1) EBITDA, with sensitivities built in on both the high and low ends + Implied Future Enterprise Value calcul
Slide 36: Perception for All Devices