ECP Environmental Growth Opportunities Corp
ECP Environmental Growth Opportunities — SPAC Merger (December 2021)
82 slides from ECP Environmental Growth Opportunities's SPAC merger presentation, Dec 16, 2021
Slide 1: Investor Day December 2021
Filed by ECP Environmental Growth Opportunities Corp. pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: ECP Environmental Growth Opportunities Corp. Commission File No.: 001-40032 Date: December 1
Slide 2: Disclaimer and Risk Factors
Disclaimer and Risk Factors General. This presentation (this “Presentation”) is provided solely for informational purposes and has been prepared to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Transaction”) between ECP Environmental
Slide 3: Disclaimer and Risk Factors (cont'd)
Disclaimer and Risk Factors (cont’d) Additional Information and Where To Find It. This Presentation relates to the proposed Transaction between ENNV and Fast Radius. ENNV filed a registration statement on Form S-4 relating to the Transaction with the SEC on September 3, 2021, as amended on October 8
Slide 4: Today's Speakers
Introduction Today’s Speakers Lou Rassey Prithvi Gandhi CEO, CO-FOUNDER, & CFO DIRECTOR
Slide 5: Our Purpose: Make New Things Possible
OU R P U R P OS E : TM Make New Things Possible OU R V I S I ON : To build a new infrastructure that empowers everyone to design, make, and move what they need, when and where they need it OU R P R OD U C T : First-of-its-kind Cloud TM Manufacturing Platform
Slide 6: We are a software company
Introduction We are a software company… We are building self-serve tools that will allow customers to more effectively and sustainably design, make, and move parts DESIGN MAKE MOVE
Slide 7: Design: building software to bring new ideas to life
Introduction We are a software company… We are building software to help people bring new ideas and products to life—to better design, make, and move what the world needs MAKE MOVE DESIGN We are codifying the world’s manufacturing knowledge and making it accessible to everyone Highlights: • Discover
Slide 8: Make: empowering everyone to make what they need
Introduction We are a software company… We are building software to help people bring new ideas and products to life—to better design, make, and move what the world needs DESIGN MOVE MAKE We are empowering everyone to make what they need, when and where they need it Highlights: • Virtual factory • E
Slide 9: Move: virtual warehouse and supply chain insights
Introduction We are a software company… We are building software to help people bring new ideas and products to life—to better design, make, and move what the world needs DESIGN MAKE MOVE We are driving speed, flexibility, and a more sustainable model for storing and moving parts Highlights: • Virtu
Slide 10: Cloud Manufacturing Platform hosting third-party apps
Introduction We are a software company… We are building self-serve tools that will allow customers to more effectively and sustainably design, make, and move parts DESIGN MAKE MOVE rd Like cloud computing, the Cloud Manufacturing Platform will host applications and services built by Fast Radius and
Slide 11: We make industrial-grade parts
Introduction …and we make industrial-grade parts …Using a wide range ...At commercial scale, …For established blue-chip …Both in our microfactories and of manufacturing not just prototyping industrial clients and high- using a highly vetted network of technologies growth start-ups 3rd party manufact
Slide 12: Investment summary: next era of manufacturing
The Next Era of 01 • $18T sector being re-set by Industry 4.0 & massive secular forces Introduction Manufacturing Offers • $350B+ addressable market today Massive Opportunity The Industry Faces a • Rigid, wasteful, outdated manufacturing & supply chain infrastructure leads 02 Our plan is to build th
Slide 13: Opportunity: Next Era of Manufacturing
01 Opportunity: Next Era of Manufacturing
Slide 14: Massive addressable market of $350B+
01 Opportunity Making parts presents a massive addressable market… Today, we’re operating in a $350B+ addressable market of making component parts $350+ Billion
Slide 15: Addressable market growing to $600B+ by 2030
01 Opportunity The addressable market for making parts is $350B+ today, growing to $600B+ by 2030 TM Our Cloud Manufacturing Platform allows us to participate across all manufacturing technologies CAGR (%) 20-30 Addressable production total addressable market (“TAM”) by manufacturing technology, $B
Slide 16: Upside as cloud manufacturing evolves
01 Opportunity Making parts presents a massive addressable market + Value of ….with upside as cloud manufacturing continues to evolve Software + Value of + Value of Digital Storage and Logistics New Innovations in the Cloud Today, we’re operating in a $350B+ addressable market of making component pa
Slide 17: Why now? Technology advances driving Industry 4.0
01 Opportunity Why now? Large menu of technology advances is driving Industry 4.0 Combination of tools, technology, and expertise changing how we make ü Elements of Fast Radius platform and move things around the world FAST RADIUS IS CONSTRUCTING THE DIGITAL THREAD THAT UNLOCKS NEW BUSINESS MODELS D
Slide 18: Market disruption with multiple tailwinds
01 Opportunity Why now? Market is undergoing fundamental disruption with multiple strong tailwinds behind Cloud Manufacturing Industry 4.0 is here. People want (expect) easy and Global appetite for more agile, local Expertise is scarce. modern experiences. and sustainable supply chains. Industry 4.0
Slide 19: Universal Problem
02 Universal Problem
Slide 20: Outdated infrastructure
02 Universal Problem Outdated infrastructure Current state of designing, making, and moving physical products is rigid, wasteful, and inaccessible DESIGN MAKE MOVE Fragmented, siloed and inaccessible knowledge Sub-scale operators
Slide 21: The $350B+ addressable market is fragmented
02 Universal Problem The $350B+ addressable market is fragmented Approximately 90% of U.S. machining output is via small-to-medium businesses 1 US machining production TAM , $B Challenges to meet today’s opportunities and needs: 15 15 - Traditional expertise is fragmented and hard to access - Lack o
Slide 22: Outdated infrastructure: design, make, move
02 Universal Problem Outdated infrastructure Current state of designing, making, and moving physical products is rigid, wasteful, and inaccessible DESIGN MAKE MOVE Massive physical inventory Centralized mega- Fragmented, siloed and factories inaccessible knowledge Slow-moving, carbon Sub-scale opera
Slide 23: Solution: Cloud Manufacturing Platform
03 Solution: Cloud Manufacturing Platform
Slide 24: Cloud Manufacturing creates a new industrial infrastructure
03 Solution Cloud Manufacturing creates a new industrial infrastructure Shifts the manufacturing industry from being rigid, wasteful, and inaccessible to become flexible, sustainable, and accessible DESIGN MAKE MOVE Slow-moving, carbon- Sub-scale Centralized Massive Fragmented, siloed, and intensive
Slide 25: A model built to scale
03 Solution A model built to scale: The Fast Radius Cloud Manufacturing Platform Software and microfactories to design, make, and move industrial parts in the modern age Customer-facing application and services platform. Our platform Software & Manufacturing Our product is a Cloud Solutions Manufact
Slide 26: Manufacturing Solutions
03 Solution Manufacturing Solutions DESIGN MAKE MOVE
Slide 27: Partnering with customers from design through launch
03 Solution We partner with customers from design through launch to bring new products to market, embracing cutting-edge additive manufacturing and new tools of digital design, complemented by traditional manufacturing technologies Highlights: § Design for additive § Digital / § Industrial-grade man
Slide 28: Re-inventing the baseball glove for Rawlings
03 Solution Re-inventing the baseball glove for Rawlings. Problem Wanted to create a new type of baseball glove desired by pros and youth athletes, alike Solution Rawlings leveraged Fast Radius Additive Launch to perfect and validate designs using additive manufacturing for new pinky and thumb globe
Slide 29: On-demand parts powered by software
03 Solution Customers upload their design, get insights in minutes, parts within days, and whenever needed thereafter. § From discovery through fulfillment § Cutting-edge additive manufacturing tech and traditional machining and molding § For prototypes to mid-volume production Highlights: § Our pla
Slide 30: Bringing a new motorcycle to life for Curtiss
03 Solution Working on a new case study – potentially HellermannTyton or Curtiss // CNC specific Bringing a new motorcycle to life for Curtiss Pro Prob bl le em m Curtiss Motorcycle designed a new electric motorcycle but was struggling to manufacture various components Solution Curtiss relying on Fa
Slide 31: Custom microfactories for customers
03 Solution Customers partner with Fast Radius to stand up microfactories that meet their specific manufacturing needs. Owned and operated by Fast Radius but built to optimize the value of components produced by the customer § Access to state-of-the-art technology § A software suite that allows for
Slide 32: Building a next-gen supply chain
03 Solution Building a next-gen supply chain Problem Manufacturers are building next-generation supply chains, valuing sustainability, flexibility, and new manufacturing technology Solution Custom Microfactory for a category of CNC components: employs state-of-the-art machining, automation, and qual
Slide 33: Virtual Warehouse
TM 03 03 So Fas lu tt R io a n dius’ Cloud Manufacturing Platform Production parts are certified and can be produced when and where needed. No longer requires physical storage – can produce exactly how much is needed just in time Highlights: § Reduces waste across supply chain –faster turnaround tim
Slide 34: Making faster maintenance possible for Satair
03 Solution Making faster maintenance possible for Satair Problem Needed to reduce the lead time for the tools they used to perform maintenance on Airbus aircraft while adhering to strict quality standards. Shipping from overseas was too slow and unreliable Solution Fast Radius onboarded key mainten
Slide 35: Software Products
03 Solution Manufacturing Solutions DESIGN MAKE MOVE
Slide 36: Software Products: design, make, move
03 Solution Software Products DESIGN MAKE MOVE Digital tools for supply Intelligence engine and collaborative Digital experience for ordering chain and fulfillment space for designing parts parts and getting insight
Slide 37: Design: intelligence engine and collaborative space
03 Solution Design: An intelligence engine and collaborative space for designing parts We are codifying the world’s manufacturing knowledge and making it accessible to everyone Discover new technologies Design with experts on your shoulder Key features & benefits ● Discover materials and technologie
Slide 38: Make: digital experience for ordering parts
03 Solution Make: A digital experience for ordering parts and getting insight We are empowering everyone to make what they need, when and where they need it Ordering portal – not just for prototyping, but through production and scale-up Insights from your parts being made Key features & benefits ● S
Slide 39: Move: digital tools for fulfillment and supply chain
03 Solution Move: Digital tools for fulfillment and supply chain We are driving speed, flexibility, and a more sustainable model for storing and moving parts Virtual warehouse Supply chain insights—fulfillment, shipments, inventory Key features & benefits ● Certified digital storage with ‘build pack
Slide 40: Tangible benefits of the Cloud Manufacturing Platform
03 Solution TM Fast Radius’ Cloud Manufacturing Platform provides tangible and powerful benefits Similar to the benefits of cloud computing ELASTICITY ACCESS SPEED Our cloud gives anyone access to Innovation and production in With our cloud, use only the resources manufacturing services across the m
Slide 41: Defensible Model Built to Scale
04 Defensible Model Built to Scale
Slide 42: Manufacturing infrastructure at a glance
04 Defensible Model Built to Scale Manufacturing infrastructure at a glance CHICAGO HQ and 3 micro-factories Fast Radius was recognized as LOUISVILLE Factory on UPS North American hub a World Economic Forum “Lighthouse” ATLANTA Sales office 2018 1 of 9 most advanced factories in SINGAPORE Regional o
Slide 43: Fast Radius Microfactory
04 Defensible Model Built to Scale Fast Radius Microfactory The “factory in a box” is designed to be copied and pasted for scale The “factory in a box” is designed to be copy and pasted for scale Each micro-factory identifies and controls an extensive set of variables to drive reliability and repeat
Slide 44: How do Microfactories scale?
04 Defensible Model Built to Scale How do Microfactories scale? The global cloud infrastructure provides production scale, capacity, and resiliency Standard physical infrastructure and workflows to enable a common, proven way of working globally Nodes deployed to expand capacity in existing location
Slide 45: Cloud manufacturing moat
04 Defensible Model Built to Scale Cloud manufacturing moat Multiple sources of sustainable competitive advantage will enable attractive, defensible share and margin Proprietary technology Proprietary Cloud Manufacturing Platform protected by patent filings, trade secrets, and application-specific e
Slide 46: World-recognized Leader
05 World-recognized Leader
Slide 47: Validation from partners, customers, and ecosystem
05 World-recognized Leader Validation from partners, customers, and broader ecosystem Exclusive Industry-leading Net Recognized by Real commercial Certified production partnership with Promoter Score World Economic and operational supplier for top (2) UPS Forum traction OEMs 12 million • Passed rigo
Slide 48: Six major industries experiencing value
05 World-recognized Leader Six major industries are experiencing value from Fast Radius Over 2,000 customers served, including 45 Fortune 500 companies INDUSTRIAL TECHNOLOGY CONSUMER Example customers: Example customers: Example customers: AUTOMOTIVE & AEROSPACE & MEDICAL TRANSPORTATION DEFENSE Exam
Slide 49: Electric vehicle manufacturers redefining supply chains
05 World-recognized Leader Electric vehicle manufacturers are redefining supply chains with Fast Radius Currently partnering with eight major EV OEMs and suppliers across a range of Vibration Dampening (1) components and solutions Brackets & Mounts Speaker Grills EV industry is poised for rapid grow
Slide 50: Attractive Growth Plan
06 Attractive Growth Plan
Slide 51: Early proof points of revenue growth
06 Attractive Growth Plan Early proof points of quick-to-scale and resilient revenue growth Year-on-year revenue ($ millions) 23 2017 – 2021 CAGR: 87% 13.9 8.3 2.9 1.9 2017 2018 2019 2020 2021 Note: Represents unaudited financials.
Slide 52: Strong 2021 Performance
06 Attractive Growth Plan Strong 2021 Performance Quarterly breakdown 2021E revenue breakdown ($ millions) ($ millions) 23 Q3 Highlights § Bookings: More than 5x higher than the third quarter 2020 § Net revenue: Up 139% vs. the third quarter 2020 20 16 8 7 7 5 4 Q1 2021 Q2 2021 Q3 2021 2021E Revenue
Slide 53: Positioned for accelerated growth and profitability
06 Attractive Growth Plan Positioned for accelerated growth and attractive profitability Summary pro-forma financials Key growth drivers ($ millions) $350+ billion addressable, growing market driven by next-gen manufacturing technologies, including additive $635 Proven customer acquisition strategy
Slide 54: Top tier unit economics
06 Attractive Growth Plan Top tier unit economics for customer acquisition and microfactory scale (3) Established customer acquisition model Established unit economics of a typical microfactory (1) CLTV / CAC Capital investment 5x – 8x ~$3.5 million Run-rate EBITDA Payback period ~6 months ~$4.0 mil
Slide 55: Team Uniquely Equipped to Succeed
07 Team Uniquely Equipped to Succeed
Slide 56: Leadership Team
07 Team Uniquely Equipped to Succeed Leadership Team Pat McCusker Bill King, PhD John Nanry Lou Rassey CEO, Co-Founder, and Director COO and Co-Founder Chief Scientist and Co-Founder Chief Manufacturing Officer and Co-Founder Founded McKinsey’s Digital Experience growing public-company Architect and
Slide 57: 2022 Board Nominees
07 Team Uniquely Equipped to Succeed 2022 Board Nominees Matt Maloney Betsy Ziegler Steve Koch Matt Flanigan Founder and former CEO, GrubHub CEO, 1871 Former Deputy Mayor of Chicago Board Member, Jack Henry and and Head of M&A at Credit Suisse Performance Food Group Seasoned board member, unique Dis
Slide 58: Summary: next era of manufacturing
The Next Era of 01 • $18T sector being re-set by Industry 4.0 & massive secular forces Introduction Manufacturing Offers • $350B+ addressable market today Massive Opportunity The Industry Faces a • Rigid, wasteful, outdated manufacturing & supply chain infrastructure leads 02 Our plan is to build th
Slide 59: Q&A
08 Q Q & & A A
Slide 60: Appendix
Appendix
Slide 61: ENNV's investment thesis aligned with Fast Radius
Appendix ENNV’s investment thesis for sustainable industrial innovation aligned well with Fast Radius § ENNV SPAC focuses on (i) beneficial electrification and (ii) sustainable technology & services Transaction § ECP (NYSE: ENNV) is a publicly listed special purpose § Fast Radius, a category-creator
Slide 62: Defensible full-stack tech platform serving a massive TAM
Appendix Fast Radius is building a defensible, full-stack tech platform for both manufacturing solutions and standalone software, focused on serving a massive TAM (certified production) Traditional Manufacturing CAD & small on-demand engineering Digital Private equity Fast Radius’ Cloud Manufacturin
Slide 63: Cloud manufacturing moat
Appendix Proprietary technology Cloud manufacturing moat: Multiple sources of Cloud manufacturing platform for apps and services sustainable competitive advantage will enable Operating System: software layer to power end to attractive, defensible share and margin end customer experience Microfactory
Slide 64: Summary pro forma Income Statement
Appendix Summary pro forma Income Statement 2019A 2020A 2021E 2022E 2023E 2024E 2025E $ millions 8 14 23 104 246 426 635 Total Revenue 188% 67% 67% 348% 136% 73% 49% YoY growth % 8 12 19 75 140 223 319 Cost of Goods Sold 0.4 2 4 29 106 203 316 Gross Profit 5% 14% 17% 28% 43% 48% 50% Gross Margin % 1
Slide 65: Reconciliation of non-GAAP financials
Appendix Reconciliation of non-GAAP financials 2019A 2020A 2021E 2022E 2023E 2024E 2025E $ millions (18) (22) (41) (64) (20) 15 94 Net income (loss) - - - - - - - (+) Tax expenses 0.3 0.4 2 11 21 32 41 (+) Depreciation & amortization (18) (21) (39) (53) 0.3 47 135 EBITDA (1) (1) (11) (81) (47) (71)
Slide 66: Platform for certified production
Appendix We have built a platform for certified production Certified parts are parts that are actually used in the field. We have invested in our ability to easily offer our customers the requirements needed for certified parts, including: § Site audits § Competitive unit economics at scale § System
Slide 67: Fast Radius beyond: 4th Modality of Logistics
+ Appendix Fast Radius beyond Where will Fast Radius and cloud manufacturing take us? th 4 Modality of Logistics Over the coming decade, a global network of interconnected micro-factories will take shape Instead of moving parts by land, air, and sea the Cloud Manufacturing Platform allow s parts to
Slide 68: Current microfactories
Appendix Current microfactories Four microfactories currently power our cloud HP Multi Carbon Digital CNC Stratasys Fused Jet Fusion Light Synthesis machining Deposition Modeling Chicago Chicago Louisville / UPS Worldport Chicago Other operational technologies include Carbon L1, Desktop Metal Studio
Slide 69: Design for manufacturing is highly inefficient
Appendix Design for manufacturing is highly inefficient Product design requires teamwork and coordination, along with iterative revisions based on manufacturability feedback from the production partner DESIGN MAKE • Multiple labor-intensive CAD revisions • Highly manual • Manufacturability Feedback
Slide 70: Sustainable ways of making, storing and moving products
Appendix The Cloud Manufacturing Platform can enable more sustainable ways of making, storing and moving physical products (1) “Over the life of a product, cloud manufacturing can lead to a total emissions reduction of 19%” Transportation Energy Material emissions consumption extraction Local on-dem
Slide 71: Proof points of quick-to-scale revenue growth engine
Appendix Proof points of a quick-to-scale and resilient revenue growth engine Fast Radius flywheel drives account expansion… …fueling rapid topline growth >100% CAGR 96% CAGR 2017A 2020A 2025E CUSTOMERS REVENUE FORECASTS 85,000 12+ 73 2,000+ $23 $600M+ unique designs million parts Net Promoter (1) c
Slide 72: Flywheel drives account expansion
Appendix Fast Radius flywheel drives Example customers: account expansion Over the past ~18 months, accounts grew from 1 part and 1 engineer to… 50+ parts, 2019 prototypes à 2020 production of $350k à 2021 forecast of $600k+ 65 parts, $100k+ in quarterly bookings, 9 engineers 26 parts, 16 engineers
Slide 73: Curtiss Motorcycles: 200+ parts in 18 months
TM Appendix Curtiss Motorcycles: 2021 From 60 to 200+ parts in 18 months 10x+ sales Ongoing engagement started with one (1) growth technology (CNC) to multiple processes across traditional and additive 2020 2019 1 Unique Design / 65+ Parts 1 Unique Design / 120+ Parts 2 Unique Designs / 225+ Parts N
Slide 74: Customer Case Study: Aptiv & Ford
TM Appendix Customer Case Study: Aptiv & Ford: Industrial-grade quality and production with additive manufacturing Problem Ford wanted to create a low-volume variant of the F-350 truck. Traditional molding economics and supply chain didn’t work. TM Fast Radius Cloud Manufacturing Platform Solution h
Slide 75: Example automotive customer growth
Appendix Example automotive customer: 2020 From 1 Part to 26 in 12 months 4 programs (26 individual SKUs) running in parallel with others in development 3x+ revenue growth Engaged with engineering groups across customer and its subsidiaries ` 2019 1 OEM / 1 Engineer / 1 Part 4 OEMs 16+ Engineers 26+
Slide 76: Creating a new category in Industry 4.0 Software
Appendix Fast Radius is creating an entirely new category in Industry 4.0 Software Spanning software, manufacturing, and on-demand infrastructure On-Demand Manufacturing platforms & infrastructure
Slide 77: Fast Radius Beyond: next 5+ years
TM Appendix Fast Radius Beyond Where will Fast Radius and cloud manufacturing take us? ... in the next 5+ years TM Personal AI Assistant Virtual Warehouse XR Data gathered from millions of different Millions of certified parts and products parts and insights from millions of experts, available in th
Slide 78: AI Assistant
TM Appendix AI Assistant Data gathered from millions of different parts… and insights from millions of experts… organized and universally accessible in software. Add-in conversational AI, e.g.: What’s the best way to make this? How long will it take? What is the carbon impact?
Slide 79: Virtual Warehouse XR
TM Appendix Virtual TM Warehouse XR Globally coordinated infrastructure to advance the human condition Strategic National Bank for Crisis Response Space Exploration
Slide 80: Risk Factors: Risks Related to Fast Radius' Business
Risk Factors Risks Related to Fast Radius’ Business • Fast Radius is an early-stage company with a history of losses. Fast Radius has not been profitable historically and may not be able to achieve profitability for any period in the future or sustain cash flow from operating activities. • Fast Radi
Slide 81: Risk Factors
Risk Factors • Fast Radius relies on its software and information technology systems to manage numerous aspects of its business, including its cloud manufacturing platform, and a disruption of these systems could adversely affect its business. • A real or perceived defect, security vulnerability, er
Slide 82: Risk Factors: Risks Related to the Transaction
Risk Factors Risks Related to the Transaction • Each of ENNV and Fast Radius will incur significant transaction costs in connection with the Transaction. • The consummation of the Transaction is subject to a number of conditions and if those conditions are not satisfied or waived, the merger agreeme
ECP Environmental Growth Opportunities — SPAC Merger (December 2021) on 6ix