Evgo Inc. · NASDAQ:EVGO
Evgo — Climate Change Crisis Real Impact I Acquisition — SPAC Merger (January 2021)
36 slides from Evgo's SPAC merger presentation, Jan 22, 2021
Slide 1: America's Intelligent EV Fast Charging Network
America’s Intelligent EV Fast Charging Network Confidential
Slide 2: Disclaimer
Disclaimer CONFIDENTIAL | 2 The information in this Presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of Climate Change Crisis Real Impact I Acqu
Slide 3: Introductions & Presenters
Introductions & Presenters David Crane CEO - CRIS David Nanus Co - Head, Private Equity, LS Power Chairman, EVgo Ivo Steklac COO / CTO Cathy Zoi CEO Olga Shevorenkova CFO Jonathan Levy CCO CONFIDENTIAL | 3
Slide 4: Transaction overview
Transaction overview CONFIDENTIAL | 4 The B u sine s s Vision & Mandate O ffe r i ng Size V a l u at i o n Capital S t ruc t ure (1) Net proceeds assume no redemptions by CRIS stockholders. • EVgo is an industry leading builder, owner and operator of EV fast charging in the U.S. • Pure - play invest
Slide 5: Visionary Leadership in Renewables, Distributed Generation and Retail
Visionary Leadership in Renewables, Distributed Generation and Retail Two World Class Teams that have Generated Enormous Shareholder Value Beth Comstock Anne Frank - Shapiro CCO COO John Cavalier CFO David Crane CEO Investment Thesis Exceptional market growth in the EV space EVgo is an industry lead
Slide 6: All Roads to Electrification Run Through EVgo
$300bn of OEM commitments 12mm EVs in fleet commitments by 2040 Rideshare Shared Mobility Logistics Shifting Consumer Preferences All Roads to Electrification Run Through EVgo Government Commitments to Zero - Emissions 100x expansion of EVs on the road by 2040 CA + 14 other U.S. states DCFC needs in
Slide 7: EVgo: Current Snapshot of a Pure Play Market Leader
EVgo DC Fast Charger Site EVgo: Current Snapshot of a Pure Play Market Leader Source: Company estimates, PlugShare. (1) Based on company estimates of 2020E kWh market share, excluding Tesla. EVgo has 34% market share of urban DC Fast Chargers based on Plugshare public DC Fast Chargers with capacity
Slide 8: EVgo: A History Rooted in Firsts
EVgo: A History Rooted in Firsts First in OEM par t ne r ships First 350 kW charger Won ESNA award for storage project First to offer modular mobile DCFC First to win Appendix D grant statewide First to go 100% renewable First nationwide infra buildout First multi - city partner with Lyft Founded by
Slide 9: Business Model Flywheel Sustains and Increases EVgo's Competitive Moat
M ax i m i ze Uptime Expand C u s t omer Offerings Driven by customer value prop Business Model Flywheel Sustains and Increases EVgo’s Competitive Moat Lower customer acquisition costs and increase brand loyalty CONFIDENTIAL | 9 Margin stacking opportunity for each customer type Focus on maximizing
Slide 10: EVgo's Purpose Driven Model Directly Leveraged to EV Adoption
EVgo’s Purpose Driven Model Directly Leveraged to EV Adoption Source: Company materials, Environmental Protection Agency GHG Equivalencies Calculator. Accumulating Benefits From All Electric Miles Steady Cash Flow Generation Strategic Advantages of Build, Own and Operate ESG is in EVgo’s DNA x EVgo
Slide 11: EV Market is Poised for Tremendous Long Term Growth
EV Market is Poised for Tremendous Long Term Growth 1 1 1 1 2 4 3 5 7 14 76 0 10 20 30 5 0 4 0 0 2 4 6 8 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2030E 2040E Retail Fleet MHD EV Sales U.S. Electric Vehicles In Operation (“VIO”) • Unprecedented EV VIO growth with 24% CAGR, or almost 100x
Slide 12: Sizing up the market
Sizing up the market 2027E VIO 7.25mm BEVs TAM 34,347 GWh SAM 11,739 GWh SOM 2,478 GWh VIO = Beginning VIO + Sales - Retired ▪ How many electric vehicles ▪ Proprietary estimates of EV adoption cross - referenced against reputable market research TAM = VIO x VMT x Efficiency ▪ How much electricity is
Slide 13: Charging Landscape 101: A Movement Toward DC Fast
Source: Company estimates. 35 hours 17 hours 100 Mile Charge Time 4 mi/kWh 2 mi/kWh Level 1 Level 2 6½ hours 3.3 hours 1.44 kW 7.68 kW 50 kW 350 kW DC Fast Charging 30 minutes 60 minutes 5 minutes 9 minutes Medium Duty / Shipping Light Duty / Delivery Crossovers, Sedans: 3 – 4 miles/kWh SUVs: 2 – 3.
Slide 14: EV Charging Growing Rapidly; DCFC Growing Faster
34% 2 , 4 28 5 , 6 05 3 , 7 06 42% 34,347 GWh 22 , 155 100 ,7 4 7 39 , 038 0.1 0.1 0.3 1 2 3 6 8 12 22 9% 10% 14% 17% 20% 21% 21% 21% 21% 2019 2020E 2021E 2022E 2023E 2027E 2030E 2040E EV Charging Growing Rapidly; DCFC Growing Faster Growth driven by Fast Charging need from Fleets, MHD and Retail (E
Slide 15: EVgo Network Build-Out Defined by Customer Needs
EVgo Network Build - Out Defined by Customer Needs Utilities • Partner on rate reform, interconnection, and program design • Provide clean path to load and rate base growth • $2.6bn of available capex incentives and grants (2) Fleets • Build to service rideshare, delivery, municipal, autonomous, and
Slide 16: EVgo's Partnerships with OEMs, Fleets, Site Hosts and Governments
Fleets EVgo’s Partnerships with OEMs, Fleets, Site Hosts and Governments (1) Active dedicated charging arrangement with major autonomous vehicle player. O E M s H o s t s IL CO NJ NY VA NC CA WA MA MD Government & Utilities ( 1 ) Active customers or engagements CONFIDENTIAL | 16
Slide 17: EVgo Partners with Key Strategic OEMs
EVgo Partners with Key Strategic OEMs EVgo is routinely the first call for major OEMs, further strengthening its position as the DC Fast Charging leader; EVgo OEM partners represent 90% of U.S. BEV sales (1) • 770 Connectors to be installed on EVgo chargers enabling Tesla charging across EVgo networ
Slide 18: Fast Charging is Essential for Fleet Drivers
Fast Charging is Essential for Fleet Drivers EVgo supported the roll out of Lyft EV fleet vehicles in Atlanta, Denver and Seattle; pilot programs began in 2019 • Lyft’s commitment to sustainability and clean transportation driving investment in electrification • Over 100 Lyft fleet vehicles have dou
Slide 19: EVgo's Proprietary Advantages in Developing and Operating DCFC
Station C o nfi g u r at i on C o m mis s i o ni n g Site Development Network Management / O&M Network Planning Project Economics Analysis Station Revenue EVgo’s Proprietary Advantages in Developing and Operating DCFC 2 6 1 5 4 Construction 7 8 3 In house customization of SiteTracker and Salesforce
Slide 20: Business Model Underpinned by Strong Unit Economics
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Business Model Underpinned by Strong Unit Economics California Project • 2 100kW and 4 175kW chargers equipped with 2 Tesla Connectors in LA • Assumes both program funding and partner funding at beginning of project ($ and kWh in thousands) Sou
Slide 21: EVgo's Reputation Drives Customer Acquisition and Retention
8.5 8.0 7.6 7.0 6.5 EV g o El e ctri fy C h a r g ePoin t Bli n k Gre e nlots America 80 115 202 224 2017YE 2018YE 2019YE Sept. 2020 Annual Customer Accounts – Growing Faster Than Market (000s) 41% customer CAGR vs. 11% non - Tesla VIO growth EVgo’s Reputation Drives Customer Acquisition and Retenti
Slide 22: EVgo's Innovation Drives Superior Customer Experience
50kW – 350kW chargers EVgo’s primary asset base of DCFC provides foundation of fast charging infrastructure EVgo’s Innovation Drives Superior Customer Experience and Enhances Product Offerings, Widening the Competitive Moat EVgo’s development of next generation hardware… …complements its pioneering
Slide 23: Future Proofed Fast Charging
Future Proofed Fast Charging Next generation power sharing architecture modularizes EVSE and increases asset utilization • Designed for power delivery in excess of capabilities of next generation EVs • Architecture allows EVgo to augment power, add connectors and optimize capacity • Modularization c
Slide 24: EVgo is the Only Pure Play DCFC Owner and Operator
40 63 69 206 467 550 560 818 EV g o N o n - n e t w o rked C h a r g e Po i nt Electrify America G r e e n l o t s B l in k W e b a s to EV Connect O pCo n n e c t R e c a r g o Ne t wo r k Irvi n e C o mp a n y E V o l ve NY Vo l ta EVgo is the Only Pure Play DCFC Owner and Operator with Fully Inte
Slide 25: DCFC Infrastructure is Necessary for the Growth of EVs
2 5 1 5 24 69 245 578 1,117 1,731 2,478 0 . 1 0.1 0.3 0.7 1.7 3.4 5.6 8.4 11.7 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E EVgo (GWh) SAM (TWh) 2 2 3 5 8 13 34 TAM (TWh) 1,278 1,440 3,302 5,088 7,178 9,434 12,613 16,212 1 1 1 1 2 3 4 5 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
Slide 26: Strong Financial Profile Driven by Market Growth and Operating Leverage
$1 8 $1 4 $20 $54 $166 $326 $596 $905 $1,289 2019A 2020E 2024E 2025E 2026E 2027E 2021E 2022E 2023E Retail Fleet M H D O t her Strong Financial Profile Driven by Market Growth and Operating Leverage Network Throughput (GWh sold) Revenue (1) ($ in millions) 25 15 24 69 245 578 1,117 1 , 731 2,478 2019
Slide 27: Summary Financial Forecast
($ in millions) 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Total EVgo GWh Throughput 15 24 69 245 578 1, 117 1, 731 2, 478 Revenue ( 1 ) $14 $20 $54 $166 $326 $596 $905 $1, 289 Growth (%) 49% 164% 207% 97% 83% 52% 42% Adj. EBITDA ( 1 ) ($29) ($58) ( $43 ) $5 $60 $193 $331 $507 Adj. EBITDA Margi
Slide 28: EVgo Competitive Moats Continue to Grow Wider and Deeper
EVgo Competitive Moats Continue to Grow Wider and Deeper Uniquely positioned to capture and create value in the EV charging space ▪ Electrification unlocks a massive addressable market ▪ Total TWh demand expected to grow 30x by 2030 and 100x by 2040 (1) Large and Growing Market ▪ Build, own and oper
Slide 29: Transaction Overview and Pro Forma Equity Ownership
Transaction Overview and Pro Forma Equity Ownership Pro Forma Valuation (1)(3) ($ in millions) Share price Pro forma shares outstanding (mm) Pro Forma Post Money Ownership (1)(3) ( 1 ) (2) (3) Assumes no redemptions from the public shareholders of CRIS. Cash in Trust value as of 9/30/20. Values show
Slide 30: Public Comparable Universe for EVgo
Public Comparable Universe for EVgo x Accessing same broad market mega trends on charging buildout and EV adoption x “Pure play” and will be reflexive comparable for investors Different business model at core EV charging EV ecosystem Clean i n f r a s tructure Clean tech High - growth i n f r a s tr
Slide 31: EV Charging is 21st Century Infrastructure
EV Charging is 21 st Century Infrastructure Market Cap of Cell Towers 5 Years Ago: $87bn Today: $193bn Source: FactSet as of 1/15/21 . • EV charging bears striking similarities with other 21 st century infrastructure classes, like cell towers and data centers • These similarities include: • Rapid gr
Slide 32: EVgo's Business Model Compares Favorably to Peers
EVgo‘s Business Model Compares Favorably to Peers Revenue Growth 151.8% 70.7% 66.9% 25.6% 7.8% 32.1% 6.2% EVgo26 CP26 EVBox Tesla Inc Clean Te c h 2020 – 2022E CAGR High - Growth In f ra s tru cture 2021 – 2024E CAGR Peer Median: 22.1% Source: Company materials, filings, and FactSet as of 1/15/21. N
Slide 33: EVgo – An Attractive Valuation Paradigm for Investors
CONFIDENTIAL | 33 EVgo – An Attractive Valuation Paradigm for Investors 2026E EBITDA $33 1mm Illustrative Comparable Reference Range 30.5x – 35.5x (2) Illustrative Future Enterprise Value $10.1bn – $11.8bn EV / 2021E EBITDA multiples Source: Company materials, filings, and FactSet as of 1/15/21. (1)
Slide 34: Appendix
2@ro Emtssian i @ 7 r= Appendix
Slide 35: | ($ in millions) 2020E 2021E 2022E 2023E 2024E 2025E 026E 2027E Total EVgo
CONFIDENTIAL | 35 ($ in millions) 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Total EVgo GWh Throughput 15 24 69 245 578 1, 117 1, 731 2, 478 Revenue ( 1 ) $14 $20 $54 $166 $326 $596 $905 $1, 289 Growth (%) 49% 164% 207% 97% 83% 52% 42% Gross Profit $7 $10 $31 $100 $182 $345 $522 $745 Gross Prof
Slide 36: Glossary
CONFIDENTIAL | 36 Glossary B E V Battery Electric Vehicle BI Business Intelligence B N E F Bloomberg New Energy Finance B T F Behind the Fence CCS Combined Charging System D C F C Direct Current Fast Charger EV Electric Vehicle E V I Electric Vehicle Infrastructure E V SE Electric Vehicle Supply Equ
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