Hyliion Holdings Corp. · AMEX:HYLN
Hyliion — Tortoise Acquisition — SPAC Merger (June 2020)
32 slides from Hyliion's SPAC merger presentation, Jun 19, 2020
Slide 1: Class 8 Electrification
@HYLIION | @Tortoise CLASS 8 ELECTRIFICATION Acquisition Corp. JUNE 2020
Slide 2: Disclaimer: Forward Looking Statements
® 2 DISCLAIMER FORWARD LOOKING STATEMENTS The information in this presentation and the oral statements made in connection therewith include “forward - looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 19
Slide 3: Disclaimer (Continued)
® 3 DISCLAIMER (CONTINUED) USE OF NON - GAAP FINANCIAL MEASURES This Presentation includes EBITDA, which is a non - GAAP financial measure. Hyliion defines EBITDA as net income (loss) plus (i) interest expense, including other fees and charges associated with indebtedness, net of interest income, (i
Slide 4: Transaction overview and Hyliion summary
® ● Hyliion is an industry leader developing technology and electrification solutions to transform the environmental impact of Class 8 vehicles ● Tortoise Acquisition Corp. (Tortoise AC) (NYSE: SHLL) is a publicly listed special purpose acquisition company with over $235mm cash held in trust ● Hylii
Slide 5: Future of Trucking: Demanding Decarbonization
® 5 Fuel Cell Electric Vehicle (FCEV) Battery Electric Vehicle (BEV) FUTURE OF TRUCKING P R O B L E M DEMANDING DECARBONIZATION 96% of Countries are committed to the Paris Agreement (3) 86% of Companies are focused on sustainability metrics (4) 81% of Consumers want companies to address environmenta
Slide 6: Mission and market opportunity
REDUCE GHG EMISSIONS LOWEST TOTAL COST OF OWNERSHIP E L EC T R I F Y T R U C K I N G M I SS I O N Be the leading powertrain provider of electrified solutions for the commercial vehicle industry STRONG CUSTOMER DEMAND ~$800 BILLION MARKET OPPORTUNITY 6
Slide 7: The Hyliion
- ——. va —_ Nw S eve = a ran ae oy GAY Es = Seam THE HYLIION Oe @HYLIION
Slide 8: 2 Solutions, 1 Platform
® Early Deployments in Fleets with 30,000+ Trucks 2,000,000+ miles driven over - the - road to date Customer Trials in 2021 with Launch Partner Binding Pre - Order for 1,000 Trucks PROPRIETARY BATTERY SYSTEMS ADVANCED SOFTWARE ALGORITHMS AGNOSTIC ACROSS TRUCK OEMs DATA ANALYTICS & PREDICTIVE MAINTEN
Slide 9: Hyliion Offers the Lowest Total Cost of Ownership
® D I E S E L HYBRID ELECTRIC BA TT E R Y - E L E C T R I C (BEV) FUEL - CELL ELECTRIC (FCEV) HYPERTRUCK ERX FUEL COST (1) REVENUE LOST/(GAINED) (2) COST OF OWNERSHIP AVAILABLE TODAY FUTURE SOLUTIONS 9 Note: Forecast for 2022 estimates and assumes 100,000 miles/year; Diesel, Hybrid Electric and Hype
Slide 10: Carbon negative fueling infrastructure and fuel price comparison
® 0 ( 34 6 ) 164 81 75 ( 4 00 ) ( 3 0 0 ) ( 2 00 ) ( 1 00 ) 56 0 1 0 0 20 0 H y d r o g e n R N G (gCO 2 e/MJ) Electricity (9) Existing Infrastructure (# of Class 6 - 8 fueling stations in North America) Hydrogen Electricity R/CNG <10 <10 729 (4) CARBON NEGATIVE FUELING INFRASTRUCTURE FUEL PRICE COM
Slide 11: Range, payload and performance comparison
® 11 RANGE (1) (Miles) 1 , 3 0 0 500 750 REFUEL OR CHARGE TIME (3) (Minutes) 10 10 3 0 + Di e s e l PAYLOAD CAPACITY (2) ( L b s ) Di e s e l PERFORMANCE 0 - 60 MPH LOADED (3) ( S e c o n d s ) 20 20 30 Di e s e l Di e s e l 1 4 0 0 0 7 00 3 50 105 0 30 0 10 20 55,000 4 0 , 00 0 50,000 4 5 , 00 0 60
Slide 12: Agility has pre-ordered 1,000 Hypertruck ERXs
® 12 AGILITY HAS PRE - ORDERED 1,000 HYPERTRUCK ERXs “ Hyliion’s technology tackles one of the biggest pain - points for the logistics and transportation industry: how to lower emissions without having to fully replace all existing assets and infrastructure in order to do so – a move that is cost -
Slide 13: Strategic partners and financial investors
® 13 REFUELING HYDROGEN FUEL CELLS STRATEGIC PARTNERS & FINANCIAL INVESTORS ● Industry leading supplier of drivetrain, axle and electrified propulsion components ● Collaboration areas include: co - development of strategic components, supply chain, full system assembly, sales & marketing and OEM par
Slide 14: Competitive Landscape and Total Addressable Market
® 14 COMPETITIVE LANDSCAPE HYLIION’S TOTAL ADDRESSABLE MARKET (TAM) (1) ~$800 BILLION REPLACEMENT MARKET OPPORTUNITY TARGET CUSTOMERS Hybrid Electric 8 MILLION TRUCKS IN OPERATION and projected to grow 944k Trucks Sold Annually 1. ACT Research 2022 estimates; based on Hypertruck ERX MSRP and 8 milli
Slide 15: Highly Experienced Leadership Team
® HIGHLY EXPERIENCED LEADERSHIP TEAM 15 ● Founded Hyliion in 2015 ● Forbes 30 Under 30 - 2017 ● 10 electric vehicle powertrain patents ● Carnegie Mellon University dual degrees in Mechanical Engineering and Engineering & Public Policy, Minor in Business Administration ● Published technical author (N
Slide 16: Hyliion Solutions
HYLIION SOLUTIONS @HYLIION
Slide 17: Data generation, monitoring and advanced software algorithms
® 17 DRIVER DISPLAY HyDrive App Fuel Savings DATA GENERATION & MONITORING ● Hyliion leverages vehicle data looking for patterns and indicators to identify failures ● Hyliion is developing a subscription model to offer fleets preventative maintenance feedback ● Will improve truck up - time and reduce
Slide 18: Advanced battery and BMS technology
® ADVANCED BATTERY AND BMS TECHNOLOGY 18 BATTERY MANAGEMENT SYSTEM (BMS) ● In - house BMS solutions with over a decade of development (acquired battery division of a publicly traded company in 2018) ● Scalable to support a variety of battery configurations and pack sizes PROVEN CELL TECHNOLOGY ● Lit
Slide 19: Hybrid Electric: The Tech Solution of Today
19 APU - NO IDLING POWER ASSIST FUEL SAVINGS ADVANCED ALGORITHMS DATA ANALYTICS ● Hybrid powertrain provides meaningful fuel savings to fleets ● Reduces emission levels compared to standard diesel truck ® ● Reduces idling while still providing driver comforts ● 12+ hours in - cab climate control and
Slide 20: Hybrid Electric: Diesel fuel savings and CNG power assist
® HYBRID ELECTRIC : DIESEL FUEL SAVINGS AND CNG POWER ASSIST 20 HYBRID DIESEL SOLUTION HYBRID CNG SOLUTION FLEET PAYBACK ● Coupling the savings from hybrid and APU, fleets can experience a 2 - year payback (2) on the product ● Installing the solution on new trucks offers the fastest payback Hyliion
Slide 21: Hybrid customer results
® 21 HYBRID DIESEL SOLUTION HYBRID CNG SOLUTION USA & CANADA OVER - THE - ROAD TRUCKING FLEET ● Customer # 1 is a large fleet that drives from Montreal to Los Angeles and back on two - week trips ; drivers sleep in their trucks which conventionally use diesel - fired APUs Significant fuel costs and
Slide 22: Hypertruck ERX benefits
® 22 CARBON NEGATIVE & ZERO EMISSIONS POTENTIAL INCREASED PAYLOAD CAPACITY LOWEST TCO DATA ANALYTICS & ADVANCED ALGORITHMS FUEL AGNOSTIC ● Leveraging a low - cost fuel source like R/CNG coupled with the efficiencies of an electric drivetrain, the ERX has the lowest total cost of ownership ● R/CNG ca
Slide 23: Hypertruck is a fuel agnostic solution
® HYPERTRUCK IS A FUEL AGNOSTIC SOLUTION 23 ZERO - EMISSION EV DRIVE The Hypertruck powertrain offers the ability for pure electric vehicle (EV) drive with zero tailpipe emissions (2) . This feature allows fleets to make deliveries within city limits or at ports and terminals without producing any e
Slide 24: Hypertruck ERX Commercialization Plan
® Q3 2 0 1 9 2 0 2 0 2 0 2 1 2 0 22 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 HYPERTRUCK ERX COMMERCIALIZATION PLAN 24 EXPECTED TIMELINE TO LAUNCH THE HYLIION HYPERTRUCK ERX DEMO TRUCK DEVELOPMENT & TESTING PRODUCTION DESIGN & D E V E LO P M E N T TESTING & VALIDATION FLEET DEMO ROLL - OUT COMMERCIALIZ
Slide 25: Design, sourcing, assembly and OEM channels
® 25 TRUCK OEMs DESIGN & SYSTEM INTEGRATION COMPONENT SOURCING PRODUCT ASSEMBLY ● Hyliion designs and tests prototype builds at our Austin facility ● IAV and FEV collaboration aims to accelerate development of Hyliion electrified powertrain solutions ● Hyliion and Dana collaborate on supply chain an
Slide 26: Financial Overview
FINANCIAL. OVERVIEW @HYLIION
Slide 27: Pro Forma Equity Ownership
® PRO FORMA EQUITY OWNERSHIP 27 1. Pro forma share count includes 23.3 million Tortoise AC public common shares, 5.8 million Tortoise AC Sponsor shares including shares held by Directors and CIBC, 32.5 million shares from Private Placement and 100.0 million shares issued to Hyliion shareholders, opt
Slide 28: Summary Financials
® 28 SUMMARY FINANCIALS ● Completely funded business plan ● High margins reflect Hyliion’s proprietary patented technology ● No material debt throughout the projection period ● Current balance sheet preserves flexibility for ($ in millions) 2020E 2021E 2 0 22E 2023E 2024E Hybrid Electric Units Sold
Slide 29: Current valuation provides opportunistic entry point
® Post - Money Enterprise Value 7.0x - 9.0x 2024E EBITDA +/ - 25% 2024E EBITDA at 8.0x Multiple CURRENT VALUATION PROVIDES OPPORTUNISTIC ENTRY POINT $ 1 . 1 bn $2.8bn Midpoint Indicative Enterprise Value $ 2 . 4 bn $ 3 . 1 bn $ 2 . 1 bn $ 3 . 5 bn Enterprise Value Discounted Back 3 Years at 20% Disc
Slide 30: Enterprise Value Benchmarking
® 3.2x 1.1x 0.5x 3.2x 0.4x 2.4x 1.4x 3.0x 0.7x 1.1x 1.0x 0.4x 0.4x 2 0 2 2 E 2 0 2 3 E 2 0 2 4 E 2 0 2 2 E 2 0 2 3 E 2 0 2 4 E 5.1x 1.8x 8.4x 6.7x 8.5x 8.1x 4.5x 6.9x 2 0 2 2 E 2 0 2 3 E 2 0 2 4 E 2 0 2 2 E 2 0 2 3 E 2 0 2 4 E ENTERPRISE VALUE BENCHMARKING 30 Note: Peer multiples per FactSet and Cap
Slide 31: The Hyliion Advantage Recap
Lowest total cost of ownership Only electric net carbon negative emission solution Worldwide R/CNG infrastructure and entirely fuel agnostic Compatible with any Class 8 truck from any manufacturer Strong customer demand with launch partner 1,000 truck pre - order No additional capital required to ge
Slide 32: Thank You
THANK You @HYLIION