Evgo Inc. · NASDAQ:EVGO
Evgo — Climate Change Crisis Real Impact I Acquisition — SPAC Merger (March 2021)
37 slides from Evgo's SPAC merger presentation, Mar 26, 2021
Slide 1: America's Intelligent EV Fast Charging Network Analyst Day
America’s Intelligent EV Fast Charging Network Analyst Day | March 26, 2021 Exhibit 99.1
Slide 2: Disclaimer
Disclaimer 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 Acquisition Corporati
Slide 3: Introductions & Presenters
Introductions & Presenters 3 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
Slide 4: Transaction Overview
Transaction O verview The Business Vision & Mandate Offering Size Valuation Capital Structure (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 investment in essential 21 st century inf
Slide 5: Visionary Leadership in Renewables, Distributed Generation and Retail
Visionary Leadership in Renewables, Distributed Generation and Retail 5 Two World Class Teams that have Generated Enormous Shareholder Value Beth Comstock CCO John Cavalier CFO David Crane CEO Anne Frank - Shapiro COO Investment Thesis Exceptional market growth in the EV space EVgo is an industry le
Slide 6: All Roads to Electrification Run Through EVgo
12mm EVs in fleet commitments by 2040 6 Shifting Consumer Preferences $300bn of OEM commitments Rideshare Shared Mobility Logistics 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
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
8 EVgo: A History Rooted in Firsts 2010 2014 2020+ 2016 First in OEM partnerships 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 w
Slide 9: Business Model Flywheel Sustains and Increases EVgo's Competitive Moat
Maximize Uptime Expand Customer Offerings Driven by customer value prop Business Model Flywheel Sustains and Increases EVgo’s Competitive Moat 9 Lower customer acquisition costs and increase brand loyalty Margin stacking opportunity for each customer type Focus on maximizing project level cash retur
Slide 10: EVgo's Purpose Driven Model Directly Leveraged to EV Adoption
10 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 EV
Slide 11: EV Market is Poised for Tremendous Long Term Growth
EV Market is Poised for Tremendous Long Term Growth 11 1 1 1 1 2 3 4 5 7 14 76 0 10 20 30 40 50 0 2 4 6 8 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2030E 2040E Thousands Retail MHD Fleet EV Sales U.S. Electric Vehicles In Operation (“VIO”) (Total EVs in millions) Source: Company estimates
Slide 12: Sizing up the Market
12 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 TAM = VIO x VMT x Efficiency ▪ How much electricity is needed to power those vehicles ▪ VMT: Vehicle Miles Traveled ▪ Efficiency: Measured in kWh per mile, based on EV mix
Slide 13: Charging Landscape 101: A Movement Toward DC Fast
9 minutes 5 minutes 30 minutes 13 Source: Company estimates. 35 hours 17 hours 4 mi/kWh 2 mi/kWh 100 Mile Charge Time Level 1 Level 2 DC Fast Charging 6½ hours 3.3 hours 1.44 kW 7.68 kW 30 min 50 kW 350 kW 4.3 min 60 minutes Medium Duty / Shipping Light Duty / Delivery Crossovers, Sedans: 3 – 4 mile
Slide 14: EV Charging Growing Rapidly; DCFC Growing Faster
34% 2,428 5,605 3,706 42% 34,347 GWh 22,155 100,747 39,038 0.1 0.1 0.3 1 2 3 6 8 12 22 162 9% 10% 14% 17% 20% 21% 21% 21% 21% 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2030E 2040E 14 Source: Company estimates and BNEF. Note: 2019 through 2027 based on company estimates, 2030 and 2040 base
Slide 15: EVgo is the Only Pure Play DCFC Owner and Operator
1 2 3 4 10 40 63 69 206 467 550 560 818 Volta EVolve NY Irvine Company Recargo Network OpConnect EV Connect Webasto Blink Greenlots Electrify America ChargePoint Non-networked EVgo EVgo is the Only Pure Play DCFC Owner and Operator with Fully Integrated Network Source: Company data and PlugShare as
Slide 16: EVgo Network Build-Out Defined by Customer Needs
16 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) • Build to service rideshare, delivery, municipal, autonomous, and oth
Slide 17: EVgo's Commercial Relationships with OEMs, Fleets, Site Hosts, and Governments
Fleets EVgo’s Commercial Relationships with OEMs, Fleets, Site Hosts, and Governments (1) Active dedicated charging arrangement with major autonomous vehicle player. OEMs 17 Hosts IL CO NJ NY VA NC CA WA MA MD Government & Utilities (1) Active customers or engagements
Slide 18: EVgo's Relationships with Key OEMs
EVgo’s Relationships with Key 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 network •
Slide 19: Fast Charging is Essential for Fleet Drivers
Fast Charging is Essential for Fleet Drivers 19 EVgo supported the roll out of Lyft EV fleet vehicles in Atlanta, Denver and Seattle; pilot programs began in 2019 • Rideshare drivers typically travel > 200 miles / day (1) • 85% of rideshare drivers have NO access to home charging (1) • Annual VMT ra
Slide 20: EVgo's Reputation Drives Customer Acquisition and Retention
8.5 8.0 7.6 7.0 6.5 EVgo Electrify America ChargePoint Blink Greenlots 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 20 EVgo’s Reputation Drives Customer Acquisition and Retention Operation
Slide 21: EVgo's Proprietary Advantages in Developing and Operating DCFC
Station Configuration Commissioning Site Development Construction Network Management / O&M Network Planning Project Economics Analysis Station Revenue 21 EVgo’s Proprietary Advantages in Developing and Operating DCFC 2 6 5 1 4 7 8 3 In house customization of SiteTracker and Salesforce (1) Inventory
Slide 22: Future Proofed Fast Charging
Future Proofed Fast Charging 22 Illustrative Power Sharing Architecture 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 connecto
Slide 23: EVgo's Innovation Drives Superior Customer Experience
50kW – 350kW chargers EVgo’s primary asset base of DCFC provides foundation of fast charging infrastructure 23 EVgo’s Innovation Drives Superior Customer Experience and Enhances Product Offerings, Widening the Competitive Moat EVgo’s development of next generation hardware… Pilot underway; Launch Q1
Slide 24: Business Model Underpinned by Strong Unit Economics
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 24 Business Model Underpinned by Strong Unit Economics California Project Source: EVgo Bertie analysis toolkit. (1) EVgo believes charging assets have 10+ year useful life. Underwriting evaluation period limited to 7 years to de - risk projec t
Slide 25: DCFC Infrastructure is Necessary for the Growth of EVs
25 15 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 18 25 34 TAM (TWh) 1,278 1,440 2,211 3,302 5,088 7,178 9,434 12,613 16,212 1 1 1 1 2 3 4 5 7 2019A 2020E 2021E 2022E 2023E 2024E 2025E 20
Slide 26: Strong Financial Profile Driven by Market Growth and Operating Leverage
$18 $14 $20 $54 $166 $326 $596 $905 $1,289 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Retail Fleet MHD Other Strong Financial Profile Driven by Market Growth and Operating Leverage Network Throughput (GWh sold) Revenue (1) ($ in millions) 25 15 24 69 245 578 1,117 1,731 2,478 2019A 2020E
Slide 27: Summary Financial Forecast
Summary Financial Forecast 27 Note: Engineering & Construction salaries and third - party tech costs are fully expensed; GAAP generally capitalizes a portion of these costs and w ould otherwise result in an increase to earnings. 1) Represents throughput in California. 2) Certain contractual OEM paym
Slide 28: Transaction Overview and Pro Forma Equity Ownership
28 Transaction Overview and Pro Forma Equity Ownership Pro Forma Valuation (1)(3) Pro Forma Post Money Ownership (1)(3) 1) Assumes no redemptions from the public shareholders of CRIS. 2) Cash in Trust value as of 9/30/20. 3) Values shown assuming $10 per CRIS shares for illustrative purposes; does n
Slide 29: Public Comparable Universe for EVgo
29 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 Various business models ( owner and operator, hardware sales, CHaaS , free charging, etc.) x Tesla is a recognized leade
Slide 30: EV Charging is 21st Century Infrastructure
$5bn $ 4 bn EV Charging is 21 st Century Infrastructure 30 Market Cap of Cell Towers Source: FactSet as of 3/24/21 . • EV charging bears striking similarities with other 21 st century infrastructure classes, like cell towers and data centers • These similarities include: • Rapid growth underpinned b
Slide 31: EVgo's Business Model Compares Favorably to Peers
EVgo‘s Business Model Compares Favorably to Peers 31 Revenue Growth 151.8% 87.1% 21.8% 9.6% 27.5% 6.7% EVgo26 EV charging Tesla Inc Clean Infrastructure Clean Tech High-Growth Infrastructure Peer Median: 23.8% EBITDA Growth (2) Source: Company materials, filings, and FactSet as of 3/24/21. Note: EV
Slide 32: EVgo – An Attractive Valuation Paradigm for Investors
EVgo – An Attractive Valuation Paradigm for Investors 32 Source: Company materials, filings, and FactSet as of 3/24/21. (1) Peer median of 24.0x for EV/EBITDA multiples and 1.4x for EV/EBITDA/growth reflects median of 15 peer constituency (exclude s TPGY from analysis due to unavailability of long -
Slide 33: Recent Updates Since Announcing our Business Combination
Recent Updates Since Announcing our Business Combination 33 Tesla Expansion New Jersey Grant Pennsylvania Grant Fleet Guide Nissan Enrollment Federal Policy Brief EVgo further extends nation’s largest fast charging network to Tesla drivers Awarded grants by State of New Jersey to support development
Slide 34: EVgo Competitive Moats Continue to Grow Wider and Deeper
EVgo Competitive Moats Continue to Grow Wider and Deeper 34 U niquely positioned to capture and create value in the EV charging space ▪ Electrification unlocks a massive addressable market ▪ T otal TWh demand expected to grow 30x by 2030 and 100x by 2040 (1) Large and Growing M arket ▪ Build, own an
Slide 35: Appendix
a J / \ Appendix
Slide 36: Detailed Financial Forecast
Detailed Financial Forecast 36 Note: Engineering & Construction salaries and third - party tech costs are fully expensed; GAAP generally capitalizes a portion of these costs and would otherwise result in an increase to earnings. (1) Represents throughput in California . ( 2 ) Certain contractual OEM
Slide 37: Glossary
Glossary 37 BEV Battery Electric Vehicle BI Business Intelligence BNEF Bloomberg New Energy Finance BTF Behind the Fence CCS Combined Charging System DCFC Direct Current Fast Charger EV Electric Vehicle EVI Electric Vehicle Infrastructure EVSE Electric Vehicle Supply Equipment EO Executive Order FCI
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