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State Pays Majority of Capital Cost

Current Approach:

Question: Can we change incentive structure to generate market-lead investment?

• Drive costs down • Attract diversity of early adopters • Create self sustaining system

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Cost Breakdown - High Utilization Example Station:

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Financial Incentive: Cover Negative Cash Flows

Strategic Incentives: -Geographic Buffer -Support for Next Station

(Tradable)

Risk Management: Guarantee against

market failure (loan paid off)

Requirements: -Right Location -Built on time

-Pay into infrastructure fund with sales

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Followers: • Limited incentive (less $ - only available for operational expenses support) • No geographic buffer • No guarantees

First Mover Benefits:

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$65m needed to enable commercial launch in California (68 Stations*):

*68 Stations provides the “coverage” needed to support customers in early launch markets.

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Planned Station Network

1st Coverage 2nd Capacity driven

Fueling Profiles Residents & visitors

Vehicle Sales Aggregate & by market

Cash Flow Projections

Station Utilization For cluster station, connectors, by year

Station Cost Profiles + Financing Assumptions, taxes, etc..

Incentive Needs NPV Tax Benefits