Zaptec AS — Investor Presentation 2021

Aug 19, 2021

Zaptec

powers adventure

Company presentation August 2021 Strictly Private & Confidential

Today's presenter

Anders Thingbø

• 13 years of CEO experience
• Joined Zaptec in 2018
• Strong track record of leading innovative companies to profitable growth
• Holds a degree in Finance and Social Economics – Norwegian School of Economics

Relevant background

We will change the world for the better by creating a more sustainable and electric future...

...we do this by offering user-friendly and innovative charging solutions that are critical for electrification of the transport sector.

Zaptec by the numbers

charging stations installed

6

sales companies

revenue growth first half 2021*

~50%

market share in multi-user systems (Norway)

~250.000

parking spaces with infrastructure for further Zaptec Pro chargers

⁴ Zaptec

70 employees

*) revenue growth includes backlog orders

Leading provider of EV charging systems

The core products

• Zaptec Pro (housing cooperatives, public parking lots, etc.)
• Zaptec Go (residential use)

Value-added solutions

• Zaptec app and Zaptec Portal (Live overview of charging, anywhere)
• Charge 365 (smart payment)

• Zaptec Eco mode (access to intelligent software exploiting time-of-day differences in electricity prices.)

• Established in 2012, first chargers sold in 2017

• ~50% market share in multi-user systems (Norway)
• Approximately 70,000 chargers sold
• Already present in 10 countries – ongoing focus to expand internationally

International divisions

• 6 subsidiaries in UK, Sweden, Switzerland, France, Germany and Denmark.
• Highly competent teams in each subsidiary
• Continous quarterly growth with increasing revenue on an annual basis

⁶ Zaptec

Export sales per quarter

A provider towards a greener and better world

• The electrification of the transportation sector causes a strain on grid infrastructure.
• In 2030, the Norwegian EV fleet is expected to be ~2m
• The Norwegian power grid can sustain ~1.5m EVs in 2030 provided a significant share charge at night

Note: Norway has a superior grid capacity compared to the rest of Europe.

Zaptec's load-balancing technology is an important part of the critical infrastructure necessary for the EV and green energy transition.

Business model

Cutting-edge technology

• Partnerships with EV vendors
• Close relationship with installers
• Highly scalable model
• Competitive pricing and superior offering
• Strong knowledge base

Conventional value chain Zaptec

A key feature of Zaptec's model is 'leapfrogging' the distributor / wholesaler to capture larger margins

Supplier of a broad set of technological devices.

Refocused to a pure play EV charging solutions player.

European expansion ongoing.

Sales growth

• Sales growth likely to continue as Zaptec gains foothold internationally.
• Ambitions of 70% annual organic growth through domestic and intl' expansion
• Targeting to reach EBITDA margin of up to 20% on the back of increased scale and high operational leverage

What's next

Larger-scale European expansion.

Now Strong position in Norway.

⁹ Zaptec

Highly supportive megatrends

Tesla	464
Toyota	216
Daimler	55		Large shifts towards
WV	53		EVs (Mcap 2020, USDbn)
Honda	47
BMW	42
2020	137
2019	156			EVs becoming cheaper
2018	180		as battery prices drop
2017	219		(USD 100/kWh)
2016	293
2015	381

We are still awaiting the real EV wave (EV share of new passenger vehicle sales, Europe)

2050	88%
2040	70%
2030	34%
2020	4%

Megatrends clearly in favour of greener transportation

Global conditions

• Political push, incl. Paris agreement
• ESG focus
• Population growth
• Economic growth
• Increasing regulations

Local conditions

• Local pollution
• Autonomous driving
• Congested cities
• Improved
• infrastructure
• Sharing economy

Zaptec optimally located in Norway as a "testing area" for its charging technology

Norway is paving the way for EVs and is today miles ahead of the rest of Europe.

Zaptecs technology enabling safer charging at higher speeds and at lower "all-in" costs

Zaptec's technological edge—fully integrated load and phase balancing (illustrated on next page)

Unique power optimising software and hardware

The flexibility allowed by Zaptec's smart charging will be even more important in Europe, where grids and charging infrastructure is less developed than in Norway.

• Zaptec APM optimises power distribution to chargers
• Enabling utilisation of all available power
• Greatest effect at night, when power consumption and electricity prices are low
• Evening out otherwise potentially excessive load

Zaptec Go taking a large share of the fast-growing home-market

Faster charging

Zaptec Go offer max charging speed (up to 22kw) based on the available outlet capacity

The market's safest charger

Certified with the highest safety standards.

Fits everyone Compatible with all types of EVs

Beautifully simple With function-lit socket and RFID chip possibility

Packed with state-of-the-art tech, and always online with WiFi or 4G LTE-M, Zaptec Go keeps itself up-to-date with the latest functions and updates.

Zaptec Go perfectly positioned to increase the profit significantly for Zaptec

• Large home-market, majority of sales volume
• Large demand for home chargers, with limited marketing efforts and high price tag
• Competitive production costs
• Technology in place, limiting the need for development costs

Our installed base of chargers represent a market for value adding services

Already present

Smart payment solutions

International Expansion

Extend premium subscriptions offering

Entering into semi fast charging

Charging-as-a-service. Public parking, integrated payment solutions (with partners)

Zaptec is targeting full-scale European expansion

Zaptec's investment strategy in new markets

ı

• Identify markets with underlying demand potential
• Enter markets men EVs start to gang foothold
• Establish subsidiaries with local distribution partners, adapted to each market

Gradually building presence and country. specific competence

Next milestone: 1 billion NOK in revenues

Concluding remarks

¹⁹ Zaptec

• Highly attractive and fast-growing market
• Massive growth potential in the home-market
• 'Leading edge' technology with a strong competitive edge

• Leadership position in 'large-scale' systems

• Highly scalable business model

• Highly motivated and technologydriven organisation
• Credible potential to further extend Zaptec's offerings