Advanced Transportation Market Update January 2021 Electric Mobility-as- Autonomous Data & Trucking & Non-Road Vehicles a-Service Infrastructure Analytics Logistics Transportation © Nomura Advanced Transportation January 2021 News & Partnerships Selected Business ■ Amazon announced that it will allow third-party companies, starting with Fiat Chrysler, access to the core AI underpinning its Alexa digital assistant (The Verge) Updates ■ BMW announced the suspension of “Access by BMW”, its two-year-old car subscription service, as the program had reached its capacity limits (The Verge) ■ Didi announced it will subsidize trips for passengers going to vaccination appointments and frontline healthcare workers in 13 markets with a $10mm global fund (Tech Crunch) ■ Fiat Chrysler and PSA Group merged creating Stellantis, a global auto making giant that ranks as the world’s third-largest automaker by sales, according to 2019 figures (WSJ) ■ General Motors announced the creation of a new division BrightDrop, a delivery and Nomura Greentech’s logistics business that produces electrified pallet and delivery vans (The Verge) Take: ■ Li-Cycle, a Canada-based battery recycling company, announced plans to construct a ■ EU regulations $175mm battery recycling plant in New York (Press Release) requiring automakers ■ Mercedes-Benz unveiled the production version of its EQA, a new electric crossover with to reduce average 265 miles of range and a starting price point of approximately $46,000 (Electrek) fleet emissions are ■ Renault presented its new five-year strategy which includes seven new EVs (Electrive) driving higher-volume ■ Siemens Smart Infrastructure released its new public fast charger that features scalable, EV programs, high charging power of up to 300 kW and dynamic power-sharing (Press Release) resulting in ■ Tesla reduced Model 3 prices in several European markets to keep up with competition accelerated transition from legacy automakers, which are launching higher-volume EV programs (Electrek) away from ICE by traditional OEMs ■ VW announced plans to produce a new next-generation electric car called Trinity (Electrek) ■ VW Components announced their new Charging & Energy business, which will focus on pooling and managing existing activities in the energy and charging sectors (Electrive) Selected Regulatory ■ British Columbia announced a $31mm incentive program to increase maximum rebates Developments for medium and heavy-duty electric vehicles (Electrive) Nomura Greentech’s ■ California proposed a $1.5bn plan to invest in the construction of charging and fueling Take: infrastructure to help progress its zero emissions vehicle goal (H2 View) ■ A continued state-level ■ Colorado approved a $110mm electrification plan, which will allow Xcel Energy, a utility push for low-carbon holding company, to deploy approximately 20,000 EV charging stations (CleanTechnica) transport legislation, ■ New York announced electrification efforts that include $16mm in incentives for electric combined with Federal bus usage and $3mm for school bus operators to acquire cleaner vehicles (Electrive) support from the Biden ■ President Biden announced plans to roll out tougher emissions standards and various Administration, will subsidies for electric mobility during his presidency (Electrive) further accelerate ■ The National Highway Traffic Safety Administration issued a new rule that allows investments in the EV manufacturers of automated vehicles to bypass some crash standards (VentureBeat) ecosystem Selected ■ Archer, a developer of urban transport eVTOLs, announced a partnership with Fiat Partnerships Chrysler to improve design via FCA’s expertise (TechCrunch) ■ Aurora, an autonomous driving company, announced a partnership with Paccar, a maker Nomura Greentech’s of medium and heavy-duty trucks, to build and deploy autonomous trucks (VentureBeat) Take: ■ Enel X, a provider of demand response services, announced a partnership with WM ■ Increasingly, Motor, an EV manufacturer, to improve charging experience (Electrive) companies are ■ Foxconn, a manufacturer of electronics, announced a JV with Geely to build electric, pursuing strategic autonomous and shared vehicles for automakers (TechCrunch) partnerships to meet ■ Renault announced a JV with Plug Power, a provider of fuel cell systems, to serve the low-carbon 1 transportation market of fuel cell LCV , taxis and commercial passenger transportation (H2 View) initiatives and growing ■ Tesla announced a partnership with Panasonic, a Japanese multinational electronics consumer demand company, for supply of lithium-ion battery cells manufactured in Japan (Electrek) ■ Velodyne, a provider of sensor technologies for AVs, partnered with Trunk.Tech, a developer of driverless trucks, to develop autonomous heavy trucks (New Mobility) Source: Nomura Greentech Analysis, Public Disclosures. 1. Light Commercial Vehicles. 1 Advanced Transportation January 2021 Transactions Select Private ■ Rivian raised $2.7bn led by T. Row Price Associates with participation from Amazon, Company Capital Coatue, D1 Capital Partners and Fidelity (TechCrunch) Raises ■ Cruise raised $2.0bn from GM, Honda, Microsoft and other investors (TechCrunch) ■ Sila Nanotechnologies, a manufacturer of battery materials, raised $590mm led by Nomura Greentech’s Coatue with participation from Sutter Hill Ventures and other investors (Press Release) Take: ■ WeRide, a developer of AV systems, raised $310mm led by Yutong with participation from ■ The timeline for CMC Capital Partners, CDB Equipment Manufacturing and other investors (VentureBeat) commercialization of ■ Uisee, a developer of autonomous driving technology, raised $150mm from National AV technology may Manufacturing Transformation and Upgrade Fund and other investors (TechCrunch) come sooner than ■ Volta, an operator of EV charging networks focused on retail locations, raised $125mm led expected, supported by Energize Ventures with participation from other investors (Press Release) by significant capital ■ Gett, a provider of ground transportation services for business clients, raised $115mm led investments. Large by Pelham Capital with participation from other investors (TechCrunch) raises from Cruise and recent and ■ Budbee, a provider of last-mile delivery services for e-commerce businesses, raised upcoming SPAC $63mm led by Kinnevik with participation from other investors (Press Release) deals highlight both ■ Wenea, a provider of charging infrastructure, received a $61mm investment from The financial and strategic European Investment Bank (EIB) to fund more than 470 fast chargers (Electrive) investors’ focus on the ■ Oxbotica, a developer of AV software, raised $47mm led by BP ventures with participation AV space from BGF, Halma, HostPlus, IP Group, Tencent and other investors (TechCrunch) ■ Wingcopter, a developer of remote-controlled drones, raised $22mm led by Xplorer Capital and Futury Regio Growth with participation from other investors (VentureBeat) ■ Weezy, a developer of an online, on-demand grocery delivery platform, raised $20mm led by Left Lane Capital with participation from DN Capital and other investors (TechCrunch) ■ MotoRefi, a developer of an auto refinancing platform, raised $10mm led by Moderne Ventures with participation from other investors (TechCrunch) ■ Kyte, a fleet-logistics platform for car delivery, raised $9mm led by Amplo VC and DN Capital with participation from Urban Innovation Fund (TechCrunch) ■ CameraMatics, a developer of an IoT-enabled fleet management system, raised $5mm led by Puma Private Equity with participation from other investors (Press Release) Selected Public ■ Faraday Future, a manufacturer of EVs, announced plans to merge with Property 1 Equity Deals Solutions Acquisition Corp., a SPAC , at an implied valuation of $3.4bn (The Verge) ■ EVgo, a provider of public fast-charging stations, announced plans to merge with Climate 1 Change Crisis Real Impact I, a SPAC , at an implied valuation of $2.6bn (TechCrunch) ■ Proterra, a manufacturer of e-buses and powertrain solutions, announced plans to merge 1 with ArcLight Clean Transition Corp., a SPAC , at an implied valuation of $2.4bn (GTM) ■ Plug Power, a manufacturer of fuel cells, raised a $1.5bn PIPE from SK Group, who acquired approximately 10% of Plug Power’s shares in return (Electrive) ■ FREYR, a developer of battery cell production capacity, announced plans to merge with 1 Alussa Energy Acquisition Corp., a SPAC , at an implied valuation of $1.4bn (Electrive) Selected Mergers & ■ Cox Automotive, a provider of vehicle re-marketing services, acquired Fyusion, a Acquisitions developer of AI and 3D capture tools, for an undisclosed amount (VentureBeat) ■ H.I.G. Capital, a private equity firm, acquired Continental Batteries, a distributor of aftermarket batteries for electric vehicles, for an undisclosed amount (Press Release) ■ Ideanomics, a company that facilitates the adoption of commercial EVs, acquired WAVE, a provider of wireless charging systems, for an undisclosed amount (CleanTechnica) ■ Royal Dutch Shell announced the acquisition of Ubitricity, a provider of on-street charging for electric vehicles, for an undisclosed amount (Electrek) Source: Nomura Greentech Analysis, Public Disclosures, Pitchbook. 1. The special purpose acquisition vehicles (SPACs), Property Solutions Acquisition Corp. (NASDAQ: PSAC), Climate Change Crisis Real Impact I Acquisition Corp. (NYSE: CLII), ArcLight Clean Transition Corp. (NASDAQ: ACTC) and Alussa Energy Acquisition Corp. (ALUS: NYSE), announced they