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1 2 0 2 3 I N V E S T O R D AY

2 Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “guidance,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. All information set forth herein speaks only as of the date hereof and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Microvast’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled “Risk Factors.” Disclaimer

3 Today’s Agenda2 0 2 3 I N V E S T O R D A Y 01 Company Overview BREAK YANG WU Founder, CEO, President SASCHA KELTERBORN Chief Revenue Officer 02 Commercial Vehicle ZACH WARD President, Energy Division 03 Energy Storage WENJUAN MATTIS, Ph.D. Chief Technology Officer 04 Technology 05 Manufacturing SHANE SMITH Chief Operating Officer 06 Financials CRAIG WEBSTER Chief Financial Officer 07 Closing Remarks YANG WU Founder, CEO, President B AK

4 Yang Wu F O U N D E R , C H I E F E X E C U T I V E O F F I C E R , P R E S I D E N T 2 0 2 3 I N V E S T O R D A Y Strategic Overview

5 Today’s Objectives 2 0 2 3 I N V E S T O R D A Y Show that Microvast is in a multi-year high-growth phase Demonstrate the technological innovation and leadership of the new HpCO 53.5Ah cell Provide a clearly defined expansion plan & route to profitability

6 6 How It Started 2 0 2 3 I N V E S T O R D A Y Microvast began with an idea. We invested heavily in research to identify customer needs, as well as the R&D to create the battery the industry really needed. We can create a better battery for EVs. Ultra-fast charging capability Sync battery life with vehicle life Superior safety High energy density H IG H LI G H TS Founded in U.S. and began customer research analysis Launched first 10-minute ultra-fast charging battery Launched 15-minute fast charging and high cycle life NMC cell Launched high-density, next-generation NMC battery solutions with battery life matching life of vehicle 2006 2011 2016 2022

7 Our Innovation Requires Vertical Integration We’re vertically integrated and maintain control of every aspect of our development process from research to manufacturing, including BMS and controls. We can create custom battery solutions quickly, with industry-leading energy density, superior safety, ultra-fast charging capabilities, and long lifespans. 2 0 2 3 I N V E S T O R D A Y Battery Packs & Trays Battery Modules Battery Cells Energy Storage Solutions 1 2 3 4

8 Microvast By The Numbers 2,500+ Employees Globally 30,000+ Installed Battery Systems 17+ Years Experience Developing & Manufacturing Lithium-Ion Batteries 626+ Patents / Patent Applications ~$205M 2022A Revenue 4GWh 53.5Ah capacity expansions $486.7M Q1 Backlog Global Footprint With Presence In 34+ Where We Are Today Countries 2 0 2 3 I N V E S T O R D A Y 3 Manufacturing Plants

9 Our 2021 Merger Raising >$700M Net Proceeds 2 0 2 3 I N V E S T O R D A Y • Clarksville, TN is in full construction mode and 2GWh expected to be in production in Q4 this year • Huzhou phase 3.1 is in ramp-up on its initial 2GWh cell, module and pack production • 53.5Ah cell deliveries will be made from the phase 3.1 line and over 75% of our backlog is for this cell • We launched the ME-4300 ESS and it already has contracts for 2023 and 2024 deliveries • We believe U.S. and Europe will account for about 1/3 of total revenues going forward Let’s Look Back & See How We Did • 2GWh of cell and module capacity in the U.S. • Expand production capacity in China from 3GWh to 7GWh • High energy 53.5Ah cell would be launched to the market • Enter ESS market and start to see revenues in 2023 • Commercialize battery materials technologies • U.S. and Europe would be high growth markets • 53.5Ah revenues starting in 2022 and having significant momentum going into 2023 July 2021 What we said we would do... What we got done... • Commercialization plan for battery materials technologies is underway, investing in expanding polyaramid separator capacity to 10M SQM in 2023 • 53.5Ah revenues will ramp up along with our production, and the SOP schedules for new vehicle launches by our customers, during 2023 We are about 1 year behind on the 2021 revenue plan. 1. Closing of business combination took longer than anticipated. 2. COVID hit our customers and supply chain hard and delayed their projects What’s still a work in progress... What happened?

10 Seizing The Market Opportunity With Our Industry-Leading Technologies 2 0 2 3 I N V E S T O R D A Y Global Growth for Our Core Business Segments 2030 510GWh 2023 54GWh KEY TAKEAWAY We have an ongoing commitment to innovation, and we expect to be able to launch new products in 2025-2026. 2030 430GWh 2023 26GWh Grow commercial vehicle Our batteries are designed specifically for the CV market. Grow ESS business in U.S. Further expand our presence in the U.S. market before expanding overseas. Unique opportunity to become U.S.'s home-grown champion in strategically important battery sector Cell and module technologies and manufacturing Source: BNEF: 1H 2023 Energy Storage Market Outlook U.S. March 2023 What We Plan To Do 2027 10+ GWh/Y 2023 2 GWh/Y 2030 25+ GWh/Y 2027 10,000 Tons/Y 2027 10,000 Tons/Y 2027 300M/ SQM Y Cathode Electrolyte Polyaramid Separator Source: BNEF + Sales Estimate

11 SASCHA KELTERBORN C H I E F R E V E N U E O F F I C E R 2 0 2 3 I N V E S T O R D A Y Strategic Overview – Commercial Vehicles

12 Commercial Vehicle Numbers I N V E S T O R D A Y 2 0 2 3 10+ Market applications being served 34 Countries with CV in operation 12+ Years vehicle operating history 30,000+ Installed battery systems deployed since 2011 24M Est. e-CV TAM in vehicle unit accumulated over 2022-2030 510 GWh Est. CV TAM in 2030 Source: BNEF, June 2022 + Sales Estimate

13 2 0 2 3 I N V E S T O R D A Y Microvast Is Well-Positioned To Capture The Surging Demand In The Global Commercial Vehicle Sector Image pictures from existing customers LCV E-Bus MD/HD TRUCK SPECIALTY CV Commercial Vehicle TAM

14Source: BNEF, June 2022 GLOBAL CV SALES IN UNIT PER YEAR GLOBAL VOLUME GROWTH IN GWh Commercial Vehicle TAM 2 0 2 3 I N V E S T O R D A Y EV Adoption Rate In The Commercial Vehicle Market Is Projected To Increase From 2% In 2022 To 30% In 2030 e-CV Conventional CV m ill io n un it s 14.9 15.6 0.4 5.8 2022 2030 15.3 21.4 +4.3% CAGR +39% CAGR Vs. 23.7 283 1.1 34 6.4 193 2022 2030 eLCV eMCV eHCV in G W h +36% CAGR +53% CAGR +53% CAGR 31.1 510

15 2 0 2 3 I N V E S T O R D A Y Microvast’s High Energy Cell HpCO-53.5Ah High Energy Density and Long Range Key Accounts Long Cycle Life Outstanding Safety and Thermal Management Superior safety features with high tolerance for abuse. Excellent low temperature performance (@-20°C with around 80% usable energy). Perfect solution for BEV commercial vehicle applications (LD, MD, HD) High Energy Density of >235 Wh/kg +7% vs MpCO-21Ah Fast Charging Charge to 80% capacity in just 48 minutes at room temperature Over 5,000 cycles at 25℃ Great Balance Between High Energy Density and Long Cycle Life Lower TCO -25% vs MpCO-21Ah Applications E-Bus LCV Class 1-2 MD/HD Truck Class 3-8 Specialty Vehicles, Off-road

16 2 0 2 3 I N V E S T O R D A Y HpCO 53.5Ah Competitive Advantages Microvast’s Industry-Leading Technology KEY TAKEAWAY We’re delivering a battery cell for buses superior cycle life, operating range, charge time, and energy density. 1 Our total system performance gives significant TCO savings to our customers.= 1 Representative performance of a Microvast battery if fitted in the same platform, based on Microvast management estimates 2 Represents time taken to increase State of Charge (SOC) by a given percentage; given variance in measurement by provider, miles per minute of charge is the standardized metric used for comparison 3 Cycle life is at system level 0-80% SOC 4 Range calculated with average 175 miles/ cycle >175 Wh/kg MICROVAST HpCO 53.5Ah I-Pack 2 3 4

17 2 0 2 3 I N V E S T O R D A Y 52Ah Pack Competitive Advantages KEY TAKEAWAY We’re delivering a battery cell for light duty CV with superior cycle life, charge time, and energy density. >145 Wh/kg MICROVAST HnCO 52Ah pack Our total system performance gives significant TCO savings to our customers.= 1 Representative performance of a Microvast battery if fitted in the same platform, based on Microvast management estimates 2 Represents time taken to increase State of Charge (SOC) by a given percentage; given variance in measurement by provider, miles per minute of charge is the standardized metric used for comparison 3 Cycle life is at system level 0-80% SOC 4 Range calculated with average 95 miles/ cycle Microvast’s Industry-Leading Technology 1 2 3 4

18 Microvast Global Presence 2 0 2 3 I N V E S T O R D A Y High-performance HD truck & trailer 20+ units ordered and in delivery in U.S. Airport terminal tractor 100+ units ordered and in delivery to U.S. & EMEA Transport vehicle for logistics centers 300+ units ordered and in delivery to U.S. & EMEA E-Daily (LCV) 200+ units ordered for 2023 Iveco Bus 3,500+ units ordered in 2023 249 miles per urban cycle Above projects are either at prototype phase, or just kicked off SOP. TBA/Q2 2023 Multi-year Customer Projects Driving Revenue Growth in EMEA and U.S.

19 Microvast Global Presence 2 0 2 3 I N V E S T O R D A Y India* 700+ units Subsidiary of Indian Hinduja Group Various kinds of e-buses since 2019 33M estimated miles over project lifetime so far India* 800+ units Various e-buses since 2019 38M estimated miles over project lifetime so far The Netherlands 100 units Largest 18m full electric bus in Amsterdam region since 2018 24/7 operation 19M miles annually London, UK 1000+ units Hybrid diesel bus fleet since 2014 62M miles annually 24/7 operation *In India, for the 1000 sets deployed since 2019, a total of around 48+ million miles accumulated so far. Operational Proof Points - Long Service History, 24/7 Operation, Challenging Operating Environment

20 Backlog – Latest Position 2 0 2 3 I N V E S T O R D A Y EMEA Continues Exponential Growth And U.S. Commercial Vehicle Business Receives First P.O. For Clarksville Deliveries E-Bus MD/HD Truck Class 3-8 Specia lty Vehicles , Off-Road LCV Class 1-2 Ap pl ic at io ns Key Accounts  Exp e c t m ult i-ye a r e ng a g e m e n t s w ith ke y c lie n t s suc h a s Ive c o / FPT, REE, Ga uss in , e t c ., t o d rive EMEA to re p re se n t a p p ro xim a te ly 1/ 3 o f t o t a l 20 23 re ve nue  EMEA ha s a ro b us t b us ine ss c lie n t e le a nd ha s e s t a b lishe d lo ng -t e rm p a rtne rsh ip s t o c a p tu re t he m o m e ntum in t he fa s t -g ro w ing c o m m e rc ia l ve h ic le se c to r  Ma ny o f o u r Euro p e a n c us to m e rs w ill a lso b e a d o p t ing o u r 53 .5Ah t e c hno lo g y fo r t he ir ve h ic le o ffe ring s in t he U.S. m a rke t (Ma d e in t he U.S.A.) La tes t Backlog Growth La tes t Backlog Wins $486.7M $672.6M 2023 Q1 CURRENT 38%

21 ZACH WARD P R E S I D E N T , E N E R G Y D I V I S I O N 2 0 2 3 I N V E S T O R D A Y Strategic Overview – Energy Storage

22 The Energy Numbers 2 0 2 3 I N V E S T O R D A Y remains primary use for energy storage #1Energy Shifting 21% Americas' are forecasted to represent of annual storage capacity by 2030 35GWh+ Global Energy Storage Capacity added in 2022 IRA ENERGY STORAGE ITC 4 0% 68% YoY Growth global energy Annual Storage Projects utilizing energy shifting expected increase to 73% by 2024 Source: BNEF: 1H 2023 Energy Storage Market Outlook, March 2023 Est. global, cumulative ESS in 2030 1,432GWh storage capacity TAM

23 Microvast Energy I N V E S T O R D A Y 2 0 2 3 Energy Storage System (ESS) for Utility- Scale Energy Shifting Applications Launched in 2022 to provide a battery energy storage system Incorporates the proven, high-energy, lithium-ion 53.5Ah NMC cell technology Battery cells and modules are manufactured in Clarksville, TN & Huzhou, China • Superior energy retention • High energy density • Utilizing U.S. owned technology KEY TAKEAWAY  Higher energy retention than leading competitors  Industry-leading energy density at 4.3 MWh  BMS developed in U.S. for grid security  Easy transportation, installation & maintenance  Long battery life, more than 10,000 cycles FEATURES

24 Energy Density I N V E S T O R D A Y 2 0 2 3 0.25CP/4HR Duration, 1 cycle per day, 100% DOD Industry-Leading Energy Density Fewer Containers Lower Construction Cost Lower Operations & Maintenance 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 Microvast NMC NMC LFP 1 LFP 2 4.30 3.95 3.65 2.60 Usable DC Energy of Typical 20 FT ESS Container Design +9% +18% +65% MWh

25 2 0 2 3 I N V E S T O R D A Y Phase 1 Global Energy Storage TAM KEY TAKEAWAYS We believe U.S. and China are leading markets globally 2023 will be an inflection year for the U.S. Microvast will be expected to add 1.2GWh with its first project Global Annual Storage Installations By Region Based On Energy Capacity Source: BNEF: 1H 2023 Energy Storage Market Outlook, March 2023

26 AMERICAS ANNUAL ENERGY CAPACITY BY MARKET THE AMERICAS’ ANNUAL ENERGY CAPACITY BY MARKET (EXPECTED) Energy Storage Total Available Market I N V E S T O R D A Y 2 0 2 3 Source: BNEF: 1H 2023 Energy Storage Market Outlook, March 2023 KEY TAKEAWAYS U.S. market in rapid growth phase on its way to adding ~50GWh annually ~70% of this market is for energy shifting applications The dominant ESS battery solution to meet this demand is Li-ion cell technologies

27 2 0 2 3 I N V E S T O R D A Y Phase 1 Energy Storage Growth Strategy

28 I N V E S T O R D A Y 2 0 2 3 Location United States United States DescriptionSize 2023 2024 2024 Delivery PROJECT #1 PROJECT #2 U nd er C on tr ac t Aw ar de d 300MW/1.2GWh Energy Storage ML-4300 Energy Storage ESS Deployments 100MW/400MWh

29 Why ESS Is A Huge Growth Opportunity… I N V E S T O R D A Y 2 0 2 3 Technology Our ESS solution provides a high density rate, energy retention rate, and round-trip efficiency Execution We already have a full project pipeline through 2025 U.S. Presence Manufactured battery cells and modules, a clear financial value to our customers Govt. Demand Push Tremendous government incentives lasting until 2032 Innovation New products in development 17-years experience in development and manufacturing The Right Team We have one of the most experienced teams in the industry, with a proven track record I N V E S T O R D A Y 2 0 2 3

30 WENJUAN MATTIS, Ph.D. C H I E F T E C H N O L O G Y O F F I C E R 2 0 2 3 I N V E S T O R D A Y Strategic Overview – Technology

31 I N V E S T O R D A Y 2 0 2 3 Technology Highlights What Sets Us Apart 17+ Years of experience in the research and development of key materials, cells, module, pack, BMS, etc. 3 Continents to maximize the talent pool 780+ Researchers and engineers 626/463 Patent Applications/ Granted Patents $10M Awarded since 2017 research funding from U.S. and German Government VERTICAL INTEGRATION Materials to Pack IP ownership

32 FORWARD THINKING. POWERING NOW. Long Life Fast Charging Safety Energy Density ™ Innovating Superior Lithium-ion Battery Solutions To Power A More Sustainable Future I N V E S T O R D A Y 2 0 2 3 Delivering advanced battery technology for high performance Delivering distinct competitive advantages to customers Accelerating the adoption of clean energy in transportation and energy storage markets

33 Technology Portfolio I N V E S T O R D A Y 2 0 2 3 Proprietary Technology Across All Battery Components Broad Portfolio of Cell Chemistries Suited to Specific Applications Unique Capabilities Down to the Cell Level Enables Tailored Solutions Gradient Cathode Non-Flammable Electrolyte Aramid Separator Enables the precise distribution of elements (e.g. Cobalt) across the cathode particles–boosts energy density and reduces cost Virtually eliminates the risk of battery fires, addressing a major industry challenge Higher thermal stability than charged cathode material; 2x the temperature resistance of traditional poly-ethylene separators, enhancing safety and charging time LTO LFP NMC-1 NMC-2 Lithium Ferrophosphate (LiFePO4) Lowest cost Good cycle life Lithium Nickel- Manganese-Cobalt Oxide (LiNixMnyCozO2) Ultra-fast charging Long cycle life Lithium Titanate 4 5 12(Li Ti O ) Ultra-fast charging, Ultra long cycle life, Safest LIB chemistry Highest energy density Fast charging Long cycle life Lithium Nickel- Manganese-Cobalt Oxide (LiNixMnyCozO2) Cells Modules Packs Proven Technology Supported by Extensive 3rd Party Testing and Validation 220 Wh/kg High Power Cells 270 Wh/kg High Energy Density Cells 200 Wh/kg Power Cells & 270 Wh/kg High Energy Density cells 220-240 Wh/kg Extreme Fast Charge (XFC) Cells HnCO-52Ah cells 18 kWh LpTO Pack

34 Industry-Leading Technology I N V E S T O R D A Y 2 0 2 3 Energy Density 95 Wh/kg 210 Wh/kg 265 Wh/kg Life Cycles 20,000 4,000 3,300 Representative Applications 10 min 15 min 30 min 30 min Charging Time (full charge) Ultra Fast Charge (LTO) Introduced in 2011 High Power (NMC-1) Introduced in 2016 High Energy Density (NMC-2) Introduced in 2019 Cu rr en tly in P ro du ct io n Buses Mining Trucks Commercial Vehicles Buses Commercial Vehicles Passenger Vehicles 300+ Wh/kg 235 Wh/kg 4,000 45 minHigh Energy Density Target Cell (B Sample) HPHE Density (NMC-3) Introduced in 2019 U pc om in g Commercial Vehicles Passenger Vehicles ESS Commercial Vehicles Passenger Vehicles ESS 5,000

35 Cell Energy Denstiy (Wh/kg) Continuous cycling charge rate Cycle life at defined continuous charging rate Safety Calendar Life (years) High-Power (48Ah) High-Power/Energy (53.5Ah) High-Energy (52Ah) Technical Analysis of HP, HPHE and HE NMC Cell Products I N V E S T O R D A Y 2 0 2 3 1. Measured at 0-100% SoC, 25°C 2 Charging and discharging at 1C, 25°C until max battery capacity is 80% Source: MV datapoints provided by MV Technology team. 210 220 235 260 265 1 Long Life Fast Charging Safety Energy Density 2

36 Innovate With Focus On Energy Density & Safety Gradient Cathode I N V E S T O R D A Y 2 0 2 3 Our gradient cathode helps achieve best in class energy density while maintaining safety (ANL – NMC  FCG). KEY TAKEAWAY Our gradient cathode helps achieve "best in class" energy density while maintaining safety (ANL – NMC  FCG). Industry leader Among best in class At par with industry Our safety track record First applications of high- nickel cathodes have led to safety incidences (e.g., 3 spontaneous combus- tions of the GAC Aion S). So far, MV’s has recorded no similar safety incidences with their gradient cathode technology Impact on performance Negligible effectCharge rate Increases risk of thermal instability; gradient cathode technology aims to increase Nickel content at the vicinity of core of the particle to maximize safety Safety Negligible effect (longer cycle life due to the lower surface Ni content) Higher Nickel bulk content in the cathode Cycle life Increases Usable Lithium percentage in Cathode, directly increasing energy density Energy density Source: Expert interviews, academic research, press search

37 Our aramid separator enables superior safety performance compared to other separators. 16 Source: Expert interviews, academic research, press search The separator prevents short circuits during batterycharge-discharging. Improving battery performance, as it enables lower inner resistance, higher robustness against thermal runaway (safety)and higher volume-share of cathode and anode materials (to a limited extend) Industry leader Among best in class At par with industry Impact on performance Charge rate A thinner separator may decrease internal resistance, improving charging speed Higher thermal stability of separator prevents short circuits at higher temperatures, even with increased energy density Safety N/A A stronger separator can keep a battery safe throughout life cycle (however, negligible direct effect) Cycle life Enabler An aramid separator enables usage of less inactive material, resulting in a thinner, lighter component for potentially slightly higher energy density1 Energy density 1. Based on scientific literature and expert interviews, increase of energy density in negligible range possible (i.e. 1-10%) I N V E S T O R D A Y 2 0 2 3 Aramid separator enables superior safety performance compared to other separators

38 SHANE SMITH C H I E F O P E R A T I N G O F F I C E R 2 0 2 3 I N V E S T O R D A Y Strategic Overview – Manufacturing

39 Operation Numbers I N V E S T O R D A Y 2 0 2 3 17+ Years of experience in the development & manufacturing of lithium-ion batteries 3 Continents to be close to our customers 3 Manufacturing plants >70% New production line expected utilization 2,500+ Employees globally 7GWh Anticipated total available capacity by Q4 2023

40 Our Locations I N V E S T O R D A Y 2 0 2 3 Something here

41 Completed Huzhou plant expansion Production Capacity Expansions Added 2.0 GWh per annum of battery cells, modules, and pack manufacturing capacity – ramping up now! New building supports up to 12 GWh per annum (additional utility infrastructure required) New capacity is being filled by growing backlog in 2023 Long-term supply agreements for key materials are in place; excellent, long-standing supplier relationships I N V E S T O R D A Y 2 0 2 3 Clarksville, TN under renovation; production Q4 2023 Adding 2.0 GWh per annum of battery cells and modules manufacturing capacity (utility infrastructure will support some of the 4 GWh per year capacity) Expected production begins late Q4 2023 using the same equipment Expected new capacity will have high levels of utilization in 2024 Leveraging our global supply chain for raw materials

43 Clarksville Video I N V E S T O R D A Y 2 0 2 3

44 CRAIG WEBSTER C H I E F F I N A N C I A L O F F I C E R 2 0 2 3 I N V E S T O R D A Y Strategic Overview – Financials

45 Financial Highlights 2 0 2 3 I N V E S T O R D A Y 50+% 2022A to 2027E $486.7M Q1 Backlog 2027 Target >70% Clarksville Phase 1A 2024 anticipated Utilization $0 on U.S. asset base Leverage 13-15% 2027 Target Adj. OPEX (% of revenue)Revenue CAGR IRA credit potential $80M on each 2GWh capacity in U.S. 2023 Inflection Year – Foundations In Place For Our Fast Growth Phase 20%+ GM Expansion

46 Our Capacity Expansions 2 0 2 3 I N V E S T O R D A Y 2GWh Fully automated cell, module and pack production for 53.5Ah cell Huzhou 3.1 $1BN REVENUE POTENTIAL NO CAPEX until we need to add more capacity Huzhou ramping up production 2GWh Fully automated cell and module production for the 53.5Ah cell – using same production equipment as Huzhou 3.1 Clarksville 1A s45X IRA credits Phase 1A capacity in Clarksville has potential of $80MPA Fully Funded Expansions Get Us To $1BN+ Top Line Potential

47 53.5Ah Expansions – Huzhou 3.1 2 0 2 3 I N V E S T O R D A Y Note: Financials presented above reflect plant level only and assume (I) full 2GWh capacity is available, (ii) market ASP for CV and ESS battery solutions (iii) Opex from China operations. $ 500M New Revenue Potential Gross Margin & EBITDA Positive 2023 Gross Margin Expansion EBITDA Margin Expansion 2024 & Beyond 2GWh of additional cell, module and pack capacity trial production in Q1 2023 CapEx investment complete 53.5 Ah Cell technology adoption underway Contracted Capacity 75% of 2023 available capacity is under contract Key Customers Capacity Expansion Unlocks Significant Incremental Revenue Double-digit margin potential, de-risked by contracted pipeline with entrenched OEM and ESS customers.

48 53.5Ah Expansions – Clarksville 1A 2 0 2 3 I N V E S T O R D A Y Note: Financials presented above reflect plant level only and assume (I) full 2GWh is available, (ii) market ASP for CV and ESS battery solutions and (iii) Opex from Clarksville operations $ 500M New Revenue Potential Gross Margin & EBITDA Positive 2024 Gross Margin Expansion EBITDA Margin Expansion 2025 & Beyond 53.5 Ah Cell Technology Adoption Underway Capacity Expansion Unlocks Significant Incremental Revenue Double-digit margin potential, de-risked by contracted pipeline with entrenched OEM and ESS customers. N D A 2GWh of additional cell, module and pack capacity trial production in Q1 2023 CapEx investment funded ll l ti Pipeline as a % of Anticipated 2024 Revenues (Phase 1A) 70% of 2024 available capacity is under contract Key Customers

49 Phase 1A=$80M Inflation Reduction Act = I N V E S T O R D A Y 2 0 2 3 $35KWh Battery production tax credit for cells and modules produced in Clarksville, TN $10KWh MODULES Clarksville, TN Phase 1A benefits from IRA at $45/KWh on its domestic battery cell and module production IRA POTENTIAL P.A. TAX CREDIT POTENTIAL TO 2032 $1.5-$2BN 8GWh Capacity CELLS TAX CREDIT FOR EVERY CELL & MODULE KWh $45kWh Phase 1A +1B = $160M YEARSIRA DURATION10 UNTIL 2032 53.5Ah Backlog For ESS And CV In U.S. Means Potential High Utilization For IRA Credits 53.5Ah ESS & CV CUSTOMERS IRA POTENTIAL P.A.

50 Geographic Diversification 2 0 2 3 I N V E S T O R D A Y China 65% (132,469) EMEA 8% (15,809) U.S. 2% (3,651) APEC 25% (52,566) FY 2022A China 20% EMEA 30% U.S. 30% APAC 20% FY 2023E Huzhou, China Clarksville, TN $204.5M $358M 70-80% YoY Growth U.S. And Europe Becoming Dominant Markets (midpoint)

51 Revenue Visibility 2 0 2 3 I N V E S T O R D A Y Backlog Makes Potential A Reality

52 Funding More Capacity 2 0 2 3 I N V E S T O R D A Y Golden Rule: We only add more capacity when we have customer orders in place Based on backlog, we expect 2024 utilization for Phase 1A to be high Clarksville (up to 8GWh) is self-funding due to IRA credits We have the option to monetize the IRA early which provides funding for future expansions Customer down payments provide access to cash Phase 1A Year 1 IRA Credit Phase 1A Year 2 IRA Credit Phase 1B Customer Pre- Payments(1) Phase 1B CapEx Required Phase 1A & 1B IRA Credits Ending Cash Balance to Fund Phase 2 Expansion Phase 1A Operational Phase 1B Under Construction Clarksville Expansions Are Self-Funding Note: Funding bridge does not reflect additional positive cash flows generated from Clarksville facility. (1) Management estimates 40-50% manufacturing capacity would generate prepayments from customers. $80M $80M $75M ($175M) $160M $220M Phase 1A = 2 GWh Phase 1B = 2 GWh Phase 2 = 4 GWh Phase 1B Operational Expected Capacity:

53 Operating Leverage & Margins 2 0 2 3 I N V E S T O R D A Y Scalable business model Backlog growth is underpinning fast growth phase Our R&D spend today is for our future product innovation PROOF POINT: We expect to add 4GWh capacity in 2023, revenue growth est. 70- 80%, and adj. OPEX est. to increase approx. 20- 30% KEY TAKEAWAYS Multi-year Fast Growth From An Operating Base That Is Already At Scale Fully funded 4GWh expansion Multiple funding sources $205M $2B+ 47% Approx. 13% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 500 1,000 1,500 2,000 2,500 3,000 2022A 2023E 2024E 2025E 2026E 2027E O p ex % Revenue Opex % of Revenue

54 The Steps To Profitability 2 0 2 3 I N V E S T O R D A Y 2022A 2023E 2024E 2025E+ Does not need equity capital 4GWh expansions fully funded We Have The Levers—Industrialization, Automation, Utilization & Innovation 8.2% (adj. GM) 20%+ (adj. GM)

55 Financials – Summing it Up… I N V E S T O R D A Y 2 0 2 3 Growth The fast revenue growth is kicking in, and growing backlog tells you the 53.5Ah is a winner Capex We got Huzhou done, bringing 2GWh online and Clarksville is targeted for Q4 Funding We don’t need any equity to bring this capacity online and have plenty of financing options Diversification The backlog, which is mostly from U.S. and European customers, is giving us a solid base on which to expand our business in these regions We can scale the business as we have a global foundation in place and can add capacity at pace, which improves margins I N V E S T O R D A Y 2 0 2 3 Scale

56 Yang Wu F O U N D E R , C H I E F E X E C U T I V E O F F I C E R , P R E S I D E N T 2 0 2 3 I N V E S T O R D A Y Key Takeaways

57 Business Strategy Alignment 2 0 2 3 I N V E S T O R D A Y We’re industrializing at scale, with improved automation and utilization to improve financial performance. We’re entering a multi-year, high growth phase supported by the sought-after HpCO 53.5Ah cell, new technology, increased capacity, and new markets. KEY TAKEAWAY KEY TAKEAWAY The HpCO 53.5Ah cell provides many competitive advantages, with its cycle life, fast charge capabilities and energy density providing TCO benefits to our customers. KEY TAKEAWAY 2023 is a critical execution year as it creates the foundations to add significantly higher scale and which supports expansion plans for our battery component technologies. KEY TAKEAWAY We're focusing our capital in the U.S. as our technologies can help build-up a domestic battery industry. KEY TAKEAWAY

58 2 0 2 3 I N V E S T O R D AY Q&A