Canoo – Announces major EV manufacturing investment in Oklahoma

Governor Kevin Stitt and the Oklahoma Department of Commerce secured a
historic electric vehicle manufacturing investment today as Canoo announced
a commitment to create more than 2,000 jobs and build its first mega
microfactory on a 400-acre site at the MidAmerica Industrial Park located
near Tulsa, Okla.

Canoo Chairman and CEO Tony Aquila invited Governor Stitt and Secretary of
Commerce and Workforce Development Scott Mueller to the company’s inaugural
investor relations day at Texas Motor Speedway to make the announcement.

“Oklahoma has always been a pioneer in the energy industry, and this
partnership with Canoo shows that our state is an innovation leader in
electric vehicle technology,” GovernorStitt said. “We are thrilled to
partner with Canoo and Chairman and CEO Tony Aquila to provide high-paying
jobs for Oklahomans and position America as the global leader for vehicle
manufacturing for decades to come.”

Aquila praised the governor for his focus on innovation to diversify the
state’s economy and Oklahoma’s business-friendly policies.

“We ran a multi-state competition and invested millions of dollars to find
the right manufacturing facility,” said Aquila. “Oklahoma was a head and
shoulders above the other contenders because of its leadership, energy
forward initiatives, strategic location and the hardworking ethic of its
people. We would like to congratulate Governor Stitt and his team who
competed to have Canoo in their state – and we pledge our commitment to
bring more clean energy to the great State. Our investment in this
manufacturing and technology center means we will deliver vehicles faster at
scale – and fulfill our mission to bring affordable, purpose – built EVs to
Everyone. We’re proud to be American made and to bring more than 2,000 jobs
to Oklahoma.”

“We have made electric vehicle manufacturing a top priority in our
recruitment efforts as we work to further diversify Oklahoma’s economy,”
said Secretary Mueller. “Governor Stitt and I were able to work closely with
Tony and his team over the last several months and showed the entire Canoo
team the many merits of doing business in Oklahoma, including the value of
the collaborative effort between great leaders like Tony and the senior
leadership of our state. We are excited to welcome Canoo and show the rest
of the automotive industry that Oklahoma is open for business.”

Canoo’s mega microfactory is targeted to open in 2023 and will include a
full commercialization facility with a paint, body shop and general assembly
plant. The campus will also include a low-volume industrialization facility.
MidAmerica Industrial Park is a 9,000-acre industrial complex in Pryor,
Okla., strategically located near some of the nation’s most highly traveled
thoroughfares.

“At MidAmerica Industrial Park, we have been preparing for our next
mega-employer for more than 10 years. We have made significant capital
investments in speed-to-market capability by building new infrastructure,
expanding shovel-ready sites, and strengthening workforce training,
recruitment and retention,” said MidAmerica CEO David Stewart. “As the
largest industrial park in the Central United States, with abundant
renewable resources in power and water, Canoo’s selection of MidAmerica as
the site for its inaugural production facility is testament to our
competitiveness for new jobs.”

Canoo is scheduled to bring its first vehicle to market in Q4 2022 by
partnering with VDL Nedcar while the Oklahoma facility is built.