Kim J. Brady to retire as Chief Financial Officer of Nikola Corporation, effective April 7, 2023.
Anastasiya “Stasy” Pasterick, current Nikola Corporation Vice President, Corporate Controller, has been named successor.
PHOENIX. March 27, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that Chief Financial Officer (CFO) of Nikola Corporation, Kim J. Brady, will retire as CFO effective April 7, 2023. Anastasiya “Stasy” Pasterick, who is currently serving as Nikola’s Vice President, Corporate Controller, will succeed Brady as the company’s new CFO. Brady will remain employed with Nikola through April 28, 2023, as a non-executive officer in an advisory capacity to support the transition.
As CFO, Pasterick will be responsible for leading Nikola’s finance and accounting team, including investor relations, strategic finance, and treasury.
“Stasy’s proven financial acumen and attention to detail are the capabilities the company needs now as we build on the momentum surrounding the unveiling of our new energy brand, HYLA, the commercialization of our Class 8 battery-electric truck, and the pending production of our Class 8 hydrogen fuel cell vehicle,” said Michael Lohscheller, Nikola Corporation President and CEO. “We are grateful to Kim for his leadership and dedication to the company for the past five years. He led the organization’s early rounds of funding and was instrumental in taking the company public and shaping its strategy. We sincerely wish him all the very best as he embarks on a new and exciting chapter in his life.”
“It has been a privilege to be part of the great team at Nikola and I am proud of what we have accomplished together, including building a strong foundation for a zero-emissions transportation future and energy transition to hydrogen,” said Brady. “I’ll miss the passion, vision, and collaborative spirit throughout the organization and am pleased to see a high-caliber leader like Stasy step in as the next CFO of the company.”
“It is an honor to have the opportunity to continue shaping Nikola as we remain focused on the execution of our business plan and navigate the next chapter of our journey,” said Pasterick. “I am grateful to Kim for serving as a valued colleague, mentor, and friend since I joined the Nikola team over four years ago.”
ABOUT STASY PASTERICK Pasterick started her career at KPMG LLP where she worked in audit for seven years, serving a diverse portfolio of clients in the automotive and technology sectors from pre-revenue start-ups to global multi-billion-dollar corporations. Prior to joining Nikola in 2019, Pasterick held several financial leadership positions at OEM manufacturing firms including Director of Accounting Operations at Erickson, Inc., and Corporate Controller at nLIGHT, Inc. (NASDAQ: LASR), where she led all financial aspects of the company’s IPO.
At Nikola, Pasterick was key in executing the organization’s SPAC merger in 2020 and has been responsible for the overall financial operations of the company including accounting, reporting, transactional finance, and manufacturing finance. She has established Nikola’s accounting and reporting infrastructure as a new public company and has been instrumental in scaling the organization’s financial operations through entering commercial production.
Pasterick is a Certified Public Accountant (CPA) and holds a B.S. in Business Administration from Portland State University.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding the potential benefits of the announced executive leadership change. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination with Romeo; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
Ahead of schedule, company expedites ability to bring manufacturing under one roof
Published
PHOENIX – March 16, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero emission transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced that the move to transition battery manufacturing from Cypress, Calif. to its Coolidge, Ariz. manufacturing facility is expected to be complete by April 2023, months ahead of the original schedule.
The ability to expedite this process further supports Nikola’s ongoing commitment to implement cost-saving measures by bringing the Nikola truck assembly, fuel cell power module assembly, and battery module and pack production under one roof. This includes battery line automation geared toward improving quality and increasing efficiencies.
“Over the past several months, the Nikola team has been working to ensure the battery production transition plan was seamless and on schedule,” said Michael Lohscheller, Nikola Corporation President and CEO. “We are pleased with the speed in which the plan has occurred and are grateful for the Cypress team’s contribution.”
A battery engineering presence is expected to remain in California at a separate facility to focus on the development of Nikola’s next generation battery management system software and modules.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding the potential benefits received from moving battery manufacturing to Coolidge, Arizona and its effect on company cost savings measures; business model and strategy; the company’s expectations regarding its projected truck builds and related specifications; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination with Romeo; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-Q for the year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
Reported GAAP net loss per share of $0.46 and non-GAAP net loss per share of $0.37 for Q4 2022
Advancing deployment of zero-emissions trucks in fleets through innovative integrated mobility solutions
Entered into partnership with ChargePoint allowing Nikola and our dealers to resell ChargePoint products
Unveiled the first HYLA hydrogen mobile fueler, providing flexible, capital-efficient fueling infrastructure
On track to be first to market and commercialize fuel cell electric vehicles (FCEVs) with deliveries expected in Q4 2023
Received Tre FCEV orders for up to 75 from Plug Power and 15 from Biagi Brothers
Continued to execute on and build our energy business with partners
Furthered development on Phoenix Hydrogen Hub, invitation to Phase II Department of Energy (DOE) loan process, Final Investment Decision expected Q3 2023
Strategic partnership with Plug Power for nationwide hydrogen supply of up to 125 metric-tons per day
Expected collaboration with Fortescue Future Industries (FFI) for green hydrogen projects across the country
PHOENIX – February 23, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, today reported financial results for the quarter and full-year ended December 31, 2022.
“During the fourth quarter we strengthened our commercial and sales operations, which is expected to lead to increased sales and accelerated customer deliveries,” said Nikola CEO, Michael Lohscheller. “As a whole, we made significant progress on both the truck and energy infrastructure fronts. The advances we have made on battery charging and hydrogen solutions with strategic partners, and the unveiling of our hydrogen mobile fueler under the HYLA brand, will allow Nikola to provide fully integrated mobility solutions to customers for both the BEV and FCEV.”
Energy Business Progress In January, we announced the launch of HYLA, our new hydrogen energy brand. HYLA will provide integrated and innovative energy solutions for customers. We also announced the completion of our first hydrogen mobile fueler, capable of refueling trucks at 10,000 psi. The mobile fueler, coupled with the 960 kg capacity hydrogen tube trailer, will provide a flexible fueling solution to fleets by enabling fueling at their depots. Mobile fuelers can also serve as an interim solution as permanent infrastructure is built and FCEV network density develops. Mobile fuelers can be deployed on demand in any environment at a fraction of the cost of permanent refueling infrastructure.
During the quarter we announced our intent to develop access to up to 300 metric-tons per day (TPD) of hydrogen supply and up to 60 dispensing stations by 2026, capable of supporting 7,500 FCEVs in service. Underpinning the 300 metric-TPD are a number of strategic partnerships and offtake agreements. To date we have announced the following projects and partnerships in the U.S. and Canada:
Phoenix Hydrogen Hub – initial production of 30 metric-TPD expanding up to 150 metric-TPD
Acquired 920-acre parcel of land in the City of Buckeye, AZ to develop Phoenix Hydrogen Hub
Invited to participate in Phase II of DOE loan process
Announced expected collaboration with FFI for hydrogen supply and infrastructure across North America
Plug Power Supply Partnership – up to 125 metric-TPD
KeyState Natural Gas Synthesis Supply Partnership – up to 100 metric-TPD
Wabash Valley Resources Investment – up to 53 metric-TPD
On February 21 we also announced an additional planned station location in West Sacramento, California, bringing our total number of planned stations to four in California. We believe the introduction of the Nikola mobile fueler as well as other third party mobile fuelers in Nikola’s portfolio will augment permanent refueling infrastructure and accelerate the adoption of FCEVs by providing agile fueling solutions.
Nikola Tre FCEV Development Tre FCEV pilot testing with Walmart and TTSI has been successfully completed. During the pilots the FCEV alphas accumulated over 7,800 and 9,500 miles respectively. As of today, we have completed the build and commissioning of 17 FCEV beta trucks and are now in the process of building 10 gamma trucks, which will be used for additional pilot testing and vehicle validation. We remain on track to begin SOP and expect to deliver the first FCEVs to customers in 2H 2023.
Nikola Tre BEV Commercialization During the fourth quarter, we produced 133 Nikola Tre BEVs delivering 20 to dealers. We utilized the fourth quarter to improve our BEV product based on customer and potential customer feedback. We also released our over-the-air software update 2.0, which increased the Tre BEVs usable range and enabled 350kW DC fast charging.
On November 8 we announced our partnership with ChargePoint, allowing Nikola and our dealers to sell ChargePoint charging infrastructure and software to customers. This, along with our Mobile Charging Trailers, allows Nikola to offer customers an integrated mobility solution with trucks and a full suite of charging products.
To accelerate customer deliveries and refine our commercial strategy, Bruce Kurtt was hired as SVP Commercial and Sales. He brings over 30 years of medium and heavy-duty trucking experience and deep relationships in the trucking industry to Nikola. The expanded commercial, sales, and product management teams are leading product improvements and refining our go-to-market approach as we look to accelerate customer deliveries.
PlusDrive in Nikola Trucks On February 22, we announced the selection of PlusDrive, the next generation safety system developed by Plus, for the Nikola Tre BEV and Nikola Tre FCEV in the U.S. The first factory-installed Nikola Tre BEVs and hydrogen electric vehicles that will incorporate enhanced driver assistance features powered by PlusDrive are expected to be available by the end of 2024.
European JV Updates In Europe, the joint venture (JV) between Nikola and Iveco Group is delivering according to plans and the first serial BEV trucks will be delivered to customers by the end of this year. We anticipate serial BEV production will begin in Q3 and customer deliveries to begin soon after. Development of the EU spec FCEVs continued in the fourth quarter. We plan to begin Tre FCEV SOP in Q3 2024. The JV received its first LOI for 100 Tre FCEVs from GP Joule on January 23, and 20 from Richter Group on February 22. We continue to make progress on our partnership with E.ON. We are finalizing the JV agreement which we expect to execute by the end of Q1.
Coolidge, Arizona Manufacturing Facility In Coolidge, progress continued on the Phase 2 assembly hall expansion, which is expected to be complete by the end of Q2. Once completed, the building hall nameplate capacity is expected to be up to 20,000 trucks per year. We plan to begin installation of the automated battery module and pack line and Bosch fuel cell power module assembly line in Q2. Once complete, we anticipate the automated battery module and pack line will provide up to $105,000 in cost savings per BEV.
Fourth Quarter and Full Year Financial Highlights
Business Outlook We plan to achieve the following milestones in 2023:
Complete the build of 10 gamma FCEVs by Q2 2023
Realize approximately $105,000 in cost savings in battery modules and packs for each Tre BEV truck by Q4 2023
Achieve Final Investment Decision for the Phoenix Hydrogen Hub by Q3 2023
Announce at least two refueling station partners by June
Deliver 250 – 350 Tre BEVs to dealers for the Full Year 2023
Deliver 125 – 150 Tre FCEVs in Q4 2023
Webcast and Conference Call Information Nikola will host a webcast to discuss its fourth-quarter results at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on February 23, 2023. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20230223/en.
The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website at https://nikolamotor.com/investors/news?active=events. A recording of the webcast will also be available following the earnings call.
About Nikola Corporation Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information visit our website or Twitter @nikolamotor.
Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the Company’s future performance and milestones; expected timing of manufacturing facility expansion, SOP and truck delivery and production capacity; expectations regarding hydrogen dispensing stations and hydrogen capacity; timing of completion of testing, production, as well as other milestones; expected capacities and benefits of HYLA mobile fueler and HYLA mobile tube trailer; expected cost savings of automated battery module and pack line; expectations to provide fully integrated mobility solutions to customers for both BEV and FCEV; expected orders and deliveries of trucks and the timing thereof; the Company’s belief that strengthened commercial and sales operations will lead to increased sales and accelerated customer deliveries; the Company’s belief that the introduction of its mobile fueler as well as other third party mobile fuelers in its portfolio will augment permanent refueling infrastructure and accelerate the adoption of fuel cell electric vehicles by providing agile fueling solutions; the Company’s business outlook; and terms and potential benefits of planned and actual collaborations with strategic partners. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the effects of inflation and COVID-19; the outcome of legal, regulatory and judicial proceedings to which the Company or Romeo Power, Inc. (“Romeo”) is, or may become a party; demand for and customer acceptance of the Company’s trucks; the results of customer pilot testing; the execution and terms of definitive agreements; the failure to convert LOIs or MOUs into binding orders; the cancellation of orders; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the effects of competition on the Company’s business; the availability of and need for capital; the impact of the Company’s acquisition of Romeo; the Company’s ability to achieve cost reductions for its vehicles; customer demand for the Company’s trucks; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2022 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures This press release references Adjusted EBITDA and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company’s performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company. Non-GAAP net loss per share basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.
Richter Group will receive hydrogen electric trucks, the required green hydrogen, and the refuelling infrastructure from Nikola and E.ON beginning in 2024 onwards
The logistics service provider plans to transition their fleet of 160 trucks towards the Class 8 Nikola Tre hydrogen electric truck over the next four to five years
ULM, GERMANY. February 22, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, E.ON and Richter Group, today announced a Letter of Intent for an initial order of 20 Class 8, heavy-duty Nikola Tre hydrogen electric vehicles and the hydrogen needed to supply them.
Richter Group is a leading provider of individual logistics services comprising hub and direct transport solutions for courier, express and parcel clients. Located in Germany, it currently owns a fleet of over 160 diesel-powered trucks with loading and unloading points in the Netherlands, Belgium, France and the United Kingdom.
Nikola and E.ON intend to help Richter Group decarbonize its vehicle fleet by providing hydrogen electric trucks, the required green hydrogen, and the refuelling infrastructure through the previously announced joint venture that is to be established in the upcoming weeks.
The initial order of 20 Nikola Tre hydrogen electric trucks are expected to be delivered to Richter Group in 2024. Richter Group intends to transition their entire fleet to Nikola Tre hydrogen electric trucks over the next four to five years. Richter Group also plans to work with their logistics partners to transition fleets to Nikola’s zero-emission vehicles, which could equate to an additional 750 hydrogen electric trucks within that same timeframe.
The Nikola Tre hydrogen electric trucks in the European 6×2 variant will be manufactured by the joint venture between Nikola and Iveco Group (MI: IVG) at their facility in Ulm, Germany. Richter Group and its partners may acquire some or all Nikola Tre hydrogen electric vehicles through GATE – Green & Advanced Transport Ecosystem, IVECO’s all-inclusive electric truck rental model. IVECO will provide the essential maintenance and service functions.
E.ON will provide Richter Group with green hydrogen and develop the refuelling infrastructure to meet the needs of the hydrogen electric vehicles brought to market. The first refuelling solution within the scope of this project will be located on the premises of Richter Group in Wesel, Germany. Both hydrogen supply and logistics will be supplied though the Nikola and E.ON joint venture once it is officially established.
Michael Lohscheller, President and CEO, Nikola Corporation, said, “The commitment from Richter Group is another example of how Nikola and E.ON are playing an essential role in helping Germany achieve the goal of decarbonizing the transportation sector. Implementing the initial order of 20 heavy-duty zero-emission trucks in place of existing diesel trucks, equates to avoiding the annual CO2 emissions from approximately 600 passenger cars.”
Sylvio Richter, founder and CEO of Richter Group said, “We plan to introduce the Nikola hydrogen electric trucks and other services of Nikola and E.ON to many of our partners to further promote and grow decarbonization efforts in the European heavy-duty transport sector. This Letter of Intent is just the beginning. Through our technology subsidiary Sundronix GmbH, Richter Group will be working with Nikola and E.ON on technological solutions for the design and construction of a 700-bar refuelling infrastructure, hydrogen transport logistics, and hydrogen supply.”
With a range of up to 800 km, the Nikola Tre hydrogen electric truck is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks while realizing weight savings when compared to battery-electric Class 8 trucks with similar range. The Tre hydrogen electric truck is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
ABOUT E.ON E.ON is an international investor-owned energy company, which focuses on energy networks and customer solutions. As one of Europe’s largest energy companies, E.ON plays a leading role in shaping a clean, digital, decentralized world of energy. To this end, around 72,000 employees develop and sell products and solutions for private, commercial and industrial customers. More than 51 million customers purchase electricity, gas, digital products or solutions for electric mobility, energy efficiency and climate protection from E.ON. E.ON is headquartered in Essen, Germany. For more information, please visit www.eon.com.
ABOUT RICHTER GROUP Richter Group is a prominent provider of individual logistics services. These services include hub and direct transport solutions for clients in the courier, express, and parcels industries. Richter Group is committed to providing its customers with sustainable transport solutions that meet their environmental, social, and corporate governance criteria. Founded in 1987 Richter Group is headquartered in Wesel, Germany. For more information, visit www.richtertransport.de.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding its business, business model and strategy; the expected benefits of the company’s joint venture with E.ON and LOI with Richter Group; the company’s expectations regarding its projected truck builds and related specifications and the timing of delivery of hydrogen electric trucks; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, including receiving a binding purchase order for trucks from Richter Group, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
PlusDrive-enabled Nikola Tre vehicles to be launched in 2024. PGT Trucking, Christenson Transportation, and other fleets to pilot the vehicles.
Published
PHOENIX – February 22, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that it has selected PlusDrive, the next generation safety system developed by Plus, for the Nikola Tre battery-electric vehicle (BEV) and the hydrogen electric vehicle in the U.S. The first factory-installed Nikola Tre BEVs and hydrogen electric vehicles that will incorporate enhanced driver assistance features powered by PlusDrive will be available by the end of 2024.
“The enhanced driver assistance features are yet another differentiator of Nikola’s premium driver experience for our customers,” said Michael Lohscheller, President and CEO, Nikola Corporation. “We are one of the first OEMs to offer 100% electric steering paired with the ZF EBS braking system. This base technology in all our vehicles, combined with Nikola’s own internally developed vehicle controls, over-the-air updates and vehicle security can enable the integration of these advanced sensors and the realization of the PlusDrive safety system from Plus.”
Designed for drivers by drivers, PlusDrive offers unmatched safety, fuel efficiency, and driver comfort features. PlusDrive elevates the role of the professional driver to a pilot who supervises the system to drive on the highway. Its capabilities go far beyond basic driver assistance capabilities such as lane keeping and automatic emergency brakes. PlusDrive also handles everything from staying centered in the lane, lane changes, merges, stop-and-go traffic, and nudging, while the driver remains alert and attentive. New driving features are continuously added over-the-air without any additional truck downtime.
Together with Nikola’s base technology, PlusDrive will moderate and predict the optimal and safest speed, while also taking full advantage of regenerative braking in traffic and slowing conditions. The vehicle is expected to keep the best position within the lane and account for other large vehicles and emergency vehicles. With PlusDrive, the Nikola Tre BEVs and hydrogen electric vehicles will come with best-in-class incident detection capabilities via the multiple cameras to be used together with short-range radar, and LiDAR. The advanced sensor suite will assist the driver to safely interact with other drivers and provide additional protection for liability mitigation.
When not in use on the highway, the Nikola Tre BEV and hydrogen electric vehicles will maintain the ability to detect obstacles and traffic in the blind spots. Other traffic, including motorcycles and pedestrians, will continue to be highlighted to provide drivers with their proximity information. The system will work in all traffic conditions, including loading docks. Pedestrian safety around the trucks is especially important as much quieter zero-emissions vehicles become a mainstay. The system will highlight pedestrians around the vehicle to help ensure safety of typical operations including loading and unloading, inspections, and charging and fueling. Safe operation during high-power charging and hydrogen fueling will also be supplemented with detection and recording features.
“We are proud to support a zero-emission future and provide the underlying safety system behind Nikola’s enhanced driver assistance features. The proven commercial readiness of our highly automated solution PlusDrive accelerates the deployment for our partners and sets a new bar for safety and sustainability for the trucking industry,” said David Liu, CEO and Co-Founder, at Plus.
Multiple fleets including PGT Trucking and Christenson Transportation have agreed to pilot the initial Nikola PlusDrive-enabled trucks which will be available in late 2023. Given the overwhelming fleet interest in the system, Nikola is establishing an Enhanced Driver Assistance Customer Council to collaborate with fleets and Plus to continue refining the system.
“PGT Trucking is committed to advancing the transportation industry through the Future of Flatbed®, strategically partnering with like-minded companies, like Nikola, to implement innovative technology and equipment into our fleet,” said Gregg Troian, PGT Trucking President. “We will actively participate in the ongoing development of the Nikola PlusDrive-enabled units, using these trucks in real-world applications, improving safety standards and enhancing the lifestyle for our drivers.”
“Christenson Transportation has and continues to invest in the safest technology available on the market to lower our carbon emissions to meet the goals of our customers and the communities we serve,” said Don Christenson, Christenson Transportation President. “The Nikola PlusDrive-enabled trucks, along with the current Nikola Tre BEV and hydrogen electric vehicle, will play a significant role in helping us achieve this vision and improve work, life balance for our drivers. We are proud to be one of the first customers to pilot these trucks this year and play an active role in the launch of this innovative technology.”
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of the planned collaboration between Nikola and Plus; the potential benfits of the PlusDrive system; the benefits of Nikola’s vehicle technology; the ability of the PlusDrive system to deliver all of its anticipated features and the planned benefits from those features. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management. We cannot assure you that forward-looking statements will be achieved and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to, the failure to realize the anticipated benefits of the announced collaboration between Nikola and Plus; design and manufacturing changes, challenges and delays; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; the potential challenges arising from COVID-19; the outcome of legal, regulatory and judicial proceedings to which Nikola is, or may become a party; demand for and customer acceptance of Nikola’s trucks; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the rollout of Nikola’s business and the timing of expected business milestones, including delivery of trucks for sale; the effects of competition on Nikola’s future business; the availability of capital to fund Nikola’s business; risks associated with changes in accounting treatment or accounting standards; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
ABOUT PLUS Plus is a global provider of highly automated driving and fully autonomous driving solutions. Named by Fast Company as one of the World’s Most Innovative Companies of 2022, Plus is the only autonomous trucking company with customers operating its product on the road today. Working with one of the largest companies in the U.S., vehicle manufacturers and others, Plus is making long-haul trucking safer, more fuel efficient, more sustainable, and more comfortable for the drivers. Plus has received a number of industry awards and distinctions for its transformative technology and business momentum from Fast Company, Insider, Consumer Electronics Show, AUVSI, and others.
West Sacramento marks the fourth location as scaling of the Nikola hydrogen network continues to progress
Published
PHOENIX. February 21, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced its HYLA brand‘s fourth California hydrogen station location, building on its planned station network to advance and scale its long-term hydrogen distribution solutions to service market demand. Nikola’s integrated energy and zero-emissions truck portfolio will be underpinned by developing hydrogen supply and refueling infrastructure, an essential step in helping to decarbonize the heavy-duty transport sector.
The latest California refueling station and logistics infrastructure location will be in the city of West Sacramento. This station will further support Nikola’s truck demand, as well as third-party heavy-duty hydrogen electric vehicles. By the end of 2026, it is anticipated that Nikola, via its HYLA brand, will have 60 stations in place to support this growth.
“The first four stations in California are intended as part of Nikola’s energy strategy to support hydrogen electric truck demand,” said Nikola President, Energy, Carey Mendes. “Our recently announced hydrogen energy brand, HYLA, is dedicated to solving the complex challenges that the mobility and hydrogen industry have faced for decades by offering integrated mobility solutions, including the trucks and energy supply. The HYLA hydrogen refueling stations, along with a comprehensive energy supply, will provide our customers the support needed to seamlessly transition their fleets to zero-emissions.”
“We’re encouraged to see Nikola’s progress in helping to establish a sustainable hydrogen ecosystem in California by accelerating the development and deployment of clean, renewable infrastructure,” said Gia Vacin, Deputy Director of ZEV Market Development at the Governor’s Office of Business and Economic Development (GO-Biz). “Projects like these will be key in decarbonizing California’s economy, while improving local air quality and providing tangible benefits to frontline communities.”
Nikola, via HYLA, is bringing comprehensive zero-emission heavy-duty trucking energy solutions to market and West Sacramento is ideal due to the number of distribution centers and density of trucking and logistics traffic. Each station within the HYLA hydrogen network will serve as an important step in the delivery of a broader array of hydrogen fueling solutions to the commercial trucking industry.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of the planned HYLA fueling network and related zero-emissions trucks, and the potential benefits from various government incentives. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management. We cannot assure you that forward-looking statements will be achieved and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to, the failure to realize the anticipated benefits of the planned HYLA fueling network; benefits from potential government incentives; the availability of a hydrogen ecosystem to meet the demand of hydrogen electric trucks; design and manufacturing changes, challenges and delays; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; the potential challenges arising from COVID-19; the outcome of legal, regulatory and judicial proceedings to which Nikola is, or may become a party; demand for and customer acceptance of Nikola’s trucks; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the rollout of Nikola’s business and the timing of expected business milestones, including delivery of trucks for sale; the effects of competition on Nikola’s future business; the availability of capital to fund the Nikola’s business; risks associated with changes in accounting treatment or accounting standards; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
Fleets Eligible for $240,000 to $288,000 in California Incentives per Truck
Published
PHOENIX – February 7, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy supply and infrastructure solutions, announced that it has received approval from the California Air Resources Board (“CARB”) for Nikola’s Tre hydrogen fuel cell electric vehicle (“FCEV”) to be eligible for CARB’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”) program. This approval will now enable customers of Nikola’s Tre FCEV to access a point-of-sale incentive starting at $240,000 and ranging up to $288,000 per truck, in 2023. Customers will also be eligible for a $40,000 clean commercial vehicle tax credit from the federal government due to the passage of the Inflation Reduction Act.
California’s HVIP is an important incentive program intended to advance commercialization and to help reduce the total cost of ownership of hybrid and zero-emission commercial vehicles in the state of California. The program is unique in that it accelerates the adoption of zero tailpipe emission commercial vehicles on a first-come, first-served basis that does not require the retirement and scrappage of an existing diesel vehicle. With the market introduction of the Tre battery-electric vehicle (BEV), Tre FCEV, and infrastructure solutions, Nikola is providing innovative solutions to fleets seeking to combat pollution and climate change. It is estimated that Class 8 heavy-duty trucks may be eligible for approximately $457 million in funding through the HVIP program in 20231, with potentially an additional $45 million per year to be provided by each of the Ports of Los Angeles2 and Long Beach3, which may also be distributed through HVIP4.
According to Nikola President and CEO, Michael Lohscheller, “The inclusion of the Nikola Tre FCEV in California’s HVIP program is a very exciting development as we continue introducing innovative zero-emission truck technology options in our priority sales market and distinguish ourselves as the only OEM offering both battery-electric and FCEVs this year. The combined incentives available to customer fleets through the HVIP program and the Inflation Reduction Act are critical for driving a competitive total cost of ownership and accelerating market adoption of the Tre FCEV, which will be powered by the hydrogen fuel supply and infrastructure implemented through HYLA, Nikola’s recently launched hydrogen energy brand, and with service provided by our national dealer network. We look forward to delivering the Nikola Tre FCEVs to customers later this year.”
In the coming months, Nikola will be collaborating on commercial demonstrations of the Tre FCEV with potential fleet customers in California. Interested fleets are encouraged to visit with Nikola dealers nationwide to familiarize themselves with the Tre vehicle platform by experiencing the Tre BEV, which includes the advanced technology and driver-centric design that will be featured in the Tre FCEV. Nikola and its dealers are now taking orders and submitting HVIP voucher requests for the Tre FCEV.
With a range of up to 500 miles, the Nikola Tre FCEV is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 tractors while realizing weight savings relative to comparable BEVs. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.
With an estimated fueling time of approximately 20 minutes at planned HYLA fueling stations, based on expected technology advancements, and introduction of its mobile fueling options, Nikola is committed to making the market transition from diesel to zero-emissions technologies a seamless experience. It is anticipated this effort will further reduce the need for extensive electrical infrastructure planning and build-out as Nikola expands its public commercial hydrogen fueling infrastructure network.
Nikola’s Tre BEV, with a range of up to 330 miles, qualified for HVIP certification in California in January 2022. California purchasers of the Nikola Tre BEV may qualify for an incentive valued at $120,000 per truck, and $150,000 for drayage fleets, helping to reduce the total cost of ownership. The Tre BEV is also eligible for a variety of other incentives across the United States, including the $40,000 clean commercial vehicle tax credit from the federal government. The Tre BEV started serial production in March 2022 and is available for purchase and delivery now. For more information, please visit Nikola Electrify Your Fleet.
ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations from the benefits of the HVIP program and other incentives; its business, business model and strategy; the ability to deliver FCEV and related hydrogen fueling; the company’s expectations regarding its projected truck builds and related specifications and timing related to delivery of those trucks and fueling infrastructure; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
Phoenix Event Showcases Nikola’s Strengths as An Integrated Truck and Energy Company. FCEV Truck, Mobile Fueling Trailer Demonstrated to Attendees.
Published
PHOENIX – January 25, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy supply and infrastructure solutions, announced at a special event today that it has created a new global brand, HYLA, to encompass the company’s energy products for producing, distributing and dispensing hydrogen to fuel its zero-emissions trucks. More than 300 fleet, government, supplier, energy and media representatives were on site for the announcement at Nikola’s U.S. headquarters in Phoenix, which highlighted the progress made by Nikola’s energy and truck businesses.
“Nikola is the only company that is successfully integrating a revolutionary new product, the hydrogen fuel cell truck, and the full hydrogen energy infrastructure supply chain under one roof,” said Nikola CEO and President Michael Lohscheller. “The unveiling of our Nikola Tre fuel cell truck and flexible mobile fueling trailer demonstrates a real and sustainable competitive advantage for our customers and are significant proof points that we are accomplishing what we set out to achieve.”
“The HYLA brand represents Nikola’s hydrogen-focused energy business by supporting our fuel cell electric vehicles and those of other OEMs,” said Carey Mendes, President, Nikola Energy. “Hydrogen energy is the catalyst for the HYLA brand and serves as a forward-looking solution for our customers to help them achieve their sustainability goals and dramatically reduce the overall carbon emissions in the transportation sector.”
Nikola Tre Fuel Cell Electric Vehicle (FCEV)
With a range of up to 500 miles, the Nikola Tre FCEV is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 tractors while realizing weight savings when compared to battery-electric Class 8 trucks with similar range. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.
With an estimated fueling time of less than 20 minutes at Nikola fueling stations based on expected technology improvements, transitioning from diesel to hydrogen is anticipated to be a seamless experience.
Hydrogen Production
Under the HYLA brand, Nikola is developing access of up to 300 metric-tons per day (TPD) of hydrogen. This supply is expected to be supported by the previously announced projects referenced below, which are being developed with Nikola partners.
City of Buckeye, AZ Production Hub – phased development of up to 150 metric-TPD
Plug Power – multi-region offtake agreement of up to 125 metric-TPD
Terre Haute, IN Wabash Valley Resources – 50 metric-TPD
Located in Buckeye, Ariz., the PHH is expected to be built in phases to scale with the demand created from Nikola’s zero-emission trucks in the Southwest region, starting with 30 metric-tons in the first phase, and up to 150 metric-TPD of hydrogen in future phases. Construction of the first phase is anticipated to be completed in the second half of 2024, once final investment decisions and customary regulatory approvals are finalized.
HYLA Hydrogen Stations
With the intent to have 60 hydrogen stations in place by 2026, the first announced hydrogen stations will be in California in Colton, Ontario, and a location servicing the Port of Long Beach. California is a launch market for Nikola and these stations intend to support key customers to help advance the state’s efforts to decarbonize the transport sector.
HYLA Flexible Mobile Fueler
The HYLA flexible mobile fueler solution is an integral part of Nikola’s flexible customer service in its early years by distributing hydrogen to its FCEV customers at locations which meet their needs. The mobile fueler cools and compresses hydrogen to rapidly fill 700 bar FCEV heavy-duty trucks. Coupled with a hydrogen tube trailer with a capacity of 960 kg, the mobile fueler can refuel customer trucks back-to-back.
The mobile fueler program includes its own mobile fuelers as well as a number of third party mobile fuelers, which will provide Nikola customers with a variety of flexible fueling options.
The first mobile fueler has completed commissioning and testing and has been released for market operation. Nikola has additional hydrogen mobile fuelers being commissioned in Q1 2023.
ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding its business and the potential benefits received from the planned integrated offering of trucks and fueling solutions, including the Tre FCEV and mobile fuelers; the potential benefits received from the company’s hydrogen production, offtake, distribution and dispensing plans; the expected performance and specifications of company vehicles and hydrogen production, distribution and fueling solutions; business model and strategy; the company’s expectations regarding its projected truck builds and related specifications; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
PHOENIX – January 25, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that Biagi Bros. Inc. plans to take delivery in the fourth quarter of 2023 of 15 Nikola Tre hydrogen fuel-cell electric vehicles (FCEVs) in Ontario, Calif. The FCEV trucks are expected to put in over 100,000 miles per year, to support the round-the-clock operations.
“These initial 15 Nikola Tre FCEVs are part of Biagi Bros. commitment to transition their fleet to zero-emissions,” said Michael Lohscheller, Nikola’s President and CEO. “In addition, the trucks will be fueled at the previously announced hydrogen station in Ontario, Calif.”
“Biagi Bros. has been successfully testing Nikola’s Class 8 FCEV beginning in January of 2022,” said Andrea Biagi, President of Biagi Bros. “After logging more than 12,000 miles, we are extremely pleased with the performance and specification of the trucks, and we are ready to move forward to officially build our zero-emission fleet later this year.”
Upon final HVIP approval, purchasers of the Nikola Tre FCEV in 2023 may be able to qualify for California’s state-based incentive valued at $240,000 per truck; $270,000 per truck for drayage fleets; or up to $288,000 per truck for fleets with (i) 10 trucks or less, (ii) performing drayage operations, and (iii) located within a disadvantaged community area. Eligible non-drayage fleets may secure up to 30 HVIP vouchers and drayage fleets may secure up to 50 vouchers.
In addition to the funding provided by HVIP, purchasers of Nikola’s Tre FCEVs will also qualify for an additional $40,000 clean commercial vehicle tax credit in 2023 from the federal government due to the passage of the Inflation Reduction Act.
With a range of up to 500 miles and an estimated fueling time of less than 20 minutes based on technology improvements, the Nikola Tre FCEV is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 tractors while realizing weight savings when compared to BEV Class 8 trucks with similar range. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.
ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding its business, business model and strategy; the expected benefits of the company’s relationship with Biagi Brothers; the company’s expectations regarding its projected truck builds and related specifications; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, including receiving a purchase order for trucks from Biagi Brothers, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
PHOENIX – January 24, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, and Fortescue Future Industries (FFI) have executed a memorandum of understanding (MOU) to collaborate on and evaluate the co-development of large-scale U.S. green hydrogen production facilities.
Supply of green hydrogen for any potential projects will be underpinned by Nikola as a potential offtaker, which has a large demand for green hydrogen in order to decarbonize the transportation sector and other industries.
FFI’s significant experience and capabilities in hydrogen project development make it an ideal partner for Nikola in the potential development of this project. It is a global green energy company pursuing opportunities in more than 25 countries and a subsidiary of top ten ASX company Fortescue Metals Group Ltd (ASX: FMG). FFI is leading the green industrial revolution by acquiring and developing technology solutions for hard-to-decarbonize industries, while building a global portfolio of renewable energy, green hydrogen and green ammonia projects.
Under the terms of the MOU, Nikola will evaluate green hydrogen offtake opportunities from any other green hydrogen projects being pursued by FFI. The parties will also evaluate the potential co-development of new green hydrogen production and associated infrastructure projects.
“FFI has an ambitious decarbonization strategy and associated investment allocated to lead the decarbonization efforts for one of the biggest resources companies in the world,” said Nikola Corporation President and CEO, Michael Lohscheller. “This MOU will establish the framework for future collaborations as strategic partners for the potential co-development of meaningful energy transition solutions, with a focus on the Phoenix Hydrogen Hub project being led by Nikola today.”
FFI CEO Mark Hutchinson said: “North America has the potential to become the world’s leading green energy heartland. This new partnership demonstrates FFI’s commitment to help decarbonize the transportation sector and enable the world to work towards achieving zero emissions. The incentives in the Inflation Reduction Act also make the US one of the best places in the world to invest in green energy and create a pipeline of new jobs.”
ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit nikolamotor.com or Twitter @nikolamotor.
ABOUT FORTESCUE METALS GROUP AND FFI
Established in 2003, Fortescue Metals Group (Fortescue) is a global leader in the iron ore industry. As one of the world’s lowest cost iron ore producers, Fortescue is now shipping at an annual rate of over 180 million tonnes with more than 1.7 billion tonnes of iron ore delivered to its customers since 2008. Through our green energy and technology company, Fortescue Future Industries (FFI), we are rapidly diversifying our business to become an integrated, global green energy and resources company. Key to this transition are our industry leading targets to achieve carbon neutrality for Scope 1 and 2 emissions by 2030 and net zero Scope 3 emissions by 2040. FFI is leading the global effort to help decarbonise hard-to-abate sectors and is developing and acquiring the technology and energy supply to help decarbonise Fortescue’s business, while building a global portfolio of renewable green hydrogen and green ammonia projects. fortescue.com
FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expected benefits from the MOU and LOI with FFI; expectations regarding its business, business model and strategy; the company’s expectations regarding its projected truck builds and related specifications; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance, including the parties’ ability to negotiate definitive and binding documentation. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
