PHOENIX – February 2, 2024 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via its HYLA brand, announced the appointment of Ole Hoefelmann as President of the Nikola Energy division, effective February 5, 2024.

A 30-plus year veteran of the hydrogen business, including decades in executive positions at Air Liquide and a stint at Plug Power, Hoefelmann most recently served as Nikola’s Global Head of Infrastructure Operations, where he led the reorganization of the HYLA-brand hydrogen refueling infrastructure.

Hoefelmann will continue to expand this work as President of Nikola Energy, where he will oversee the company’s energy business, including supply strategy, technology, dispensing, and development.

“Ole is a highly regarded international executive from the energy sector with an impeccable resume. In a few short months, he has helped the company make considerable strides in creating its hydrogen highway, starting in California, with plans to expand across the U.S. and Canada,” said Nikola President and CEO, Steve Girsky. “As our hydrogen fuel cell electric truck sales increase in 2024, it’s important that our energy efforts are commensurate. We are confident that our customers will benefit from Ole’s expertise and service-oriented mentality.”

Joe Cappello, a leader in the hydrogen space for several years, most recently as President of Nikola Energy, will be departing from the organization and assisting over the next few weeks to ensure a smooth transition. “We wish Joe all the best as he continues to champion energy transitions and support the growth and use of hydrogen on a global scale,” said Girsky. 

ABOUT OLE HOEFELMANN
Originally from Munich, Germany, Hoefelmann’s depth of experience in the hydrogen economy is significant, with 30 years’ tenure at Air Liquide S.A. in positions that took him from the U.S. to Europe, with local and global responsibilities.  Starting in 1991 in a variety of foundational roles, Hoefelmann’s tenure at Air Liquide resulted in him leading up to 3,000 employees, holding titles such as CEO for Air Liquide in Iberia, COO Industrial Customers U.S., Chairman of Air Liquide Advanced Materials, CEO Advanced Technologies U.S., Vice President Hydrogen Energy Americas, Vice President Markets, Strategy, Innovation, Strategic Accounts, and Communication for the World Business Line Industrial Merchant.

Accomplishments with Air Liquide include development of commercialization strategies to scale hydrogen energy, influencing safety education and protocol, and accelerating growth in new markets, including transportation, where he collaborated with some of the largest vehicle companies in the world to set up hydrogen refueling networks and production.

Hoefelmann joined Plug Power in 2021 as General Manager of their Electrolyzer business, responsible for sales, product management, development and business strategy.  He also was an operating partner for Hy24, a clean hydrogen infrastructure investment platform, and is former chair and vice-chair for the California Fuel Cell Partnership (CaFCP) and vice chair of Fuel Cell and Hydrogen Energy Association (FCHEA).

Hoefelmann is fluent in German, English, Spanish and French and earned a Bachelor of Science in Mathematics and a Master of Business Administration in International Business from St. Mary’s College of California.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona. 

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany 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 beliefs regarding the potential benefits of Mr. Hoefelmann joining the Company’s executive management team; Mr. Hoefelmann’s ability to underscore the Company’s vision and potential; Mr. Hoefelmann’s ability to advance the Company’s hydrogen highway initiatives and build hydrogen stations; and expectations relating to the hydrogen highway expanding into the rest of the U.S. and Canada. 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: risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; 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, 2023 filed with the Securities and Exchange Commission (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 to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

NIKOLA MEDIA CONTACT
[email protected]

PHOENIX – January 23, 2024 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced it will report is fourth quarter and full year ended December 31, 2023 financial results and business updates on Thursday, February 22, 2024. On that day, Nikola’s management will hold a conference call and webcast at 10:30 a.m. ET (7:30 a.m. PT) to review and discuss the company’s business and outlook.

To augment Nikola’s engagement with its shareholders and strengthen communication with investors, Nikola will utilize a Q&A platform developed by Say Technologies to allow verified retail and institutional investors to submit and upvote questions. Management will address a selection of the questions relating to Nikola’s business and financial results on the earnings call.

The platform will open February 14, 2024, at 10 a.m. ET (7 a.m. PT) and close on February 21, 2024, at 10 a.m. ET (7 a.m. PT). To submit questions, please visit https://app.saytechnologies.com/nikola-corporation-2023-q4.

What: Date of Nikola Q4 and Full Year 2023 Financial Results and Q&A Webcast 
When: Thursday, February 22, 2024
Time: 10:30 a.m. ET (7:30 a.m. PT) 
Webcast: https://nikolamotor.com/investors/news?active=events (live and replay) 

An archived webcast of the conference call will be accessible from the Investor Relations section of the company’s website https://nikolamotor.com/investors/news?active=events.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.

INVESTOR RELATIONS
[email protected]

MEDIA RELATIONS
[email protected]

PHOENIX – January 4, 2024 – The elves weren’t the only ones busy during the 2023 holiday season; Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, in 2023 produced 42 and wholesaled 35 Class 8 Nikola hydrogen fuel cell electric vehicles (FCEVs).

“What an effort by our dedicated and passionate team, to create — and deliver — what we believe is the only U.S. designed and assembled Class 8 hydrogen fuel cell electric truck on the road today,” said Nikola CEO Steve Girsky. “Our pioneering spirit is what made it possible to wholesale these 35 trucks to our dealers for customers in the U.S. and Canada. We thank our employees, customers and partners for this achievement, and look forward to delivering more trucks in 2024.”

Of the seven trucks produced but not wholesaled, three are being used in an extended field test with a fleet partner, two are in continued validation and engineering and two are being used for service training/customer demos.

Nikola’s FCEV features a range of up to 500 miles and an estimated fueling time as low as 20 minutes.^* The company believes its truck is among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks, with versatile applications ranging from drayage and intermodal to metro-regional truckload and less-than-truckload to certain specialized hauling use cases.

“Our goal is to introduce a better, cleaner way to deliver goods to the North American market in a reliable package,” said Girsky. “Our FCEV customer pilot programs have shown strong results, with truck uptime at 98%^**—crucial for efficient fleet usage.”

Assembled in Coolidge, Ariz., the FCEV commenced serial production on July 31, 2023, with the commercial launch on September 28.

NOTE: Nikola has not completed its quarterly review process or the preparation of its financial statements for the fourth quarter or year ended December 31, 2023. Nikola will announce information regarding 2023 financial results and 2024 outlook in the coming weeks.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Ariz. with a manufacturing facility in Coolidge, Ariz. 

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany 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 range, refueling time, uses and potential benefits of its hydrogen fuel cell electric truck; the Company’s beliefs regarding the competitive benefits of its hydrogen fuel cell truck;  the Company’s belief that it is the only U.S. designed and assembled Class 8 hydrogen fuel cell electric truck currently on the road;  the Company belief that its truck is among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks; the Company’s belief it will deliver additional trucks in 2024; and the Company’s beliefs regarding its competitive position and the benefits thereof. 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: the ability of the Company to access sufficient capital to meet its requirements and fund its business; manufacturing delays and difficulties; risks related to the rollout of the Company’s hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of access to hydrogen refueling facilities; the level of and cancellation of customer orders; risks associated with manufacturing batteries and fuel cell power modules; variations in and characteristics of the hydrogen fueling location, including but not limited to fueling hardware and software protocol, fuel amount, and fueling conditions, any of which may affect refueling times; variations in terrain, temperature, speed, road conditions, truck configuration, payloads and other variables which may affect range; the Company’s ability to remain listed on Nasdaq; and the factors, risks and uncertainties  described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2023 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 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.

MEDIA INQUIRIES
[email protected]

^* Refueling time estimate depends on the characteristics of the hydrogen fueling location, including fueling hardware and software protocol, fuel amount, and fueling conditions. Actual refueling times will vary.

^** Based on Nikola-measured customer demo performance from September to December 2023, “Gamma” pilot trucks.

PHOENIX – December 20, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, and FirstElement Fuel (FEF), a world leader in hydrogen refueling station solutions, have formalized a definitive 10-year agreement to refuel Nikola’s hydrogen fuel cell electric truck at FEF’s hydrogen refueling station in Oakland, Calif. This collaboration unifies their commitment to driving the widespread adoption of hydrogen fuel cell electric vehicles and marks a significant step towards a greener and more sustainable tomorrow.

Under this strategic partnership, FEF is appointed as an authorized Nikola Fueling Solutions Partner. This collaboration enables Nikola customers to access fueling services at the new FEF multi-use heavy-duty truck station situated strategically near the port in Oakland, Calif. The station, which uses FEF’s proprietary design, anticipates a fueling capacity of approximately 200 trucks per day, and will boast the world’s first heavy-duty truck H70 fast-fill lane for efficient hydrogen refueling. The station received funding from the California Energy Commission under the NorCal Zero Project. This agreement aligns seamlessly with Nikola’s initial truck launch strategy, concentrating on the deployment of its zero-emissions trucks in areas adjacent to Maritime Ports throughout Calif. and serves as the first of many partner stations to come.

“FirstElement is a recognized leader in hydrogen vehicle fueling in California, and the Nikola team is inspired by the immense possibilities created by this agreement,” said Nikola President of Energy, Joe Cappello. “Our customers now have access to fuel at FEF’s first heavy-duty site in Oakland, California. With additional stations planned, this signifies a powerful synergy between Nikola and FEF, driving us towards a shared vision of a future with cleaner and more sustainable solutions.”

The Oakland station’s fast-fill lane is a prime example of the synergies between Nikola’s advanced truck technology as well as FEF’s station capabilities and demonstrates Nikola’s commitment to enabling the adoption of hydrogen fuel cell electric vehicles in Northern Calif. Nikola plans to utilize several paths to achieve a network of up to 60 stations in the coming years, including mobile and permanent HYLA branded stations, customer-owned stations, and new and established public truck stops via Nikola’s fueling station partner network. Two fueling solutions locations are slated by the end of 2023 — one HYLA branded fueling station in Ontario, Calif. and the FEF Oakland location. Several additional fueling solutions locations are planned by the close of Q2 2024.

Nikola’s broader strategy involves working with industry-leading partners to ensure a robust hydrogen supply chain, transport logistics, storage solutions, and dispensing locations. As Nikola previously announced, enough energy offtake has been secured to support customer operations through the beginning of 2024. The team is actively working to secure additional hydrogen offtake for future sales while continuing to develop the refueling ecosystem.

“This collaboration is a testament to our commitment to transform the transportation industry and we are proud to play a role in powering Nikola’s innovative hydrogen fuel cell electric trucks,” said Joel Ewanick, Founder and Executive Chairman of FEF. “We are confident the synergy between our shared expertise and vision will help to reshape the landscape of clean and sustainable transportation, driving towards a future powered by hydrogen.”

California leads the charge in reducing carbon emissions, especially in high-traffic ports, with Nikola’s Class 8 hydrogen fuel cell electric truck playing a crucial role in advancing these initiatives. This station and partnership underscore Nikola and FEF’s commitment to meeting state and federal zero-emission goals. The deployment of refueling infrastructure is pivotal to the energy transition, and the strategic placement of the FEF station in Oakland marks a significant milestone in this joint mission.

FEF is in the process of installing a number of hydrogen refueling stations capable of fast-filling for Class 8 trucks. This strategic initiative with Nikola will enable an acceleration of FEF’s commitment to building hydrogen infrastructure to serve transportation hubs in areas where clean solutions are imperative.

Nikola plans to develop a series of new hydrogen fueling locations under the brand name HYLA throughout Southern Calif. in the coming months followed by Northern Calif. to support the recent launch of the Nikola hydrogen fuel cell electric truck.  Supplementing these stations will be a network of hydrogen fueling solution partners that will create additional hydrogen fueling opportunities for Nikola customers. The combination of these hydrogen fueling options will help facilitate the adoption of hydrogen fuel cell electric trucks and the decarbonization of transportation.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.

ABOUT FIRSTELEMENT FUEL
FirstElement Fuel Inc. (FEF or the “Company”) is a California-based company established in 2013 to provide safe, reliable, retail hydrogen to customers of hydrogen-powered vehicles. The Company is the world leader in hydrogen refueling station solutions, with facilities in Irvine, Santa Ana, and Livermore, CA. FEF has 41 retail light-duty stations throughout California and is developing a network of stations to serve Heavy Duty Trucks powered by hydrogen, starting with the world’s first high-flow refueling station in Oakland, CA as part of a joint project with the California Air Resources Board and the California Energy Commission.  Over the past 10 years since FEF’s founding, the Company has partnered with public organizations including the California Energy Commission, the South Coast Air Quality Management District, the Bay Area Air Quality Management District, and the Sacramento Municipal Air Quality Management District which have also provided funding.  Private partnerships have included those with Mitsui & Co, Air Water Inc., Honda Motor Company, Toyota Motor Corporation, MUFG, the Japan Bank of International Cooperation, Nikisso Company, and Air Liquide., all of which have provided funds to FEF in pursuit of the vision of a zero-emissions transportation future.

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 beliefs regarding the benefits of the stated partnership between Nikola and FEF; the ability to scale and secure a position as a pioneer in the hydrogen refueling ecosystem; the anticipated widespread adoption of hydrogen fuel vehicles; whether this partnership is significant step towards a greener and more sustainable future; the ability of FEF’s fueling technology to rapidly fill approximately 200 trucks a day; FCEV truck’s ability to meet is range and fueling time targets;; the benefits of various government incentives in Calif.; the ability to meet the hydrogen fueling demands of Company customers; and the ability to realize the benefits of certain awards or partnerships to help create an network of commercial hydrogen refueling stations. 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 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, 2023 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 to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

NIKOLA MEDIA CONTACT
[email protected]

FIRSTELEMENT FUEL MEDIA CONTACT
[email protected]

PHOENIX – December 15, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced the appointment of Jonathan Pertchik, a seasoned executive, to its Board of Directors. With over two decades of transformational leadership, Pertchik served as the CEO and Managing Director of TravelCenters of America (TA) and has demonstrated success in various capacities in real estate, investment groups and in startup environments. 

“It’s an honor to welcome Jon to Nikola’s Board of Directors. His wealth of experience in finance and customer service will be a tremendous asset as we venture into 2024,” said Steve Shindler, Chairman of Nikola’s Board of Directors. “We look forward to leveraging his insights, acumen and industry relationships as we introduce our hydrogen fuel cell electric truck to the marketplace and support our customers.”

During Pertchik’s most recent role at TA, he executed a company-wide transformation that culminated in a sale of the company at nearly 10 times the first-day share price. Part of that transformation was a sustainable energy program, eTA, that was championed by Pertchik and played a significant role in the successful sale. 

Before his time at TA, Pertchik led major transformations at several other companies, including WCI Communities, ST Residential and Intown Suites. He navigated these changes for companies owned or controlled by notable investor groups, such as Starwood Capital Group, TPG, Carl Icahn, Richard LeFrak and Perry Capital.  Additionally, Pertchik has served as a director for successful startups and larger public companies, including AV Homes.

“I’m thrilled to join Nikola’s Board of Directors and be a part of a mission-driven team,” said Pertchik. “I’m eager to contribute to the company’s journey as it continues to develop zero-emissions vehicle and infrastructure solutions and pioneer cutting-edge technology.”

Pertchik holds a B.A. from Rutgers University, a J.D. from the District of Columbia School of Law, and an L.L.M. in International Finance Law from the Georgetown University Law Center.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona. 

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany 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 beliefs regarding the potential benefits of Mr. Pertchik  joining the Company’s Board of Directors; Mr. Pertchik’s experience in finance and customer service and his insights, acumen and industry relationships as assets that may help the Company in achieving its goals; and the Company’s ability to pave the way for a more sustainable and efficient future in the transportation industry. 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 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, 2023 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 to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

NIKOLA MEDIA CONTACT
[email protected]

PHOENIX, December 7, 2023 — Nikola Corporation (Nasdaq: NKLA) today announced the pricing of its concurrent public offerings of 133,333,334 shares of common stock, at a public offering price of $0.75 per share, and $175,000,000 aggregate principal amount of 8.25% Green Convertible Senior Notes due 2026 (the “Notes”). The issuance and sale of the common stock and the Notes are scheduled to settle on December 12, 2023, subject to customary closing conditions. The completion of the common stock offering will not be contingent on the completion of the Notes offering, and the completion of the Notes offering will not be contingent on the completion of the common stock offering.

BTIG is acting as lead book-running manager and representative for the offerings. Baird, Bryan, Garnier & Co. and Wolfe | Nomura Alliance are acting as joint book-running managers for the offerings.

The Notes will be senior, unsecured obligations of Nikola and will accrue interest at a rate of 8.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2024. The Notes will mature on December 15, 2026, unless earlier repurchased, redeemed or converted. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their Notes at their option. Nikola will settle conversions by delivering (i) shares of Nikola’s common stock (together, if applicable, with cash in lieu of any fractional share) at the then-applicable conversion rate; and (ii) a cash amount representing the present value of remaining scheduled coupon payments on the converted Notes. The initial conversion rate is 1,111.1111 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $0.90 per share of common stock. The initial conversion price represents a premium of approximately 20% over the public offering price per share of common stock in the common stock offering. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Nikola’s option at any time, and from time to time, on or after December 15, 2025 and before the maturity date, but only if the last reported sale price per share of Nikola’s common stock exceeds 175% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If a “fundamental change” (as defined in the indenture for the Notes) occurs prior to the maturity date, then, subject to a limited exception, noteholders may require Nikola to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Nikola intends to use the net proceeds from the common stock offering for working capital and other general corporate purposes and allocate an amount equal to the net proceeds from the Notes offering to finance, refinance, or make direct investments in, in whole or in part, one or more new or recently completed (within the 24 months prior to the issue date of the Notes), current or future eligible projects (such projects, “Eligible Green Projects”) in alignment with the guidelines of the Green Bond Principles, 2021 (with June 2022 Appendix I). Pending full allocation of an amount equal to the net proceeds from the offerings to Eligible Green Projects, Nikola may temporarily invest the net proceeds in cash or other short term liquid instruments, and Nikola will not knowingly invest in operations that result in an overall net increase in greenhouse gas emissions.

The offerings are being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the “SEC”), which became effective on April 14, 2022 (File No. 333-264068). Each offering will be made only by means of a prospectus supplement relating to that offering and an accompanying prospectus. An electronic copy of the preliminary prospectus supplement (and, when available, the final prospectus supplement) for each offering, together with the accompanying prospectus, is or will be available on the SEC’s website at www.sec.gov. Alternatively, copies of these documents can be obtained by contacting: BTIG, LLC, 600 Montgomery Street, San Francisco, CA 94111 Attention: Syndicate Department (415-248-2200) or by email at [email protected].

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen- fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing. Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements, including statements regarding the anticipated terms of the Notes and common stock being offered, the completion, timing and size of the proposed offerings, the grant to the underwriters of the option to purchase additional shares or Notes in the public offering, and the intended use of the proceeds. Forward-looking statements represent Nikola’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Nikola’s common stock and risks relating to Nikola’s business, including those described in the section captioned “Risk Factors” in the preliminary prospectus supplement related to each offering and periodic reports that Nikola files from time to time with the SEC. Nikola may not consummate the proposed offerings described in this press release and, if the proposed offerings are consummated, cannot provide any assurances regarding the final terms of the common stock offering or the Notes offering or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Nikola does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

INVESTOR INQUIRIES
[email protected]

PHOENIX, December 6, 2023 — Nikola Corporation (Nasdaq: NKLA) today announced its intention to offer, subject to market and other conditions, $100,000,000 of common stock and $200,000,000 aggregate principal amount of Green Convertible Senior Notes due 2026 (the “Notes”) in separate public offerings registered under the Securities Act of 1933, as amended. Nikola also expects to grant the underwriters of the common stock offering a 30-day option to purchase up to an additional $15,000,000 of common stock to cover over-allotments, and expects to grant the underwriters of the Notes offering an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $30,000,000 principal amount of Notes to cover over-allotments.

BTIG is acting as lead book-running manager and representative for the offerings. Baird, Bryan, Garnier & Co. and Wolfe | Nomura Alliance are acting as joint book-running managers for the offerings.

The Notes will be senior, unsecured obligations of Nikola, will accrue interest payable semi-annually in arrears and will mature on December 15, 2026, unless earlier repurchased, redeemed or converted. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their Notes at their option. Nikola will settle conversions by delivering (i) shares of Nikola’s common stock (together, if applicable, with cash in lieu of any fractional share) at the then-applicable conversion rate; and (ii) a cash amount representing the present value of remaining scheduled coupon payments on the converted Notes.

The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Nikola’s option at any time, and from time to time, on or after December 15, 2025 and before the maturity date, but only if the last reported sale price per share of Nikola’s common stock exceeds 175% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If certain corporate events that constitute a “fundamental change” occur prior to the maturity date, then, subject to a limited exception, noteholders may require Nikola to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The interest rate, initial conversion rate and other terms of the Notes will be determined at the pricing of the Notes offering.

Nikola intends to use the net proceeds from the common stock offering for working capital and other general corporate purposes and allocate an amount equal to the net proceeds from the Notes offering to finance, refinance, or make direct investments in, in whole or in part, one or more new or recently completed (within the 24 months prior to the issue date of the Notes), current or future eligible projects (such projects, “Eligible Green Projects”) in alignment with the guidelines of the Green Bond Principles, 2021 (with June 2022 Appendix I). Pending full allocation of an amount equal to the net proceeds from the offerings to Eligible Green Projects, Nikola may temporarily invest the net proceeds in cash or other short term liquid instruments, and Nikola will not knowingly invest in operations that result in an overall net increase in greenhouse gas emissions.

The offerings are being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the “SEC”), which became effective on April 14, 2022 (File No. 333-264068). Each offering will be made only by means of a prospectus supplement relating to that offering and an accompanying prospectus. An electronic copy of the preliminary prospectus supplement for each offering, together with the accompanying prospectus, is available on the SEC’s website at www.sec.gov. Alternatively, copies of each preliminary prospectus supplement, together with the accompanying prospectus, can be obtained by contacting: BTIG, LLC, 600 Montgomery Street, San Francisco, CA 94111 Attention: Syndicate Department (415-248-2200) or by email at [email protected].

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen- fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing. Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements, including statements regarding the anticipated terms of the Notes and common stock being offered, the completion, timing and size of the proposed offerings, the grant to the underwriters of the option to purchase additional shares or Notes in the public offering, and the intended use of the proceeds. Forward-looking statements represent Nikola’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Nikola’s common stock and risks relating to Nikola’s business, including those described in the section captioned “Risk Factors” in the preliminary prospectus supplement related to each offering and periodic reports that Nikola files from time to time with the SEC. Nikola may not consummate the proposed offerings described in this press release and, if the proposed offerings are consummated, cannot provide any assurances regarding the final terms of the common stock offering or the Notes offering or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Nikola does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

INVESTOR INQUIRIES
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• During Q3 raised $250M, increasing unrestricted cash by $136.2M, and tripling unrestricted cash since Q1 2023
• Continue to see strong demand for Nikola zero-emissions trucks propelled by regulation and incentive tailwinds
  • Received purchase orders for 47 battery-electric trucks from one dealer despite the truck being in recall
  • Dealers continue submitting HVIP applications for the battery-electric truck
  • To date, Nikola and our dealers have received 277 non-binding orders from 35 customers for the hydrogen fuel cell electric truck
• Hydrogen fuel cell electric demos started in Southern California using mobile fueler and third-party fueling assets
• Added deep management expertise hiring Mary Chan as COO and Joe Cappello as President of Energy
• Continue to refocus the business model to ensure efficient allocation of resources

PHOENIX – November 2, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today reported financial results and business updates for the quarter ended September 30, 2023.

“We are driving forward, capitalizing on our first-mover advantage with our hydrogen fuel cell electric truck and laying the foundation for the ‘hydrogen highway’ starting in California,” said Nikola CEO Steve Girsky. “We think the competition is well behind us and believe there is white space for us to capture market share with the introduction of the Advanced Clean Fleets Rule, and incentives like HVIP and ISEF offering up to $288,000 and $408,000, respectively, per hydrogen fuel cell electric truck in California.”

“I am proud of the Nikola team and have enjoyed leading such a talented and resilient group in my first quarter as CEO. We continue to attract world-class people to execute on our business plan and work towards establishing ourselves as the leader in zero-emissions commercial transportation.”

Strong Industry Tailwinds
We believe there are strong industry tailwinds promoting the adoption of zero-emissions vehicles. In California, beginning January 1, 2024, all new trucks registered with the California Air Resources Board for operation in California ports must be zero-emissions. In addition to regulations requiring fleets to transition to zero-emissions trucks, there are also incentives such as HVIP and ISEF offering up to $288,000 and $408,000, respectively, per hydrogen fuel cell electric truck in California, promoting the purchase of zero-emissions trucks.

There are over 30,000 ⁽¹⁾ trucks operating in California’s ports, all of which will need to be replaced as they age. We believe this represents a significant opportunity for Nikola in the near term and are well on our way to capturing market share. As of October 27, 2023, for HVIP voucher requests in 2023, our hydrogen fuel cell electric truck represented approximately 96% of the created vouchers for hydrogen fuel cell electric truck-tractors, and our battery-electric truck represented approximately 50% of the created vouchers for battery electric truck-tractors. Our team is hard at work looking for every opportunity to sell our trucks and converting fleets to Nikola customers.

Hydrogen Fuel Cell Electric Truck
On September 28, 2023, we formally launched the model year 2024 hydrogen fuel cell electric truck at our state-of-the-art manufacturing facility in Coolidge, Arizona. The event attracted approximately 900 in-person attendees, including customers, dealers, suppliers, energy partners, members of the media, and government officials.

To date, Nikola and our dealers have received 277 non-binding orders from 35 customers for the hydrogen fuel cell electric truck. We remain laser-focused on go-to-market activities in California. Our sales team is on the ground daily working closely with our dealers and customers to find the best opportunities.

Customer demos have started in Southern California using hydrogen mobile fueling solutions and third-party fueling infrastructure to support fleet operations. To date, the hydrogen fuel cell electric trucks in demo have accumulated more than 6,000 miles while achieving 98% uptime.

Battery-Electric Truck
In August we issued a voluntary recall for the battery-electric truck. Upon further investigation, it was determined that the compromise of the battery packs was not limited to only the coolant manifold. As a result, our team has decided to replace the Romeo packs on existing customer battery-electric trucks with an alternative solution.

Costs to Nikola for this recall and repair is expected to be approximately $61.8 million (accrued as a warranty liability in Q3 2023), which includes the estimated cost to re-engineer, validate, and retrofit the battery-electric trucks that were previously sold with an alternative battery pack solution.

Actual cash disbursements are expected to take place over the next nine to 12 months and are expected to be partially offset by collection of $10.7 million of accounts receivable and a $13 million cash contribution from sale of the remaining battery-electric trucks in our inventory, resulting in an estimated net cash spend of $38.1 million. We anticipate delivering battery-electric trucks to customers again in Q1 2024.

Energy
With the launch of the hydrogen fuel cell electric truck, our team is focused on ensuring we have adequate hydrogen supply and fueling solutions to support customer operations. We have secured adequate hydrogen supply to support customer operations in 2023 and the beginning of 2024. Our energy team is working diligently ahead of truck sales to obtain additional supply and infrastructure solutions for 2024 and beyond.

Third Quarter Financial Highlights

Webcast and Conference Call Information
Nikola will host a webcast to discuss its third quarter results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on November 2, 2023. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20231102/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’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen- fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

For more information visit our website Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany 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 financial and business performance, business plan, strategy, focus, opportunities and milestones; the Company’s expectations with respect to its capital needs; expected orders and customer demand for trucks; the Company’s beliefs regarding competition and that it has competitive and first-mover advantage; the Company’s business outlook; the Company’s expectations regarding hydrogen supply and plans to secure adequate hydrogen supply; expected scope, costs and timing related to the battery-electric truck recall, including the nature of the repairs, expected costs to repair the vehicles and timing of such expenses, and any potential offsets, timing of battery replacement and truck deliveries; the Company’s sales efforts; industry tailwinds; and government incentives and expectations regarding customer demand related to such incentives. 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: successful execution of the Company’s business plan; 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 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 with strategic partners and customers; 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 recall, including higher than expected costs, the discovery of additional problems, delays retrofitting the trucks and delivering such trucks to customers, supply chain and other issues that may create additional delays, order cancellations as a result of the recall, litigation, complaints and/or product liability claims, and reputational harm; 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 Company’s ability to achieve cost reductions and decrease its cash usage; the grant, receipt and continued availability of federal and state incentives; 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 June 30, 2023 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 adjusted free cash flow 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.

INVESTOR INQUIRIES:
[email protected]

PHOENIX – October 9, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced it will report is third quarter ended September 30, 2023 financial results and business updates on Thursday, November 2, 2023. On that day, Nikola’s management will hold a conference call and webcast at 10:30 a.m. ET (7:30 a.m. PT) to review and discuss the company’s business and outlook.

To augment Nikola’s engagement with its shareholders and strengthen communication with investors, Nikola will utilize a Q&A platform developed by Say Technologies to allow verified retail and institutional investors to submit and upvote questions. Management will address a selection of the questions relating to Nikola’s business and financial results on the earnings call.  

The platform will open October 25, 2023, at 10 a.m. ET (7 a.m. PT) and close on November 1, 2023, at 10 a.m. ET (7 a.m. PT). To submit questions, please visit app.saytechnologies.com/nikola-corporation-2023-q3. 

What: Date of Nikola Q3 2023 Financial Results and Q&A Webcast 
When: Thursday, November 2, 2023
Time: 10:30 a.m. ET (7:30 a.m. PT) 
Webcast: https://nikolamotor.com/investors/news?active=events (live and replay) 

An archived webcast of the conference call will be accessible from the Investor Relations section of the company’s website https://nikolamotor.com/investors/news?active=events.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.

INVESTOR RELATIONS
[email protected]

MEDIA RELATIONS
[email protected]

PHOENIX – September 28, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via its HYLA brand, achieved a significant milestone today as it celebrated the commercial launch of the Nikola hydrogen fuel cell electric vehicle at its state-of-the-art manufacturing facility in Coolidge, Ariz.

The ceremony was attended by fleet customers, dealers from Nikola’s sales and service network, government officials, prominent Phoenix business and community leaders and the dedicated Nikola team, all of whom played a pivotal role in making this achievement possible. The event also included remarks from Nikola executives and Sandra Watson, President and CEO of Arizona Commerce Authority, truck and hydrogen demonstrations, sustainability impact overviews, production line tours and informal technology Q&As with Nikola engineers on hydrogen safety, the HYLA ecosystem and the Nikola human machine interface system.

“Today, we mark the official commercial launch of our advanced technology hydrogen fuel cell electric trucks into the North American marketplace. It’s a testament to the relentless `can do’ attitude of our team and is a step closer to realizing our vision of sustainable and efficient transportation,” said Steve Girsky, Nikola President and Chief Executive Officer. “As we head into the fourth quarter, we are focused on delivering our trucks at scale and securing our position as pioneers in the hydrogen refueling ecosystem to support our customers.”

Nikola’s ground-breaking hydrogen fuel cell electric truck features a range of up to 500 miles and an estimated fueling time as low as 20 minutes.* This truck is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks, with versatile applications ranging from drayage and intermodal to metro-regional truckload and less-than-truckload to certain specialized hauling use cases. 

Progressing steadily towards its strategic goals, Nikola and its dealers have received 223 non-binding orders for its hydrogen fuel cell electric trucks from 23 customers. Notable fleet operators such as J.B. Hunt, AJR Trucking, Biagi Bros. and TTSI, are among the growing list of customers committing to the future of sustainable trucking.

The completion of Phase 2 assembly expansion at the Coolidge manufacturing facility sets the stage for a new era in transportation. With a versatile mixed-model production line capable of manufacturing both hydrogen fuel cell and battery-electric trucks, the facility stands ready to achieve an annual production capacity of approximately 2,400 trucks across three shifts.

Progress is also evident on the fuel cell power module assembly line in Coolidge, scheduled for completion in Q4 of this year, with Bosch supplying these critical modules.

“We are proud to celebrate the launch of Nikola’s innovative hydrogen fuel cell electric vehicle production facility in Coolidge,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “Nikola’s investment in Arizona’s electric vehicle supply chain and their partnership with leading suppliers are driving further economic growth. We look forward to supporting Nikola’s success as the company continues to shape the future of transportation from Coolidge.”

AVAILABLE INCENTIVES
In addition to production milestones, the latest state and federal incentives nationwide make it even more economically viable to be a Nikola customer. Nikola trucks are eligible for the California Air Resources Board Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, opening up access to incentives starting at $120,000 and ranging up to $288,000 per truck. Additionally, the recently reopened Innovative Small e-Fleet program in Calif. offers incentives to small fleets starting at $240,000 and ranging up to $408,000 per vehicle.

Furthermore, the New York Truck Voucher Incentive Program, the federal Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles Program (iMHZEV) in Canada and the Clean BC Go Electric Rebates in the province of British Columbia, which is stackable with the iMHZEV federal incentive, all offer additional incentives for Nikola Class 8 zero-emission vehicles.

Nikola customers will also benefit from a $40,000 clean commercial vehicle tax credit per vehicle from the federal government due to the passage of the Inflation Reduction Act.

POWERED BY HYLA
As Nikola accelerates toward its goal of mass-producing hydrogen fuel cell electric trucks, the HYLA team is committed to securing a reliable hydrogen supply to meet the demands of 2023 and beyond by collaborating with partners who share in the vision for a sustainable and efficient future.

The company has been awarded potential grant funds to help facilitate the ongoing development of hydrogen refueling stations along key Calif. freight corridors and with the previously announced joint effort with Voltera to establish up to 50 HYLA stations across North America over the next five years.

“As we receive these significant grants and form strategic partnerships, we’re forging ahead on our mission to build a comprehensive zero-emission transportation solution,” said Joe Cappello, Nikola President of Energy. “The support from state agencies, such as California, incentives in Canada, and others, underscores our combined commitment to help fleets meet climate goals and improve air quality in the most critical areas. It’s a testament to the strength of HYLA’s vision for an integrated hydrogen ecosystem that supports not only our hydrogen fuel cell electric trucks but also lays the foundation for a scalable energy business.”

With these awards and collaborations, Nikola is firmly on track to create an open network of commercial hydrogen refueling stations, initially in Calif., and expanding across North America, with HYLA also working to deploy a fleet of hydrogen mobile fuelers to provide flexible infrastructure where it may be required.

CELEBRATION PRESENTATION VIDEO

EVENT MEDIA ASSETS

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany 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 beliefs regarding the ability to deliver trucks at scale and secure a position as a pioneer in the hydrogen refueling ecosystem; the FCEV truck’s ability to meet is range and fueling time targets; the ability to turn non-binding orders into binding orders; the benefits of various government incentives; the ability to meet the hydrogen fueling demands of Company customers; and the ability to realize the benefits of certain awards or partnerships to help create an open network of commercial hydrogen refueling stations. 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 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 June 30, 2023 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 to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

NIKOLA MEDIA CONTACT
[email protected]