Page 7 – Nikola Corporation

Nikola Corporation Hydrogen Fuel Cell Electric Vehicle Demand Surpasses 200

Growing momentum and industry confidence evidenced by truck sales orders

Published August 2, 2023

PHOENIX – August 2, 2023 –Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced that Nikola and its dealer network, with most of the agreements between fleets and dealers directly, have surpassed 200 sales orders for the Class 8 Nikola hydrogen fuel cell electric vehicles. The 202 sales orders for the purpose-built heavy-duty trucks represent 18 end customers.

The trucks recently started series production in the Nikola Coolidge, Ariz. manufacturing facility. Deliveries are expected to begin later this year, with some following the satisfactory completion of a demonstration program.

“This remarkable demand for our hydrogen fuel cell electric truck confirms the industry’s trend toward sustainable transportation solutions,” said Michael Lohscheller, Nikola’s President and CEO. “We are proud to achieve this milestone of 202 sales orders together with our dealer network, as we believe it demonstrates the level of confidence our customers and stakeholders have in our vision and technology, as well as our HYLA hydrogen supply and infrastructure solutions. This milestone is a testament to the hard work and dedication of the entire Nikola team.”

Nikola’s first-mover hydrogen fuel cell electric truck features a range of up to 500 miles and an estimated fueling time of approximately 20 minutes* and is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks. Nikola’s hydrogen fuel cell 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.

The California Air Resources Board (“CARB”) Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”) program further accelerated securing a majority of the 202 sales orders. Nikola became HVIP eligible in 2023, which enables Nikola’s hydrogen fuel cell electric truck customers to access a point-of-sale incentive starting at $240,000 and ranging up to $288,000 per truck. In addition, Nikola 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.

An additional incentive for Nikola customers is the New Jersey Zero-Emission Incentive Program (NJ-ZIP) voucher pilot for medium- and heavy-duty vehicles. This program, launched by the N.J. Economic Development Authority, provides a $175,000 base voucher per Class 8 zero-emissions vehicle and additional percentage bonuses available for small business applicants and other qualifiers.

“These sales orders reflect momentum in the industry, with businesses increasingly prioritizing zero-emissions alternatives to fulfill their environmental, social, and governance goals and responding to the incentives available,” continued Lohscheller. “Nikola is proud to be paving the way for more innovative and sustainable commercial transportation solutions in support of a cleaner future. This is only the beginning.”

Nikola is anticipating significant growth in Canada with eligibility received for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program. The iMHZEV program offers Canadian organizations (for profit and non-profit), in all provinces, territories and municipalities, up to $200,000 (CAD) in incentives towards the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to $150,000 (CAD) in incentives towards the purchase or lease of the Nikola battery-electric truck.

Furthermore Nikola is eligible for the Clean BC Go Electric Rebates in the province of British Columbia with $150,000 (CAD) in incentives towards the purchase or lease of both the Nikola hydrogen fuel cell and battery-electric truck. This provincial incentive is stackable with the iMHZEV federal incentive.

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 goals and strategies; the Company’s expectations and benefits regarding the production of hydrogen fuel cell electric trucks; the Company’s expectations regarding the specifications and adoption of hydrogen fuel cell trucks and related technologies in the commercial transportation sector, including the timing thereof; the Company’s beliefs about a potential trend by businesses toward zero emission solutions; and expectations about the benefits to the adoption of zero emission technologies related to various incentive programs offered by government entities. 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; demand for and customer acceptance of the Company’s trucks; the execution and terms of definitive agreements; 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 availability of and need for capital; 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 March 31, 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.

NIKOLA MEDIA CONTACT
[email protected]

* Refueling time estimate depends on the characteristics of the hydrogen fueling location, including fueling hardware and software protocol, fuel quantity, and fueling conditions.

Nikola Hydrogen FCEV Class 8 Truck Named Winner in Sustainable Product of the 2023 Altair Enlighten Award

Published August 2, 2023

PHOENIX –August 2, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, has been named the winner of the 11^th annual Altair Enlighten Award in the sustainable product category for the company’s hydrogen fuel cell electric Class 8 truck. Presented in association with the Center for Automotive Research (CAR), the Altair Enlighten Award honors the greatest sustainability and lightweighting advancements that successfully reduce carbon footprint, mitigate water and energy consumption, and leverage material reuse and recycling efforts.

As the industry’s only award dedicated to vehicle lightweighting, the Enlighten Award drives automotive companies toward a more sustainable future. Altair is proud to recognize cutting-edge technological advancements that minimize energy consumption and carbon missions.

“The entire Nikola team is honored that our hydrogen fuel cell electric truck took the top spot in the sustainable product category,” said Michael Lohscheller, President and CEO, Nikola Corporation. “We believe that Nikola is on the right side of history with our Class 8 hydrogen fuel cell electric truck in a world where diesel trucks are starting to be phased out and strong regulations are being passed. This truck emits only water and features up to 500 miles of range, allowing customers to satisfy their ESG requirements with a true cutting-edge product that offers smooth and quiet operation.”

“The winners of the Enlighten Award showcase the latest revolutionary technologies and approaches that reduce carbon footprint, minimize waste, and maximize renewable energy,” said Richard Yen, Altair senior vice president, global industry verticals and sales enablement team. “We hope this award continues to inspire future generations to ‘think light’ for many decades to come.”

The 2023 Altair Enlighten Award winners were announced in an awards ceremony on August 1, 2023.  For more information on the Altair Enlighten Award and to see the full list of winners, please visit https://www.altair.com/enlighten.

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, 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 (Nikola”), including statements relating to the planned specifications and expected benefits of Nikola’s zero-emissions trucks; Nikola’s expectations regarding the production of hydrogen fuel cell electric trucks including benefits to end user’s ESG initiatives. 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; demand for and customer acceptance of Nikola’s trucks; the terms of the agreement; the risk of cancellation of orders; 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 milestones and the timing of expected business milestones; Nikola’s availability of and need for capital; and the factors, risks and uncertainties regarding Nikola’s business described in the “Risk Factors” section of Nikola’s quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to Nikola’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, Nikola 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.

NIKOLA MEDIA CONTACT
[email protected]

Nikola Scores Big Win in Hydrogen Station Regulatory Grant Funding with an Additional $16.3M for a Total of $58.2M in the Last 30 Days

$16.3 million in additional grants and government funding awards to date shows strong progress in hydrogen infrastructure plans, creating an open-network of commercial hydrogen refueling stations

Published August 1, 2023

PHOENIX – August 1, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced an additional $16.3 million has been awarded to Nikola to support seven open-network hydrogen refueling stations.

Nikola has now received $58.2 million in awards granted to support seven hydrogen refueling stations, which includes the recently announced $41.9 million Trade Corridor Enhancement Program (TCEP) grant award, collectively representing six hydrogen refueling stations located along Calif. freight corridors within the South Coast Air Quality Management District (AQMD), San Diego County Air Pollution Control District, and Mojave Desert AQMD.

The recent awards include:

EnergIIZE West Sacramento California Energy Commission: $3.3 million
Mobile Source Air Pollution Reduction Review Committee: $1.6 million
Sacramento Metro AQMD: $7 million
South Coast AQMD: $4.4 million*

*Conditionally awarded pending final approval.

The additional awards build on the strategic partnership with Voltera to develop up to 50 HYLA stations throughout North America over the next five years.

“The California grant awards and government funding demonstrate the strong support for the Nikola hydrogen infrastructure brand HYLA’s mission of establishing a comprehensive zero-emission transportation solution to help fleets achieve climate goals and improve air quality in the most impacted communities. We continue to be grateful for the leadership demonstrated by California agencies in supporting the buildout of a zero-emissions ecosystem,” said Carey Mendes, president, Nikola Energy. “Building an integrated, hydrogen ecosystem to support hydrogen fuel cell electric truck deployment and creating a scalable energy business, is a top priority for us.”

These awards and partnerships serve as key enablers for Nikola’s first-mover zero-emission hydrogen fuel cell electric trucks, and HYLA’s fueling infrastructure, with plans to create an open-network of commercial hydrogen refueling stations initially in California and eventually throughout North America. To support and achieve this growth, HYLA is also developing a fleet of hydrogen mobile fuelers to provide Hydrogen Flex Fueling (H2F2).

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 goals and strategy; the Company’s expectations related to the potential benefits from the various funding awards; any benefits potentially derived from the announced or future funding awards; the Company’s expectations regarding the production of hydrogen fuel cell electric trucks; Nikola’s ability to develop a hydrogen fueling infrastructure via its HYLA brand and that infrastructures ability to provide sufficient volumes of hydrogen to support Nikola’s hydrogen fuel cell electric vehicle demand; and Nikola’s ability to help fleets achieve climate goals and improve air quality in the most impacted communities. 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; demand for and customer acceptance of the Company’s trucks; the execution and terms of definitive agreements; 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 availability of and need for capital; 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 March 31, 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.

NIKOLA MEDIA CONTACT
[email protected]

*Artist Rendering

J.B. Hunt to Purchase 13 Zero-Emission Nikola Trucks

Initial agreement to include 10 battery-electric and three hydrogen fuel cell electric Class 8 trucks

Published July 31, 2023

PHOENIX and LOWELL, Ark. – July 31, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, and J.B. Hunt Transport Services Inc. (Nasdaq: JBHT), one of the largest supply chain solutions providers in North America, today announced an agreement in which subsidiary J.B. Hunt Transport Inc. will purchase 13 Nikola zero-emission Class 8 trucks as the transportation company focuses on its sustainability efforts and reducing the intensity of its carbon emissions.

“It’s important for us to be at the forefront of new technologies and innovative solutions that have the potential to change the way we move freight,” said Nick Hobbs, chief operating officer and president of contract services at J.B. Hunt. “These zero-emission trucks from Nikola advance our progress towards achieving our ambitious goal to reduce carbon emission intensity through viable solutions.”

The initial truck order will include 10 battery-electric and three hydrogen fuel cell electric vehicles, with delivery of the first vehicles expected in August 2023. These trucks will be strategically located at facilities servicing J.B. Hunt’s key routes, including in the greater Los Angeles and Phoenix areas. Nikola’s hydrogen arm, HYLA, will supply the hydrogen and fueling infrastructure.

“We are thrilled that the industry leader for supply-chain solutions has chosen our Nikola Class 8 battery-electric and hydrogen fuel cell electric trucks to use for their operations,” said Nikola CEO Michael Lohscheller. “Their purchase and use of these zero-emissions trucks are a testament to the hard work of our engineering, development and manufacturing teams, who created a robust, highly advanced truck lineup, as well as our HYLA hydrogen infrastructure solutions, which are designed to benefit companies such as J.B. Hunt.”

J.B. Hunt is committed to helping drive the industry toward a low-carbon future and reducing its environmental impact. In November 2022, the company set an ambitious goal to reduce carbon emission intensity 32% by 2034 (with a 2019 baseline). Incorporating alternative powered equipment into its fleet is one of three key focus areas in reaching the goal.

J.B. Hunt continually evaluates opportunities to utilize emerging technologies in exhaust-free vehicles. In the fourth quarter of 2022, the company took delivery of its first company-owned Class 8 electric vehicle. In 2017, J.B. Hunt was one of the first companies to place an order for an all-electric heavy-duty Class 8 truck and began incorporating electric vehicles into operations in 2023. In addition to electric vehicles, J.B. Hunt is helping reduce carbon emissions through intermodal conversion. Over the past decade, J.B. Hunt’s intermodal service has helped avoid an estimated 30 million metric tons of CO2e emissions from over-the-road truck transportation.

J.B. Hunt Transport Services Inc. is a Fortune 500 company, an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.

FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (Nikola”), including statements relating to the truck order, expected delivery timing and expected benefits of Nikola’s zero-emissions trucks; Nikola’s expectations regarding the production of hydrogen fuel cell electric trucks; and Nikola’s ability to provide sufficient volumes of hydrogen to support hydrogen fuel cell electric vehicle demand. 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; demand for and customer acceptance of Nikola’s trucks; the terms of the agreement; the risk of cancellation of orders; 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 milestones and the timing of expected business milestones; Nikola’s availability of and need for capital; and the factors, risks and uncertainties regarding Nikola’s business described in the “Risk Factors” section of Nikola’s quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to Nikola’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, Nikola 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
Nikola Corporation
[email protected]

J.B. Hunt
[email protected]

Nikola and Fortescue Future Industries Commit to Creating American Green Energy Jobs with Acquisition of Nikola’s Phoenix Hydrogen Hub

Published July 19, 2023

Fortescue Future Industries to acquire Nikola’s Phoenix Hydrogen Hub project for the purpose of constructing an electrolysis-based hydrogen production facility

Nikola and Fortescue Future Industries are working towards a hydrogen supply agreement to support Nikola’s hydrogen fuel cell electric trucks

PHOENIX – July 19, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, and Fortescue Future Industries (FFI), a global green energy and metals company committed to leading the world in stepping beyond fossil fuels by developing green electrons, green hydrogen and green technology at scale, today announced FFI will acquire Nikola’s Phoenix Hydrogen Hub (PHH) project. FFI will bring the capital and resources required to fully develop the project and the parties are working towards a hydrogen supply agreement to support Nikola’s Class 8 zero-emission trucks.

This agreement is fully aligned with Nikola’s capital efficient energy strategy to collaborate with partners interested in the hydrogen energy ecosystem that Nikola is pioneering.

The PHH is a fast-to-market, green hydrogen project located near Phoenix, in the city of Buckeye, Ariz., and is expected to be built in phases to scale alongside demand. The project is expected to progress towards its first hydrogen production by the middle of this decade.

“Nikola’s priority is to see more zero-emission trucks on the road and this acquisition by FFI will greatly strengthen one of the country’s first and most important hydrogen hubs,” said Nikola Corporation President and CEO, Michael Lohscheller. “FFI’s acquisition of this project is a significant milestone as we work to create an all-important local connective infrastructure to accelerate the use of hydrogen to fuel zero-emission vehicles.”

PHH marks the first project announced as part of the Memorandum of Understanding signed in January 2023 between the two companies to collaborate on and evaluate the co-development of large-scale U.S. green hydrogen production facilities.

“FFI is actively expanding its U.S. presence and strengthening its position as a leading global developer of green energy production and technology. We are committed to helping turn North America into a world-leading global green energy producer,” said FFI CEO, Mark Hutchinson. “This is an exciting opportunity to work towards a fast-moving project that will lead the way in the U.S., creating new green industrial jobs for Americans, while also helping to reduce emissions once production begins.”

FFI and Nikola are working towards a hydrogen supply agreement to support Nikola’s hydrogen fuel cell electric vehicle demand. The large-scale deployment of hydrogen as a zero-emission fuel into the transportation sector, is expected to benefit from both the hydrogen tax credit in the federal Inflation Reduction Act and state level incentives such as the Low Carbon Fuel Standard in Calif.

“This investment by FFI will greatly strengthen one of the country’s first and most important hydrogen ecosystems and it is a significant milestone in creating the all-important local connective infrastructure to accelerate the use of green hydrogen,” said Mr. Hutchinson. “This demonstrates FFI’s commitment to decarbonizing hard-to-abate sectors like transport and moving the world beyond fossil fuels.”

Buckeye Mayor Eric Osborn said, “Buckeye is committed to attracting clean energy businesses to the city, especially near the Sustainable Valley area. This facility adds to our ‘green’ portfolio, making Buckeye the perfect location for similar technologies to expand and grow in our community.”

The PHH project is currently going through the final stages of its permitting process, and the procurement of long-lead equipment is well underway.

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 goals and strategy; the Company’s expectations related to the potential benefits of the PHH project and potential future collaborations with Fortescue Future Industries (FFI); any benefits potentially derived from Production Tax Credits of the federal Inflation Reduction Act; the Company’s expectations regarding the production of hydrogen fuel cell electric trucks; PHH’s ability to provide sufficient volumes of hydrogen to support Nikola’s hydrogen fuel cell electric vehicle demand. 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; demand for and customer acceptance of the Company’s trucks; the execution and terms of definitive agreements; 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 availability of and need for capital; 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 March 31, 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.

NIKOLA MEDIA CONTACT
[email protected]

FORTESCUE FUTURE INDUSTRIES MEDIA CONTACT
Phone: 1800 134 442
Email: [email protected]

*Artist Rendering

Nikola and BayoTech Partner to Advance Zero-Emission Hydrogen Delivery

Published July 13, 2023

BayoTech to purchase up to 50 Nikola Class 8 hydrogen fuel cell electric vehicles for zero-emission hydrogen transport

Nikola to purchase low-carbon hydrogen from BayoTech’s Missouri and California hydrogen hubs and up to 10 BayoTech HyFill™ transports for bulk hydrogen delivery to customer refueling stations

PHOENIX – July 13, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via its HYLA brand, and BayoTech, Inc. (“BayoTech”), an innovator in hydrogen production, transportation and storage solutions, announced an agreement to advance reliable hydrogen supply for zero-emission commercial fuel cell electric vehicle fleets. The strategic supply agreement includes Nikola Class 8 hydrogen fuel cell electric trucks, BayoTech HyFill™ bulk hydrogen transport trailers, and hydrogen produced at BayoTech’s distributed network of hubs.

As the anchor hydrogen offtake customer, Nikola expects to take delivery of low-carbon hydrogen produced by BayoTech commencing in Missouri this year and California in 2024. Nikola plans to acquire up to 10 BayoTech HyFill™ transport trailers, facilitating the distribution of high-pressure gaseous hydrogen from the production sites to refueling stations that serve fuel cell electric vehicle fleets.

“Nikola and BayoTech are united by a common goal of providing reliable access to hydrogen throughout the United States,” said Michael Lohscheller, President and CEO of Nikola Corporation. “BayoTech’s low-carbon hydrogen fuel and transport equipment will play an important part in supporting the adoption of Nikola’s Class 8 fuel cell electric zero-emission trucks.”

BayoTech will purchase up to 50 Nikola Class 8 fuel cell electric vehicles over the next five years, with the first twelve trucks being delivered in 2023 and 2024. The Nikola trucks will be paired with BayoTech’s HyFill™ bulk hydrogen transport trailers to deliver low-carbon hydrogen to offtake customers from BayoTech’s hydrogen production hubs.

“We’re immensely proud to be an industry leader in our commitment to deliver hydrogen to local customers via zero-emission fuel cell trucks,” said Mo Vargas, President and CEO, BayoTech. “Partnering with forward-looking companies like Nikola allows us to accelerate the deployment of our hydrogen hub network and stimulate the growth of the hydrogen ecosystem.”

The Nikola fuel cell electric vehicle offers a range of up to 500 miles, making it one of the longest-range zero-tailpipe-emission Class 8 trucks available and ideal for various applications, including drayage, intermodal, truckload, less than truckload, and specialized hauling.

Customers rely on BayoTech’s HyFill™ bulk hydrogen transport trailers to efficiently move hydrogen to distribution and dispensing sites, and to ultimately the end user, including retail refueling stations, backup power systems in remote areas, and industrial manufacturing sites.

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.

ABOUT BAYOTECH
BayoTech, an innovator in hydrogen solutions, is committed to addressing the global need for reliable, cost-effective, and low-carbon hydrogen. BayoTech sites hydrogen production close to demand and distributes it to nearby consumers via high-pressure gas transport and storage equipment. Customers are accelerating the decarbonization of their energy and transportation systems through BayoTech’s supply of hydrogen molecules and equipment. Learn more at www.bayotech.us

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 goal and strategy; the Company’s expectations regarding the production of hydrogen fuel cell electric trucks; and the Company’s expectations regarding the specifications and adoption of hydrogen fuel cell trucks and related technologies in the commercial transportation sector, including the timing thereof. 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; demand for and customer acceptance of the Company’s trucks; the execution and terms of definitive agreements; 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 availability of and need for capital; 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 March 31, 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.

NIKOLA MEDIA CONTACT
[email protected]

BAYOTECH MEDIA CONTACT
[email protected]
+1 (778) 230-9810 
www.bayotech.us

Nikola Adjourns and Will Reconvene Annual Meeting of Stockholders on August 3, 2023

Published July 6, 2023

PHOENIX – July 6, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that its 2023 Annual Meeting of Stockholders has been adjourned to August 3, 2023 at 1:00 p.m., Pacific Time.

Nikola has received the requisite number of votes to approve all the proposals except for Proposal 2.

Proposal 2, Amendment to Nikola’s Restated Certificate to Increase the Authorized Number of Shares of Common Stock, currently requires a majority of all outstanding common stock for approval. A proposed amendment to Section 242 of the Delaware General Corporation Law is expected to be effective August 1, 2023. Once effective, the voting threshold for approval to amend a company’s certificate of incorporation to increase the number of authorized shares would change from a majority of the outstanding common stock to a majority of the shares actually voting on the proposal. Under this proposed new law, if the annual meeting were to be held today, a sufficient number of shares would have been voted in favor of Proposal 2.

Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on August 2, 2023, for their vote to count. Stockholders as of the close of business on April 10, 2023 are entitled to vote, even if they no longer own the shares. No additional action is required for stockholders who have already voted.

Voting is quick and simple:

BY PHONE: Please call Alliance Advisors, Nikola’s proxy solicitor, toll-free, at (855) 935-2562, if in North America. International voters can call 1 (551) 210-9929. You can also contact Alliance Advisors if you have any questions about voting.
BY INTERNET: Vote at www.proxyvote.com using your control number by following the instructions shared by your broker, bank or other nominee.
- If you are a Robinhood holder, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.

The 2023 Annual Meeting of Stockholders will be held virtually on Thursday, August 3, 2023, at 1:00 p.m., Pacific Time via live audio webcast. In order to attend, register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., Pacific Time on August 2, 2023.

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
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 amendment in Delaware, its expected effective date and its potential impact on Proposal 2. 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: whether the pending legislation is signed into law and the timing thereof; changes in voting and the actual vote counts on the day of the annual meeting; the availability of and need for capital; 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 March 31, 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.

INVESTOR INQUIRIES
[email protected]

MEDIA INQUIRIES
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Nikola Secures $41.9 Million Grant, Accelerating Zero-Emissions Infrastructure for Heavy-Duty Hydrogen Fuel Cell Electric Trucks in California

Published July 5, 2023

California Transportation Commission award to fund six heavy-duty hydrogen refueling stations

PHOENIX – July 5, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation, and energy supply and infrastructure solutions, via the HYLA brand, announced that the California Transportation Commission (CTC) has awarded Nikola and sponsor California Department of Transportation (Caltrans), a $41.9 million grant under the Trade Corridor Enhancement Program (TCEP) to build six heavy-duty hydrogen refueling stations across Southern Calif.

Caltrans sponsored the application and will work in partnership with Nikola to deploy the tranche of six hydrogen refueling stations. This project furthers Caltrans’ zero-emission vehicle (ZEV) strategy to incentivize and support the development and adoption of ZEV freight technology across the state and supports the California Statewide Truck Parking Study through the provision of a safe place for truck drivers to park.

These six strategically located hydrogen refueling stations will be located along Calif. freight corridors within the South Coast Air Quality Management District, San Diego County Air Pollution Control District, and Mojave Desert Air Quality Management District, and are expected to have a significant impact on the region and the environment, enabling improved community health and avoiding carbon emissions. Each hydrogen refueling station will be designed to support and scale up over time with the growth of heavy-duty hydrogen refueling needs while attempting to maximize truck parking at each site. Other planned outcomes may include:

Improved community health: The deployment of these stations is expected to result in air quality improvements. Additionally, it is anticipated that local noise pollution will be reduced.
Increased refueling capability: Each hydrogen refueling station is intended to facilitate refueling for approximately 80 to 100 trucks per station per day.
Future-ready infrastructure: Nikola’s zero-emissions infrastructure is expected to be established in advance of the anticipated surge in adoption of Nikola’s hydrogen fuel cell electric vehicles, demonstrating the Company’s commitment to sustainable transportation solutions.

“Nikola is thrilled to receive this grant from the CTC,” said Carey Mendes, President, Nikola Energy. “This award, in collaboration with Caltrans, will allow us to accelerate the deployment of zero-emissions hydrogen refueling infrastructure, which is vital for the successful launch our hydrogen fuel cell electric trucks in July.”

This grant further places a strong emphasis on open access stations, and Nikola’s hydrogen refueling stations will align with this approach, ultimately advancing the adoption of all hydrogen fuel cell electric vehicles to support a more sustainable future for Calif. and the greater U.S.

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

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 expectations regarding its planned hydrogen station network; the Company’s expectations regarding the benefits of the TCEP grant; the Company’s beliefs regarding key outcomes from this hydrogen refueling station initiative, and the expected timing and benefits thereof, including commencement of commercial production of its hydrogen fuel cell electric truck and the activities related to its planned hydrogen fueling infrastructure; 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 success of the Company’s efforts to streamline its business; the ability of the Company to achieve anticipated benefits of these and other activities, including expected cost savings; the ability of the Company to access sufficient capital to meet its requirements and fund its business, including risks related to its ability to obtain stockholder approval of an increase in the Company’s authorized common stock; 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 level of and cancellation of customer orders; the ability of the Company to complete the disposition of its European joint venture and the timing thereof; risks associated with manufacturing batteries and fuel cell power modules; 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 March 31, 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.

NIKOLA MEDIA CONTACT

[email protected]

Nikola Reports Second Quarter Vehicle Production, Deliveries

Published July 5, 2023

Nikola achieves strong quarterly sales for Nikola Class 8 battery-electric trucks, doubles retail sales vs. Q1
Full financial results to be announced on Friday, August 4, 2023
Momentum set for Q3 introduction of hydrogen fuel cell electric truck

PHOENIX – July 5, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced its quarterly deliveries for its battery-electric truck, with wholesale of 45 trucks and retail of 66 trucks in the quarter ended June 30, 2023.

Nikola continues its refocused plan of concentration on the North American market, reducing costs and producing the highest-quality Class 8 zero-emission trucks available today.

Nikola Tre BEV by the numbers:

Units	Q1 2023	Q2 2023	YTD total
Wholesale	31	45	76
Retail	33	66	99
Production	63	33	96

“It is not easy being a pioneer in the zero-emission Class 8 truck space, but we are witnessing a remarkable surge in momentum,” said Nikola CEO Michael Lohscheller. “We take great pride in our current achievements and the influx of orders coming in for our soon-to-be-produced hydrogen fuel cell electric truck. I believe there has not been a better time to be at Nikola as we move forward, together.”

Nikola has not completed its quarterly closing and review process or the preparation of its financial statements for the second quarter, and will announce full financial results on Friday, August 4, 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 stockholder engagement 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 July 27, 2023, at 11:00 a.m. ET (8:00 a.m. PT) and close on August 3, 2023, at 11 a.m. ET (8 a.m. PT). To submit questions, please visit app.saytechnologies.com/nikola-corporation-2023-q2.

What: Date of Nikola Q2 2023 Financial Results and Q&A Webcast
When: Friday, August 4, 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.

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 expectations regarding actions to focus and streamline its business; the Company’s expectations regarding the benefits of actions taken and that may be taken in the future in furtherance of such efforts; the Company’s beliefs regarding the benefits and attributes of its trucks; the Company’s beliefs regarding its business milestones, and the expected timing and benefits thereof, including commencement of commercial production of its hydrogen fuel cell electric truck; the Company’s beliefs regarding its results for the quarter; the Company’s beliefs regarding momentum in its business; 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 success of the Company’s efforts to streamline its business; the completion of the Company’s quarterly close and review process; the preparation of the Company’s complete financial results for the quarter; the ability of the Company to achieve anticipated benefits of these and other activities, including expected cost savings; the ability of the Company to access sufficient capital to meet its requirements and fund its business, including risks related to its ability to obtain stockholder approval of an increase in the Company’s authorized common stock; 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 level of and cancellation of customer orders; the ability of the Company to complete the disposition of its European joint venture and the timing thereof; risks associated with manufacturing batteries and fuel cell power modules; 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 March 31, 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]

INVESTOR RELATIONS
[email protected]

Nikola Sharpens Focus, Reduces Cash Spend

Published June 16, 2023

Annual cash usage expected to decrease to under $400M by 2024
Reorganizing workforce around new areas of focus and eliminating non-essential spend
Continuing to take actions geared toward optimizing and protecting ongoing operations
Q3 launch of the hydrogen fuel cell electric truck on schedule
HYLA hydrogen energy business making strong progress with multiple partnerships, first-mover infrastructure advantage

PHOENIX – June 16, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced a progress update on its business optimization efforts, which are expected to result in a marked decrease in cash spend and streamlining of operations.

“Nikola has initiated a more focused business plan this quarter, concentrating on North America, zero-emission truck production, and our HYLA hydrogen business,” said CEO Michael Lohscheller. “Our battery-electric truck is in the marketplace and performing well for our customers, and the hydrogen fuel cell electric truck will go into production in a matter of weeks. We are proactively managing costs and reducing expenses. We are streamlining operations, including our organizational structure, to efficiently execute our objectives.”

These actions are consistent with comments from the company’s first quarter earnings announcement, among others, including the following:

Realigning cost structure and reducing cash use by reorganizing workforce and rationalizing spend in all areas of the business.
Concentrating on the North American marketplace, including the planned sale of the company’s joint venture share to Iveco Group.
Localizing the supply chain where possible, including transitioning battery manufacturing from Cypress, Calif. to the Nikola plant in Coolidge, Ariz., along with planned assembly of Bosch fuel cell power modules in Coolidge. Both actions are expected to reduce material cost of the trucks.
Prioritizing a capital-efficient approach for the HYLA hydrogen energy infrastructure business, including a strategic partnership with Voltera to develop up to 50 hydrogen stations over the next five years.
Focusing on launching the company’s Class 8 hydrogen fuel cell electric truck in Q3, which currently has 178 sales orders from 14 end customers.
Optimizing production at the Coolidge, Ariz. manufacturing facility to accommodate Nikola’s battery-electric and hydrogen fuel cell electric trucks on one assembly line.
Ongoing restructuring of legacy Romeo business and shut down of legacy Cypress operations.

In conjunction with these initiatives, Nikola conducted a thorough review of its organizational structure and made the difficult but strategic decision to reduce its headcount, which is expected to decrease personnel-related cash spend by more than $50M annually. The reduction affected roughly 150 team members across multiple sites who were previously supporting (in part or in full) the company’s European programs, as well as approximately 120 employees based predominately at the company’s Phoenix and Coolidge, Ariz. sites and previously announced actions from Cypress, Calif. Nikola is supporting those affected with transition assistance.

These decisions preserve 900 jobs and are intended to create a sustainable structure that matches the organization’s focus and positions the company for future growth.

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 expectations regarding actions it intends to implement to focus and streamline its business; the Company’s expectations regarding the benefits of actions taken and that may be taken in the future in furtherance of such efforts, including anticipated cost savings, cash usage levels, optimization and protection of ongoing operations and reduction of the bill of materials costs, creating a sustainable structure and positioning the Company for future growth, among others; the Company’s beliefs regarding its business milestones, and the expected timing and benefits thereof, including commencement of commercial production of its hydrogen fuel cell electric truck and the activities related to its planned hydrogen fueling infrastructure; 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.