Published September 16, 2022
E.ON and Nikola Corporation plan to combine advanced truck technology with service solutions and hydrogen infrastructure
The collaboration plans to establish a hydrogen supply and related infrastructure to meet the demands of customers in Europe and from the broader heavy-duty truck market
Agreement is expected to help reduce emissions from the European transport sector
PHOENIX – September 16, 2022 — E.ON and Nikola Corporation, combining their respective expertise to form a joint venture with a goal to decarbonize heavy-duty trucking. Nikola as a global leader in zero-emissions transportation and energy infrastructure solutions, and E.ON is one of Europe's largest operators of energy networks and energy infrastructure and a provider of innovative customer solutions. This partnership is expected to offer customers an integrated mobility solution to promote the use of hydrogen. Both parties have now signed a term sheet to underpin the collaboration and will be negotiating a definitive agreement to finalize the terms.
The joint venture intends to combine next-generation Class 8 semi-truck technology with support solutions (e.g., service and maintenance) and a green and sustainable hydrogen infrastructure. As a result, the partnership has the potential to transform the high-emission heavy-duty transport sector.
The vision of the joint venture is to promote the advantages that hydrogen offers at cost parity or better than diesel based on the total cost of ownership. The goal is to make hydrogen available nationwide at stationary and mobile refueling points to ensure unrestricted green mobility.
In heavy-duty transport, the use of green hydrogen, which has a high energy density, offers several advantages. A Fuel Cell Electric Vehicle (FCEV) has the potential to achieve longer range without significantly increasing weight. The Battery Electric Vehicle (BEV) is another viable solution for trucks that need shorter distances and have predictable charging times. The coexistence of BEV and FCEV in the commercial vehicle sector is a realistic scenario.
Patrick Lammers, COO Customer Solutions at E.ON, says: “At E.ON, our goal is to drive the energy transition in Germany and Europe. For this, we also need innovative customer solutions. Our partnership with Nikola and the planned establishment of the joint venture are excellent examples. We can contribute our know-how in the hydrogen sector and help reduce many millions of tons of CO2. Nikola is an ideal partner for us, as we share the same vision: to develop innovative, pioneering solutions to create a greener, sustainable environment for our customers and society."
Michael Lohscheller, President Nikola Corporation says: “Nikola has a deep understanding of transport demands and will continue to develop cost effective, fully sustainable solutions that involve our zero-emissions trucks and hydrogen infrastructure to our customers. This joint venture is a critical element in transitioning the transport sector and aligns with E.ON’s expertise in energy networks and customer solutions to lead the European transport sector.”
The joint venture is expected to be finalized by the end of 2022 and will include the development of initial joint projects.
E.ON FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to align them to future events or developments.
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 www.nikolamotor.com or Twitter @nikolamotor.
NIKOLA FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations related to its potential joint venture with E.ON; the company’s expectations regarding its business, business model and strategy; the company’s expectations regarding its planned energy infrastructure buildout, including hydrogen production hubs and dispensing stations; the company’s truck builds and related specifications; the company’s expectations for its trucks and market acceptance of battery electric and fuel cell electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the completed business combination with VectoIQ; failure to reach final documentation of the anticipated transaction; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended June 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
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