Nikola Energy and TravelCenters of America to Deploy Hydrogen Fueling Infrastructure
Nikola announces first two heavy-duty hydrogen fueling stations
PHOENIX, April 22, 2021 — Nikola Corporation (Nasdaq: NKLA) (Nikola), through its Nikola Energy division, and TravelCenters of America Inc. (Nasdaq: TA) (TA-Petro), the largest publicly-traded operator/franchisor of full-service travel centers in the United States, have agreed to collaborate on the installation of hydrogen fueling stations for heavy-duty trucks at two existing TA-Petro sites. This collaboration is a first step for the parties to explore the mutual development of a nationwide network of hydrogen fueling stations. The collaboration is subject to negotiation and execution of definitive documentation acceptable to the parties.
The first two stations will be constructed at existing TA-Petro locations in California and are targeted to be commercially operational by Q1 2023. These stations are expected to accelerate adoption of hydrogen fuel-cell-powered commercial electric trucks. Paired with the expected 500-mile range of the previously-announced Nikola Tre fuel-cell electric vehicle, the launch stations will enable operations of zero-emission heavy-duty commercial vehicles in and around the greater Los Angeles region and north through California’s Central Valley.
The two hydrogen fueling stations under consideration for development by Nikola and TA-Petro will provide for an open fueling network available to any truck customer and will follow a common industry standard for heavy-duty fueling protocols, ensuring compatibility across all hydrogen fuel-cell truck manufacturers.
Nikola President of Energy and Commercial Pablo Koziner stated, “Today we announce an important advancement in enabling the growth of heavy-duty fuel-cell electric vehicles by partnering with a leader in commercial fueling sites and high quality customer services. Our collaboration in southern California will form a basis for building an expanded network of hydrogen fueling stations for Nikola vehicle customers and for industry use overall. This collaboration forms an essential part in delivering the hydrogen-based ecosystem required to advance zero emission solutions for commercial trucks.”
“This exploration into hydrogen supply expands on our commitment to provide customers the widest range of fuel and non-fuel offerings, and on our Mission to ‘return every traveler to the road better than they came,’” said Jon Pertchik, CEO of TA-Petro. “Through our new business unit eTA, we are positioning ourselves to facilitate the transportation industry’s shift toward alternative fuel offerings including hydrogen, a leading form of energy for Class 7 and 8 vehicles. We are excited about this first foray into the future of heavy duty, long-haul trucks and look forward to supporting our loyal fleet customers as they increasingly adopt decarbonization strategies.”
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.
ABOUT TRAVELCENTERS OF AMERICA:
TravelCenters of America Inc. (Nasdaq: TA) is the nation’s largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its nearly 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, convenience stores, full-service and quick-service restaurants, car and truck parking and other services and amenities dedicated to providing great experiences for professional drivers and the general motoring public. TravelCenters of America operates nearly 650 full-service and quick-service restaurants and 9 proprietary brands including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
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 potential benefits of the collaboration; the ability to enable cost-effective distribution of hydrogen from production to storage and fueling locations; the ability to transport hydrogen via pipeline network from production sources to hydrogen fueling stations; the potential impact of this network to advance the adoption of FCEV technologies; need for and benefits of FCEV trucks and hydrogen and fuel-cell related technologies; and the ability of the parties to achieve economies of scale in hydrogen production, distribution and supply. 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, the ability of the parties to enter into definitive documentation for the collaboration and the terms of any such agreement; the failure to realize the anticipated benefits of the letter of intent or any definitive agreement; design and manufacturing changes and delays; 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, regulatory and judicial proceedings to which Nikola is, or may become a party; demand for and customer acceptance of Nikola’s trucks; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2020 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 expressly disclaims any obligation to update these forward-looking statements.
TA-PETRO FORWARD LOOKING STATEMENTS:
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, this press release includes various statements about plans for the delivery and monetization of sustainable and alternative energy, potential partnership opportunities, the anticipated benefits of TA’s investment in sustainable and alternative, TA’s future financial performance, public policy and market trends related to alternative energy, and TA’s plan to expand the availability of DEF and EV charging stations. Also, whenever TA uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, TA is making forward-looking statements. These forward-looking statements are based upon TA’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur or may not have the effects TA expects. Actual results may differ materially from those contained in or implied by TA’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in TA’s filings with the Securities and Exchange Commission, some of which are beyond TA’s control.
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