Published August 10, 2021
PHOENIX – August 10, 2021 — Nikola Corporation (NASDAQ: NKLA), a leading designer and manufacturer of heavy-duty commercial battery-electric vehicles (BEV), fuel-cell electric vehicles (FCEV) and energy infrastructure solutions, announced today an expansion to its dealer network for its Class 8 truck sales and service coverage with the addition of Alta Equipment Group (NYSE: ALTG).
As a leading provider of construction and industrial equipment, Alta Equipment Group plans to represent sales and service locations in New York, New Jersey, eastern Pennsylvania and other select areas in the New England region that have a growing opportunity in zero-emission technology for Class 8 trucks.
“Alta Equipment is an exceptional addition to our already impressive list of 116 dealer locations within the Nikola sales and service dealer network,” said Nikola President, Energy and Commercial Pablo Koziner. “The Nikola partnership should complement Alta’s history of battery-electric and hydrogen fuel-cell technology via their materials handling business and add to its growing eMobility vertical by fulfilling its long-term commitment to clean technologies.”
With over 37 years of experience, Alta Equipment Group is recognized for providing strong sales and service support to thousands of customers for notable brands in the material handling and construction equipment commercial segments.
“We are excited to partner with Nikola, an industry pioneer in the electric commercial segment and are ready to begin delivering superior service to Nikola customers in the northeast US territory.” said Ryan Greenawalt, Chief Executive Officer of Alta Equipment Group. “We view the Class 8 market as having strong long-term potential and an excellent fit with our commercial vehicle eMobility growth strategy.”
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 ALTA EQUIPMENT GROUP INC.
Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment, and other industrial and construction equipment. Alta has operated as an equipment dealership for 37 years and has developed a branch network that includes 55 total locations across Michigan, Illinois, Indiana, New England, New York, Virginia and Florida. Alta offers its customers a one-stop-shop for most of their equipment needs by providing sales, parts, service, and rental functions under one roof. More information can be found at www.altg.com.
FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the potential benefits of the Alta strategic partnership, including the ability to provide customers with superior sales and service in the targeted region; the partnerships expected benefits as a result of existing battery-electric and hydrogen fuel-cell technology competencies via materials handling and growing eMobility businesses; the company’s expectations regarding its business, business model and strategy; the company’s expectations for its trucks and market acceptance of electric trucks, both BEV and FCEV; 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, design and manufacturing changes and delays; failure to realize the anticipated benefits of the definitive agreements; 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; 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; risks associated with changes in accounting treatment or accounting standards; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-Q for the quarter ended June 30, 2021 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.