Plug to purchase up to 75 Nikola Tre hydrogen
fuel-cell electric vehicles for green hydrogen delivery
Nikola to purchase 30 metric-tons per day
liquefaction system from Plug for the Ariz. hydrogen hub
project
Companies have signed an innovative Green
Hydrogen Supply Agreement with synergies for both Nikola and Plug's
business models
PHOENIX, Dec. 15,
2022 /PRNewswire/ -- Nikola Corporation (Nasdaq:
NKLA), a global leader in zero-emissions transportation and energy
supply and infrastructure solutions, and Plug
Power (Nasdaq: PLUG), a leading provider of turnkey hydrogen
solutions for the global green hydrogen economy, today announced a
strategic relationship focused on moving the hydrogen economy
forward.
![Nikola Corporation Logo (PRNewsfoto/Nikola Corporation) Nikola Corporation Logo (PRNewsfoto/Nikola Corporation)](https://mma.prnewswire.com/media/1431805/Nikola_Corporation_Logo.jpg)
The Nikola Tre fuel-cell electric vehicle (FCEV) is an
industry leading, hydrogen-powered cabover for longer or continuous
metro-regional applications and is expected to have a range of up
to 500 miles. Plug will purchase up to 75 Nikola Tre FCEVs over the
next three years, with the first trucks being delivered in 2023.
The Nikola trucks will help to deliver green hydrogen to customers
in North America as part of Plug's
commitment to advancing the decarbonization of energy. The acquired
FCEVs will be paired with Plug's liquid hydrogen tankers, which are
recognized as market-leading trailers manufactured with
unprecedented over-the-road payloads.
Nikola's recently announced hydrogen hub project, located in the
City of Buckeye, Ariz.,
is currently going through a permitting and rezoning process,
with the procurement of long-lead equipment also underway. Plug has
been selected to provide its fully integrated liquefaction system
for the project which will be engineered to produce 30 metric-tons
per day in its first phase, scaling up to 150 metric-tons per
day. The low carbon hydrogen supply from the hub will further
support the deployment of the Nikola Tre FCEV program and
Nikola's hydrogen energy business.
The companies have also executed a 125 metric-tons per day Green
Hydrogen Supply Agreement. This innovative green hydrogen supply
and offtake partnership is expected to provide Nikola with a
minimum of 100 metric-tons per day of hydrogen, with the option to
increase volume over time, and will allow Nikola to source hydrogen
from multiple locations across the country as Plug continues to
bring on new supply facilities.
"Nikola and Plug share a common vision for sustainable,
efficient, energy solutions which supports our commitment to
decarbonize the transportation industry," said Nikola President, Energy, Carey Mendes. "This strategic relationship will
help underpin Nikola's ambitious growth plans to expand the
hydrogen energy business and to support the adoption of Nikola's
zero-emission Class 8 trucks."
"Today's announcement demonstrates Plug's leadership in the
green hydrogen economy and its ability to make the adoption of
hydrogen as easy as possible by aligning with industry pioneers,
such as Nikola," said Sanjay
Shrestha, CSO and General Manager of Energy Solutions for
Plug. "Our vertically integrated solutions, which are designed to
fit individual customer needs, include hydrogen production
equipment or the delivery of hydrogen fuel, whichever is preferred.
We look forward to our strategic relationship with Nikola as we
advance the hydrogen economy together."
The Nikola Tre battery-electric vehicle, with a range of up to
330 miles, started serial production in March 2022 and is available for immediate
delivery. For more information, visit Nikola Electrify Your
Fleet online.
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. 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
anticipated benefits of the planned collaboration between Nikola
and Plug. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of Nikola's management. We cannot assure you that
forward-looking statements will be achieved and forward-looking
statements are not predictions of actual performance.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements, including but not limited to, the
failure to realize the anticipated benefits of the announced
collaboration between Nikola and Plug; design and manufacturing
changes, challenges and delays; economic, financial, legal, supply
chain, regulatory, political and business conditions and changes in
domestic and foreign markets; the potential challenges arising from
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, including delivery of
trucks for sale; 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
quarterly report on Form 10-Q for the quarter ended September 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.
![Plug Power logo Plug Power logo](https://mma.prnewswire.com/media/1969157/Plug_Logo.jpg)
![The Nikola Tre fuel-cell electric vehicle (FCEV) is an industry leading, hydrogen-powered cabover for longer or continuous metro-regional applications and is expected to have a range of up to 500 miles. Plug will purchase up to 75 Nikola Tre FCEVs over the next three years, with the first trucks being delivered in 2023. The Nikola Tre fuel-cell electric vehicle (FCEV) is an industry leading, hydrogen-powered cabover for longer or continuous metro-regional applications and is expected to have a range of up to 500 miles. Plug will purchase up to 75 Nikola Tre FCEVs over the next three years, with the first trucks being delivered in 2023.](https://mma.prnewswire.com/media/1969158/Plug_Release_Image_20221215.jpg)
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SOURCE Nikola Corporation