NIKOLA AND PLUG ANNOUNCE STRATEGIC COLLABORATION TO PUSH HYDROGEN ECONOMY FORWARD

Plug-in purchase of up to 75 Nikola Tre hydrogen fuel-cell electric vehicles for green hydrogen delivery

Nikola will purchase a 30 metric ton per day smelter for the Ariz project plug.

Also Read :  NJ Grand Jury Declines to Indict Officer who Fatally Shot Man

The companies have signed an Agreement to Supply Green Hydrogen and collaborate on both the Nikola and Plug business models.

PHOENIX, December 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 partnership focused on advancing the hydrogen economy.

The Nikola Tre fuel-cell electric vehicle (FCEV) is the company’s leading, hydrogen-powered cabover for long or continuous metro-regional applications and is expected to have a range of 500 kilometers. The plug will buy up to 75 Nikola Tre FCEVs over the next three years, with the first trucks being shipped in 2023. Nikola trucks will help deliver green hydrogen to consumers North America as part of Plug’s commitment to advancing the decarbonization of energy. The acquired FCEVs will be equipped with Plug liquid hydrogen tanks, which are recognized as market-leading trailers for unprecedented road loads.

Nikola’s recently announced hydrogen hub project, located in the area Buckeye City, Ariz., we are currently going through the permitting and land use change process, as well as purchasing equipment that has been leading the way again. The plug has been selected to provide its fully integrated smelting system to a project that will be engineered to produce 30 metric tons per day in its first phase, ramping up to 150 metric tons per day. The supply of low carbon hydrogen from the hub will further support the deployment of the Nikola Tre FCEV system and Nikola’s hydrogen energy business.

The companies also achieved a 125 metric ton per day Green Hydrogen Supply Agreement. This new green hydrogen production and offtake partnership is expected to provide Nikola with a minimum of 100 metric-tons per day of hydrogen, with the option to increase capacity over time, and will allow Nikola to export hydrogen to multiple locations across the country such as Plug. continues to bring new supply centers.

“Nikola and Plug share a common vision of sustainable, efficient, energy solutions that support our commitment to decarbonize the transportation industry,” he said. Nicholas Presidentpower, Carey Mendes. “This strategic partnership will help support Nikola’s growth plans to expand the hydrogen energy business and support the adoption of 8 Nikola zero-emission Class 8 trucks.”

“Today’s announcement shows Plug’s leadership in the green hydrogen economy and the ability to make the adoption of hydrogen as easy as possible in line with industry pioneers, such as Nikola,” he said. Sanjay Shrestha, CSO and General Manager of Energy Solutions for Plug. “Our precise integrated solutions, designed to adapt to the needs of individual customers, include equipment for the production of hydrogen or the delivery of hydrogen fuel, whichever is chosen. We look forward to our strategic relationship with Nikola as we advance the hydrogen economy together.”

Nikola Tre battery electric car, with a range of up to 330 kilometers, began serial production March 2022 and available for immediate delivery. For more information, visit Nikola Electrify Your Fleet online.

About Nikola Corporation

Nikola Corporation is revolutionizing the transportation industry worldwide. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric cars, electric vehicle drivetrains, automotive components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to transform the economic and environmental impact of commerce as we know it. today. Founded in 2015, Nikola Corporation is its headquarters Phoenix, Arizona. For more information, visit www.nikolamoto.com or Twitter @nikolamoto.

Nikola’s Forward-looking Statements

Certain statements included in this news release that are not historical facts are forward-looking statements. Forward-looking statements are generally accompanied by words such as “believe,” “is,” “will,” “estimate,” “continue,” “estimate,” “intend,” “expect,” “should,” “may,” “plan.” ,” “predict,” “likely,” “appear,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or are not historical statements. These forward-looking statements include, but are not limited to: are not limited to, statements about the expected benefits of the planned cooperation between Nikola and Plug. These statements are based on various assumptions, whether identified or not identified in this press release, and the current expectations of Nikola’s management. We cannot guarantee that forward-looking statements will be realized and forward-looking statements are not estimates of actual performance. Statements forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially adverse forward-looking statements, including but not limited to, the failure to realize the expected benefits of the announced partnership between Nikola and Plug; design and product changes, challenges and delays; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; potential challenges from COVID-19; the outcome of legal, regulatory and legal proceedings in which Nikola is, or may be, a party; demand and customer acceptance of Nikola trucks; risks associated with the development and testing of fuel cell power modules and hydrogen storage systems; risks related to the start-up of Nikola’s business and the timing of expected business transactions, including the delivery of commercial trucks; the effects of competition on Nikola’s future business; availability of capital; risks associated with changes in financial management or accounting standards; and other risks disclosed 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 last quarter. 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 expressed in these forward-looking statements. These forward-looking statements speak only as of now and Nikola specifically disclaims any obligation to update these forward-looking statements.

Source: Nikola Corporation



Source

Leave a Reply

Your email address will not be published.