Alta Equipment Group Signs Dealer Agreement with Nikola Corporation
Alta Equipment Group Inc. (NYSE: ALTG) has entered into a dealer agreement with Nikola Corporation (NASDAQ: NKLA) to sell and service medium and long-haul Class 8 electric vehicles in the northeastern U.S. This partnership enhances Alta's eMobility strategy and aims to fulfill the rising demand for zero-emission commercial vehicles, particularly as states push for reduced greenhouse gas emissions. The agreement positions Alta to leverage its existing expertise and infrastructure in electric vehicle services.
- New dealer agreement with Nikola expands Alta's footprint in the Class 8 commercial vehicle segment.
- Strategic entry into a growth market aligns with increasing demand for electric vehicles.
- Partnership enhances Alta's eMobility strategy, contributing to long-term growth opportunities.
- None.
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) or (The company) today announced that it has entered into a dealer agreement with Nikola Corporation (NASDAQ: NKLA) (“Nikola”), a designer and manufacturer of heavy-duty commercial battery-electric vehicles (BEV) and fuel-cell electric vehicles (FCEV). This agreement names Alta as the authorized dealer to sell and service Nikola medium and long-haul Class 8 EV/FCEV trucks in the NY, NJ, eastern PA and New England markets.
Alta is a leading distributor partner with their current OEMs in migrating customers to electric vehicles in the construction and material handling segments. The company sells and supports hydrogen fuel-cells in material handling applications along with hydrogen generation and storage and has a long history in the sales and support of electric industrial fleets. This agreement marks Alta’s expansion into the Class 8 commercial vehicle/equipment segment and builds upon its eMobility strategy.
“We are excited to sign this agreement with Nikola and become the authorized dealer in the northeast US territory. We view our entry to this growth market as a natural extension of the operational expertise we have built in the heavy equipment, material handling and construction markets,” said Ryan Greenawalt, Chief Executive Officer of Alta. “We believe the commercial vehicle market provides a strong long-term growth opportunity for Alta as we look to leverage our existing footprint and knowledge in electro-mobility to meet the growing demand for electric vehicles and deliver world-class service to Nikola customers.”
“The northeastern region of the United States has quickly become a crucial territory for Nikola as states move forward with setting goals in reducing greenhouse gases related to transportation,” said Nikola President, Energy and Commercial Pablo Koziner. “Alta Equipment and their leadership team have demonstrated a strong desire to participate in the transition to zero-emission Class 8 trucks with their eMobility strategy. We are extremely excited about this new partnership.”
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.
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.
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