Global Water Resources to Provide Water Services to Nikola’s New Zero-Emission Semi-Truck Manufacturing Plant

Rhea-AI Summary

Global Water Resources (NASDAQ: GWRS) has signed a master utility agreement with Nikola Corporation (NASDAQ: NKLA) to provide water and wastewater services for Nikola's new manufacturing facility in Coolidge, Arizona. The facility aims to produce hydrogen-powered and battery-electric Class 8 semi-trucks, with construction phases planned over the next 12-18 months. Global Water will submit a regulatory filing for a Certificate of Convenience and Necessity to become the exclusive service provider for the site, expanding its regional utility footprint.

Positive

• Strategic partnership with Nikola Corporation to provide essential services.
• Expansion of service area enhances market presence and growth opportunities.
• Anticipated completion of Nikola's manufacturing facility by mid-2021 boosts local economic prospects.

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• None.

PHOENIX, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, has entered into a master utility agreement with Nikola Corporation (NASDAQ: NKLA) to provide water and wastewater services to Nikola’s new manufacturing plant in Coolidge, Arizona adjacent to Inland Port Arizona.

Nikola broke ground on its manufacturing facility where it plans to make hydrogen-powered and battery-powered Class 8 semi-trucks. Nikola plans to complete the initial phase of construction by mid-2021, with the follow-on phases completed within the next 12-18 months.

“We are excited to take this next important step with Global Water Resources, who has a reputation as a strong water resource manager and provider for the region,” commented Mark Russell, CEO of Nikola. “Our goal for this manufacturing site is to design it with the smallest environmental footprint possible, while making the highest quality products for our customers. Our engagement of Global Water reflects a shared commitment to a sustainable future for Arizona and beyond.”

Global Water plans to submit the regulatory filing for a Certificate of Convenience and Necessity (CC&N) permit in the first quarter of 2021. The permit would establish Global Water as the exclusive provider of water, wastewater and recycled water services to the new facility.

The Nikola site is located adjacent to Inland Port Arizona, a 2,700-acre mega-site that is currently under development by Saint Holdings. Inland Port Arizona falls within a 3.4 square mile region in the central Arizona corridor between Tucson and Phoenix where Global Water recently received a CC&N permit from the Arizona Corporation Commission (ACC) to exclusively provide water, wastewater, and recycled water services.

“The close proximity of the Nikola site to our new service area makes it a logical extension of our regional footprint,” stated Global Water Resources president and CEO, Ron Fleming. “Nikola and others in the region will benefit from our proactive approach to utility management, which includes our award-winning Total Water Management.”

“As one of the first major manufacturers to locate to Inland Port Arizona, we expect their development to stimulate commercial and residential growth in our surrounding service area,” added Fleming. “Based upon Nikola’s schedule, we expect to begin servicing the manufacturing site in 2021.”

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 Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 16 utilities which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles nearly 1 billion gallons of water annually. To learn more, visit www.gwresources.com.

Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements which reflect the company's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning future net income growth, our strategy, acquisition plans, our dividend policy, the timing and likeli

FAQ

What is the significance of the agreement between GWRS and NKLA?

The agreement allows Global Water Resources to provide critical water and wastewater services to Nikola's new manufacturing plant, enhancing its service area and market presence.

When will Nikola's manufacturing facility be completed?

The initial phase of Nikola's manufacturing facility is scheduled for completion by mid-2021, with follow-on phases finishing within 12-18 months.

How will the agreement impact Global Water Resources?

The master utility agreement with Nikola allows GWRS to expand its operations and potentially increase its revenue through exclusive service provision.

What is the location of Nikola's new manufacturing plant?

Nikola's new manufacturing plant is located in Coolidge, Arizona, adjacent to Inland Port Arizona.

What is the expected environmental impact of Nikola's facility?

Nikola aims to design its manufacturing site with the smallest environmental footprint possible, reflecting a commitment to sustainability.