NIKOLA ANNOUNCES ADDITIONAL HYLA BRANDED HYDROGEN REFUELING STATION IN CALIFORNIA

Rhea-AI Summary

Nikola Corporation (Nasdaq: NKLA) has launched its fourth hydrogen refueling station in West Sacramento, California, as part of its HYLA brand. This initiative aims to expand its hydrogen infrastructure, supporting both Nikola's hydrogen electric vehicles and third-party heavy-duty vehicles. By 2026, Nikola plans to establish 60 HYLA stations to meet growing demand. The company emphasizes the importance of this network in facilitating a transition to zero-emission transport. Additionally, the Nikola Tre hydrogen electric vehicle is now eligible for significant government incentives, potentially saving customers up to $288,000 per truck.

Positive

• Launch of fourth hydrogen refueling station in West Sacramento boosts infrastructure.
• Plans to establish 60 HYLA stations by 2026 to meet demand.
• Eligibility of Nikola Tre hydrogen vehicle for incentives up to $288,000 per truck.

Negative

• None.

West Sacramento marks the fourth location as scaling of the Nikola hydrogen network continues to progress

PHOENIX, Feb. 21, 2023 /PRNewswire/ --  Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced its HYLA brand's fourth California hydrogen station location, building on its planned station network to advance and scale its long-term hydrogen distribution solutions to service market demand. Nikola's integrated energy and zero-emissions truck portfolio will be underpinned by developing hydrogen supply and refueling infrastructure, an essential step in helping to decarbonize the heavy-duty transport sector.

The latest California refueling station and logistics infrastructure location will be in the city of West Sacramento. This station will further support Nikola's truck demand, as well as third-party heavy-duty hydrogen electric vehicles. By the end of 2026, it is anticipated that Nikola, via its HYLA brand, will have 60 stations in place to support this growth.

California is a launch market for Nikola with the Class 8 Nikola Tre battery-electric vehicle, Nikola Tre hydrogen electric vehicle and the energy infrastructure underway to support key customers and advance the state's efforts to decarbonize the transport sector.  

"The first four stations in California are intended as part of Nikola's energy strategy to support hydrogen electric truck demand," said Nikola President, Energy, Carey Mendes. "Our recently announced hydrogen energy brand, HYLA, is dedicated to solving the complex challenges that the mobility and hydrogen industry have faced for decades by offering integrated mobility solutions, including the trucks and energy supply. The HYLA hydrogen refueling stations, along with a comprehensive energy supply, will provide our customers the support needed to seamlessly transition their fleets to zero-emissions." 

"We're encouraged to see Nikola's progress in helping to establish a sustainable hydrogen ecosystem in California by accelerating the development and deployment of clean, renewable infrastructure," said Gia Vacin, Deputy Director of ZEV Market Development at the Governor's Office of Business and Economic Development (GO-Biz). "Projects like these will be key in decarbonizing California's economy, while improving local air quality and providing tangible benefits to frontline communities." 

Nikola, via HYLA, is bringing comprehensive zero-emission heavy-duty trucking energy solutions to market and West Sacramento is ideal due to the number of distribution centers and density of trucking and logistics traffic. Each station within the HYLA hydrogen network will serve as an important step in the delivery of a broader array of hydrogen fueling solutions to the commercial trucking industry.

The Nikola Tre hydrogen electric vehicle is now eligible for the California Air Resources Board Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project program. This approval will now enable customers of Nikola's Tre hydrogen electric vehicle to access a point-of-sale incentive starting at $240,000 and ranging up to $288,000 per truck, in 2023. Customers may also be eligible for a $40,000 clean commercial vehicle tax credit from the federal government due to the passage of the Inflation Reduction Act.

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 via the HYLA brand, 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. 

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 HYLA fueling network and related zero-emissions trucks, and the potential benefits from various government incentives. 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 planned HYLA fueling network; benefits from potential government incentives;  the availability of a hydrogen ecosystem to meet the demand of hydrogen electric trucks; 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 to fund the Nikola's business; 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.

 

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SOURCE Nikola Corporation

FAQ

What is the significance of the new hydrogen station in West Sacramento for NKLA?

The new station enhances Nikola's hydrogen infrastructure, facilitating support for both its vehicles and third-party heavy-duty trucks.

How many hydrogen refueling stations does Nikola plan to have by 2026?

Nikola plans to have 60 hydrogen refueling stations under its HYLA brand by 2026.

What incentives are available for the Nikola Tre hydrogen electric vehicle?

Customers can access incentives ranging from $240,000 to $288,000 per truck through California's incentive program.

How does Nikola's new station in California support clean energy objectives?

The station contributes to California's decarbonization efforts by providing infrastructure for zero-emission heavy-duty vehicles.

What role does the HYLA brand play in Nikola's strategy?

HYLA is dedicated to providing integrated mobility solutions, including hydrogen refueling stations and energy supply for zero-emission trucks.