NIKOLA CELEBRATES THE COMMERCIAL LAUNCH OF HYDROGEN FUEL CELL ELECTRIC TRUCK IN COOLIDGE, ARIZONA

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Nikola Corporation celebrates commercial launch of hydrogen fuel cell electric truck

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Nikola achieves milestone with commercial launch of hydrogen fuel cell electric truck
Nikola's hydrogen fuel cell electric truck features a range of up to 500 miles and an estimated fueling time as low as 20 minutes
Nikola has received 223 non-binding orders for its hydrogen fuel cell electric trucks from 23 customers

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09/28/2023 - 04:29 PM

PHOENIX, Sept. 28, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via its HYLA brand, achieved a significant milestone today as it celebrated the commercial launch of the Nikola hydrogen fuel cell electric vehicle at its state-of-the-art manufacturing facility in Coolidge, Ariz.

The ceremony was attended by fleet customers, dealers from Nikola's sales and service network, government officials, prominent Phoenix business and community leaders and the dedicated Nikola team, all of whom played a pivotal role in making this achievement possible. The event also included remarks from Nikola executives and Sandra Watson, President and CEO of Arizona Commerce Authority, truck and hydrogen demonstrations, sustainability impact overviews, production line tours and informal technology Q&As with Nikola engineers on hydrogen safety, the HYLA ecosystem and the Nikola human machine interface system.

"Today, we mark the official commercial launch of our advanced technology hydrogen fuel cell electric trucks into the North American marketplace. It's a testament to the relentless `can do' attitude of our team and is a step closer to realizing our vision of sustainable and efficient transportation," said Steve Girsky, Nikola President and Chief Executive Officer. "As we head into the fourth quarter, we are focused on delivering our trucks at scale and securing our position as pioneers in the hydrogen refueling ecosystem to support our customers."

Nikola's ground-breaking hydrogen fuel cell electric truck features a range of up to 500 miles and an estimated fueling time as low as 20 minutes.* This truck is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks, with versatile applications ranging from drayage and intermodal to metro-regional truckload and less-than-truckload to certain specialized hauling use cases.

Progressing steadily towards its strategic goals, Nikola and its dealers have received 223 non-binding orders for its hydrogen fuel cell electric trucks from 23 customers. Notable fleet operators such as J.B. Hunt, AJR Trucking, Biagi Bros. and TTSI, are among the growing list of customers committing to the future of sustainable trucking.

The completion of Phase 2 assembly expansion at the Coolidge manufacturing facility sets the stage for a new era in transportation. With a versatile mixed-model production line capable of manufacturing both hydrogen fuel cell and battery-electric trucks, the facility stands ready to achieve an annual production capacity of approximately 2,400 trucks across three shifts.

Progress is also evident on the fuel cell power module assembly line in Coolidge, scheduled for completion in Q4 of this year, with Bosch supplying these critical modules.

"We are proud to celebrate the launch of Nikola's innovative hydrogen fuel cell electric vehicle production facility in Coolidge," said Sandra Watson, President and CEO of the Arizona Commerce Authority. "Nikola's investment in Arizona's electric vehicle supply chain and their partnership with leading suppliers are driving further economic growth. We look forward to supporting Nikola's success as the company continues to shape the future of transportation from Coolidge."

Available Incentives
In addition to production milestones, the latest state and federal incentives nationwide make it even more economically viable to be a Nikola customer. Nikola trucks are eligible for the California Air Resources Board Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, opening up access to incentives starting at $120,000 and ranging up to $288,000 per truck. Additionally, the recently reopened Innovative Small e-Fleet program in Calif. offers incentives to small fleets starting at $240,000 and ranging up to $408,000 per vehicle.

Furthermore, the New York Truck Voucher Incentive Program, the federal Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles Program (iMHZEV) in Canada and the Clean BC Go Electric Rebates in the province of British Columbia, which is stackable with the iMHZEV federal incentive, all offer additional incentives for Nikola Class 8 zero-emission vehicles.

Nikola customers will also benefit from a $40,000 clean commercial vehicle tax credit per vehicle from the federal government due to the passage of the Inflation Reduction Act.

Powered by HYLA
As Nikola accelerates toward its goal of mass-producing hydrogen fuel cell electric trucks, the HYLA team is committed to securing a reliable hydrogen supply to meet the demands of 2023 and beyond by collaborating with partners who share in the vision for a sustainable and efficient future.

The company has been awarded potential grant funds to help facilitate the ongoing development of hydrogen refueling stations along key Calif. freight corridors and with the previously announced joint effort with Voltera to establish up to 50 HYLA stations across North America over the next five years.

"As we receive these significant grants and form strategic partnerships, we're forging ahead on our mission to build a comprehensive zero-emission transportation solution," said Joe Cappello, Nikola President of Energy. "The support from state agencies, such as California, incentives in Canada, and others, underscores our combined commitment to help fleets meet climate goals and improve air quality in the most critical areas. It's a testament to the strength of HYLA's vision for an integrated hydrogen ecosystem that supports not only our hydrogen fuel cell electric trucks but also lays the foundation for a scalable energy business."

With these awards and collaborations, Nikola is firmly on track to create an open network of commercial hydrogen refueling stations, initially in Calif., and expanding across North America, with HYLA also working to deploy a fleet of hydrogen mobile fuelers to provide flexible infrastructure where it may be required.

EVENT MEDIA ASSETS

ABOUT NIKOLA CORPORATION
Nikola Corporation's mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.

FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to: the Company's beliefs regarding the ability to deliver trucks at scale and secure a position as a pioneer in the hydrogen refueling ecosystem; the FCEV truck's ability to meet is range and fueling time targets; the ability to turn non-binding orders into binding orders; the benefits of various government incentives; the ability to meet the hydrogen fueling demands of Company customers; and the ability to realize the benefits of certain awards or partnerships to help create an open network of commercial hydrogen refueling stations. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties regarding the Company's business described in the "Risk Factors" section of the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2023 filed with the SEC, in addition to the Company's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

* Refueling time estimate depends on the characteristics of the hydrogen fueling location, including fueling hardware and software protocol, fuel quantity, and fueling conditions.