Nikola highlights its integrated hydrogen solution and introduces new hydrogen energy brand "HYLA"

Rhea-AI Summary

Nikola Corporation (NASDAQ: NKLA) recently announced the launch of its new global brand, HYLA, which focuses on hydrogen energy solutions to fuel its zero-emission trucks. The unveiling occurred during a special event in Phoenix on January 25, 2023, attended by over 300 stakeholders. The company showcased its Nikola Tre fuel cell electric vehicle (FCEV) with a range of up to 500 miles and highlighted its plans for hydrogen production, aiming for 300 metric-tons per day. Nikola also intends to establish 60 hydrogen stations by 2026 to support its customers in the transportation sector.

Positive

• Launch of the HYLA brand focused on hydrogen energy solutions.
• Demonstration of the Nikola Tre FCEV, with a range of 500 miles.
• Plans to produce up to 300 metric-tons per day of hydrogen.
• Goal to establish 60 hydrogen stations by 2026.

Negative

• None.

Phoenix Event Showcases Nikola's Strengths as An Integrated Truck and Energy Company

FCEV Truck, Mobile Fueling Trailer Demonstrated to Attendees

PHOENIX, Jan. 25, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy supply and infrastructure solutions, announced at a special event today that it has created a new global brand, HYLA, to encompass the company's energy products for producing, distributing and dispensing hydrogen to fuel its zero-emissions trucks. More than 300 fleet, government, supplier, energy and media representatives were on site for the announcement at Nikola's U.S. headquarters in Phoenix, which highlighted the progress made by Nikola's energy and truck businesses.

"Nikola is the only company that is successfully integrating a revolutionary new product, the hydrogen fuel cell truck, and the full hydrogen energy infrastructure supply chain under one roof," said Nikola CEO and President Michael Lohscheller. "The unveiling of our Nikola Tre fuel cell truck and flexible mobile fueling trailer demonstrates a real and sustainable competitive advantage for our customers and are significant proof points that we are accomplishing what we set out to achieve."

"The HYLA brand represents Nikola's hydrogen-focused energy business by supporting our fuel cell electric vehicles and those of other OEMs," said Carey Mendes, President, Nikola Energy. "Hydrogen energy is the catalyst for the HYLA brand and serves as a forward-looking solution for our customers to help them achieve their sustainability goals and dramatically reduce the overall carbon emissions in the transportation sector."

Nikola Tre Fuel Cell Electric Vehicle (FCEV)

With a range of up to 500 miles, the Nikola Tre FCEV is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 tractors while realizing weight savings when compared to battery-electric Class 8 trucks with similar range. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.

With an estimated fueling time of less than 20 minutes at Nikola fueling stations based on expected technology improvements, transitioning from diesel to hydrogen is anticipated to be a seamless experience.

Hydrogen Production

Under the HYLA brand, Nikola is developing access of up to 300 metric-tons per day (TPD) of hydrogen. This supply is expected to be supported by the previously announced projects referenced below, which are being developed with Nikola partners.

• City of Buckeye, AZ Production Hub – phased development of up to 150 metric-TPD
• Plug Power – multi-region offtake agreement of up to 125 metric-TPD
• Terre Haute, IN Wabash Valley Resources – 50 metric-TPD
• Crossfield, Alberta TC Energy – 60 metric-TPD
• Clinton County, PA KeyState – 100 metric-TPD

Phoenix Hydrogen Hub (PHH)

Located in Buckeye, Ariz., the PHH is expected to be built in phases to scale with the demand created from Nikola's zero-emission trucks in the Southwest region, starting with 30 metric-tons in the first phase, and up to 150 metric-TPD of hydrogen in future phases. Construction of the first phase is anticipated to be completed in the second half of 2024, once final investment decisions and customary regulatory approvals are finalized. 

HYLA Hydrogen Stations

With the intent to have 60 hydrogen stations in place by 2026, the first announced hydrogen stations will be in California in Colton, Ontario, and a location servicing the Port of Long Beach. California is a launch market for Nikola and these stations intend to support key customers to help advance the state's efforts to decarbonize the transport sector.

HYLA Flexible Mobile Fueler

The HYLA flexible mobile fueler solution is an integral part of Nikola's flexible customer service in its early years by distributing hydrogen to its FCEV customers at locations which meet their needs. The mobile fueler cools and compresses hydrogen to rapidly fill 700 bar FCEV heavy-duty trucks. Coupled with a hydrogen tube trailer with a capacity of 960 kg, the mobile fueler can refuel customer trucks back-to-back.

The mobile fueler program includes its own mobile fuelers as well as a number of third party mobile fuelers, which will provide Nikola customers with a variety of flexible fueling options. 

The first mobile fueler has completed commissioning and testing and has been released for market operation. Nikola has additional hydrogen mobile fuelers being commissioned in Q1 2023.

ABOUT NIKOLA CORPORATION:­

Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe 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.

FORWARD LOOKING STATEMENTS

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. 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 company's expectations regarding its business and the potential benefits received from the planned integrated offering of trucks and fueling solutions, including the Tre FCEV and mobile fuelers; the potential benefits received from the company's hydrogen production, offtake, distribution and dispensing plans; the expected performance and specifications of company vehicles and hydrogen production, distribution and fueling solutions; business model and strategy; the company's expectations regarding its projected truck builds and related specifications; the company's expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola's management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola's business and the timing of expected business milestones; the effects of competition on Nikola's future business; the availability of capital; 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nikola-highlights-its-integrated-hydrogen-solution-and-introduces-new-hydrogen-energy-brand-hyla-301731030.html

SOURCE Nikola Corporation

FAQ

What is the HYLA brand introduced by Nikola?

Hydrogen Solutions brand for producing, distributing, and dispensing hydrogen for zero-emission trucks.

When was the Nikola Tre FCEV unveiled?

The Nikola Tre FCEV was unveiled on January 25, 2023.

What is the expected range of the Nikola Tre FCEV?

The Nikola Tre FCEV is expected to have a range of up to 500 miles.

How much hydrogen does Nikola plan to produce daily?

Nikola plans to produce up to 300 metric-tons of hydrogen per day.

How many hydrogen stations does Nikola plan to set up by 2026?

Nikola aims to establish 60 hydrogen stations by 2026.