Nikola Launches First Hydrogen Fuel Cell Truck Mobile Fueler

Rhea-AI Summary

Nikola Corporation (Nasdaq: NKLA) has launched a pioneering 700 bar hydrogen mobile fueler for direct fueling of hydrogen fuel cell electric vehicles (FCEVs). This innovation, in development for two years, enables rapid refueling of heavy-duty trucks and complements Nikola's permanent hydrogen fueling infrastructure. The first unit is now operational, with more units to follow in Q1 2023. Customers can benefit from California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program, potentially qualifying for incentives of up to $288,000 per truck. Nikola aims to revolutionize zero-emissions transportation, offering flexible fueling solutions to meet customer needs.

Positive

• Launch of a 700 bar hydrogen mobile fueler enhances direct fueling capabilities for FCEVs.
• First mobile fueler operational, expanding Nikola's service offerings.
• Potential state incentives up to $288,000 per truck through HVIP program, boosting sales prospects.

Negative

• None.

700 bar mobile fueler capable of direct fueling

PHOENIX, Jan. 18, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy supply and infrastructure solutions, announced that it has developed an innovative, heavy-duty, 700 bar (10,000 psi) hydrogen mobile fueler capable of direct fueling hydrogen fuel cell electric vehicles (FCEVs).

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

"Nikola has spent the greater part of two years developing a flexible mobile fueling solution which cools and compresses hydrogen to rapidly fill 700 bar FCEV heavy-duty trucks," said Nikola Corporation President and CEO, Michael Lohscheller. "Coupled with Nikola's hydrogen tube trailer, with a capacity of 960 kg, Nikola's mobile fueler can refuel customer trucks back-to-back. This will deliver flexible hydrogen fueling solutions for our customers starting in 2023 and will complement Nikola's permanent hydrogen fueling stations which are being developed."

Nikola's 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.

"Nikola's mobile fueler program will be an integral part of Nikola's flexible customer service in its early years by delivering hydrogen to its FCEV customers at locations which meet their needs," said Carey Mendes, Nikola Corporation President of Energy. "Along with Nikola's portfolio of hydrogen supply and permanent heavy-duty stations, these flexible mobile fuelers will ensure that our customers have complete coverage for their fueling needs."

Nikola recently announced that it has received a California Air Resources Board (CARB) Zero-Emission Powertrain Executive Order that is a requirement for the Nikola Tre FCEV to be eligible for CARB's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP) program.

Upon final HVIP approval, purchasers of the Nikola Tre FCEV in 2023 may be able to qualify for California's state-based incentive valued at $240,000 per truck; $270,000 per truck for drayage fleets; or up to $288,000 per truck for fleets with (i) 10 trucks or less, (ii) performing drayage operations, and (iii) located within a disadvantaged community area. Eligible non-drayage fleets may secure up to 30 HVIP vouchers and drayage fleets may secure up to 50 vouchers.

In addition to the funding provided by HVIP, purchasers of Nikola's Tre FCEVs will also qualify for an additional $40,000 clean commercial vehicle tax credit in 2023 from the federal government due to the passage of the Inflation Reduction Act.

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 Class 8 BEVs 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.

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 mobile fuelers, the potential benefits received from the HVIP program, or similar incentive programs, and its effect on company truck sales; 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.

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SOURCE Nikola Corporation

FAQ

What is the significance of Nikola's new mobile fueler for FCEVs?

Nikola's new 700 bar mobile fueler allows for direct and rapid fueling of hydrogen fuel cell electric vehicles, enhancing operational efficiency.

What incentives are available for buyers of Nikola's Tre FCEVs in California?

Purchasers of Nikola's Tre FCEVs may qualify for up to $288,000 in state incentives and an additional $40,000 federal tax credit in 2023.

When will additional mobile fuelers be available from Nikola?

Nikola plans to commission more hydrogen mobile fuelers in the first quarter of 2023.

What recent approval did Nikola receive for the Tre FCEV?

Nikola received a Zero-Emission Powertrain Executive Order from the California Air Resources Board, enabling eligibility for the HVIP program.