NIKOLA SCORES BIG WIN IN HYDROGEN STATION REGULATORY GRANT FUNDING WITH AN ADDITIONAL $16.3M FOR A TOTAL OF $58.2M IN THE LAST 30 DAYS

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Nikola Corporation has been awarded an additional $16.3 million in grants and government funding to support the development of seven open-network hydrogen refueling stations. This brings the total amount awarded to Nikola to $58.2 million. The awards are part of the company's plans to create a comprehensive zero-emission transportation solution and improve air quality. The funding will also support the development of up to 50 HYLA stations throughout North America over the next five years. Additionally, HYLA is developing a fleet of hydrogen mobile fuelers to provide Hydrogen Flex Fueling.

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Strong progress in hydrogen infrastructure plans
Support for zero-emission transportation solution
Development of up to 50 HYLA stations

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08/01/2023 - 07:55 AM

$16.3 million in additional grants and government funding awards to date shows strong progress in hydrogen infrastructure plans, creating an open-network of commercial hydrogen refueling stations

PHOENIX, Aug. 1, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced an additional $16.3 million has been awarded to Nikola to support seven open-network hydrogen refueling stations.

Nikola has now received $58.2 million in awards granted to support seven hydrogen refueling stations, which includes the recently announced $41.9 million Trade Corridor Enhancement Program (TCEP) grant award, collectively representing six hydrogen refueling stations located along Calif. freight corridors within the South Coast Air Quality Management District (AQMD), San Diego County Air Pollution Control District, and Mojave Desert AQMD.

The recent awards include:

EnergIIZE West Sacramento California Energy Commission: $3.3 million*
Mobile Source Air Pollution Reduction Review Committee: $1.6 million
SacMetro AQMD: $7 million
South Coast AQMD: $4.4 million

*Conditionally awarded pending final approval.

The additional awards build on the strategic partnership with Voltera to develop up to 50 HYLA stations throughout North America over the next five years.

"The California grant awards and government funding demonstrate the strong support for the Nikola hydrogen infrastructure brand HYLA's mission of establishing a comprehensive zero-emission transportation solution to help fleets achieve climate goals and improve air quality in the most impacted communities. We continue to be grateful for the leadership demonstrated by California agencies in supporting the buildout of a zero-emissions ecosystem," said Carey Mendes, president, Nikola Energy. "Building an integrated, hydrogen ecosystem to support hydrogen fuel cell electric truck deployment and creating a scalable energy business, is a top priority for us."

These awards and partnerships serve as key enablers for Nikola's first-mover zero-emission hydrogen fuel cell electric trucks, and HYLA's fueling infrastructure, with plans to create an open-network of commercial hydrogen refueling stations initially in California and eventually throughout North America. To support and achieve this growth, HYLA is also developing a fleet of hydrogen mobile fuelers to provide Hydrogen Flex Fueling (H2F2).

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. For more information, visit www.nikolamotor.com.

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 goals and strategy; the Company's expectations related to the potential benefits from the various funding awards; any benefits potentially derived from the announced or future funding awards; the Company's expectations regarding the production of hydrogen fuel cell electric trucks; Nikola's ability to develop a hydrogen fueling infrastructure via its HYLA brand and that infrastructures ability to provide sufficient volumes of hydrogen to support Nikola's hydrogen fuel cell electric vehicle demand; and Nikola's ability to help fleets achieve climate goals and improve air quality in the most impacted communities. 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: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company's trucks; the execution and terms of definitive agreements; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company's business and milestones and the timing of expected business milestones; the availability of and need for capital; and 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 March 31, 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 and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.