Nikola Corp - NKLA STOCK NEWS

Nikola Corporation (NKLA) announced its Phoenix Hydrogen Hub LLC project has progressed to Part II of the Department of Energy's loan application process, originally submitted on May 26, 2022. The loan could reach $1.3 billion for a facility producing up to 150 metric-tons of hydrogen daily. The hub will support Nikola's zero-emission trucks and expand based on regional demand. Phase one construction is expected to complete in 2024. Nikola aims to offer renewable energy solutions and contribute to a decarbonized transportation sector.

Nikola Corporation (NKLA) has appointed Bruce Kurtt as Senior Vice President of Sales and Commercial Operations, effective immediately. He will oversee all commercial activities, including sales and service teams. Kurtt has over 30 years of experience in the commercial vehicle industry, previously working with Volvo and Navistar. His appointment comes as Nikola's Tre battery-electric vehicles are available for delivery, and hydrogen fuel cell electric vehicles are expected in 2023. Kurtt's leadership aims to enhance sales and market growth as the company focuses on zero-emission transportation solutions.

Nikola Corporation (NKLA) has partnered with ChargePoint (CHPT) to enhance electric vehicle charging infrastructure across the U.S. This collaboration enables the Nikola Sales and Service Dealer Network to resell ChargePoint's charging solutions, streamlining project designs for fleet customers. By accessing ChargePoint's software, Nikola aims to improve fleet management and operational efficiency. Initial deliveries of ChargePoint’s rapid deployment DC fast charging solutions are expected to begin in November 2022. This partnership positions Nikola to better serve its customers in the electrification of transportation.

Nikola Corporation (NKLA) reported financial results for Q3 2022, achieving revenues of $24.2 million. The company produced 75 Nikola Tre BEVs, delivering 63 to dealers. GAAP net loss per share was $0.54 and non-GAAP loss was $0.28. Significant advancements in the hydrogen production sector were made, including the acquisition of land for a production hub in Buckeye, AZ and a partnership with E.ON for European hydrogen infrastructure. The acquisition of Romeo Power was also completed. Nikola plans to expand its production capacity significantly by the end of Q1 2023.

Nikola Corporation (Nasdaq: NKLA) announced a significant purchase order from Zeem Solutions for 100 Class 8 Tre battery-electric vehicles (BEVs). This order aims to meet the growing demand for zero-emission trucks among freight companies using Zeem's fleet solutions. With Nikola now in commercial production, these trucks will be available immediately, supporting Zeem's operations in California and beyond. The partnership focuses on accelerating the adoption of zero-emission commercial vehicles while enhancing operational efficiency and sustainability for fleet operators.

Nikola Corporation (NKLA) and KeyState Natural Gas Synthesis are collaborating to create Pennsylvania's first low-carbon hydrogen production value chain. This project aims to support Nikola's adoption of zero-emission heavy-duty fuel cell vehicles (FCEVs) by providing up to 100 tons of low-carbon hydrogen daily, sufficient to fuel 2,500 FCEVs. The initiative will also include a carbon capture and storage system, benefiting from the Inflation Reduction Act. The facility is projected to be operational by 2026 and is expected to significantly displace fossil diesel fuel consumption.

Nikola Corporation (Nasdaq: NKLA) announced that the Inflation Reduction Act (IRA) will significantly enhance its low carbon hydrogen energy strategy. The IRA is expected to lower costs and support Nikola's goal of developing 300 metric-tons of hydrogen supply and 60 dispensing stations by 2026. Key incentives, including production tax credits, will make Nikola's zero-emission trucks more competitive against diesel. Nikola is positioned to lead in hydrogen infrastructure, with projects underway in Arizona and Indiana aimed at ramping up hydrogen production and fueling capabilities.

Nikola Corporation (Nasdaq: NKLA) has successfully completed its acquisition of Romeo Power, enhancing its capabilities in the zero-emissions transportation sector. The acquisition allows Nikola to vertically integrate operations, accelerating product development and improving customer performance. The share conversion ratio for remaining Romeo common stock is set at 0.1186 of Nikola stock. Following the acquisition, Romeo’s shares ceased trading on the NYSE. Nikola aims to leverage this acquisition to solidify its market position and further its commitment to transforming transportation with innovative solutions.

Nikola Corporation (Nasdaq: NKLA) announced the completion of its exchange offer for Romeo Power, Inc. (NYSE: RMO) shares, which expired on October 12, 2022. Approximately 93.16 million shares, or 50.1% of Romeo's outstanding shares, were tendered. The acquisition is part of an all-stock transaction initially agreed upon on August 1, 2022, with Romeo stockholders receiving 0.1186 of a Nikola share for each share tendered. Post-transaction, Romeo will become a wholly owned subsidiary of Nikola, and its shares will no longer be traded on NYSE.