NIKOLA OPENS FIRST HYLA HYDROGEN REFUELING STATION IN SOUTHERN CALIFORNIA

Rhea-AI Summary

Nikola Corporation (Nasdaq: NKLA) opens its first HYLA hydrogen refueling station in Southern Calif., with plans to establish up to 60 hydrogen refueling solutions by Q2 2024. The station is expected to support up to 40 Class 8 trucks daily, marking a significant milestone in Nikola's commitment to providing hydrogen refueling solutions for zero-emissions transportation. The company aims to establish one of the world's largest heavy-duty hydrogen refueling networks, prioritizing access for its customers and contributing to the decarbonization of transportation.

Energy Market Analyst

The inauguration of HYLA's first hydrogen refueling station by Nikola Corporation in Ontario, California, signifies a substantial development in the energy and transportation sectors. This initiative is a strategic move that could potentially reshape the logistics and freight transportation landscape by providing a cleaner alternative to diesel-powered Class 8 trucks. By establishing a network of 60 hydrogen stations, Nikola is not only expanding its hydrogen infrastructure but also positioning itself as a pioneer in the zero-emission heavy-duty truck market.

The ability to fuel up to 40 trucks daily at the Ontario station demonstrates a commitment to scale and reliability, which are crucial for fleet operators considering the switch to hydrogen fuel cell electric vehicles (FCEVs). Moreover, the partnership with FirstElement Fuel in Oakland enhances the viability of Nikola's long-term strategy by ensuring a more extensive coverage and supply chain robustness. The transition to a hydrogen-powered fleet could lead to significant operational cost savings over time, given the volatility of diesel prices and the potential for more stable hydrogen fuel costs.

However, the success of this initiative hinges on the cost-competitiveness of hydrogen fuel compared to traditional fuels, as well as the continued investment in and expansion of hydrogen production and distribution capabilities. The adoption rate of FCEVs will also depend on governmental support, such as subsidies or tax incentives and the overall environmental regulatory landscape that could accelerate the shift away from carbon-intensive fuels.

Environmental Policy Expert

Nikola Corporation's expansion of its hydrogen refueling network through the HYLA brand aligns with global efforts to decarbonize the transportation industry, a significant contributor to greenhouse gas emissions. The establishment of the Ontario station and the planned network underscores the role of private sector innovation in driving the transition to sustainable energy sources. By facilitating the adoption of hydrogen fuel cell electric Class 8 trucks, Nikola is contributing to the reduction of carbon emissions and the improvement of air quality, particularly in regions with high levels of freight traffic.

From a policy perspective, such developments often encourage further regulatory measures aimed at promoting clean energy technologies. Nikola's proactive approach may influence future environmental policies and incentives that support the growth of hydrogen infrastructure. The company's strategy could serve as a model for public-private partnerships, potentially unlocking funding and support for similar initiatives. It is essential, however, for policymakers to consider the full life-cycle environmental impact of hydrogen production, as the benefits of FCEVs are maximized when the hydrogen is produced from renewable sources.

Moreover, the visibility of a growing hydrogen network can stimulate market confidence and public acceptance of zero-emission vehicles. This could lead to an increase in demand for hydrogen-powered trucks, further incentivizing manufacturers and fuel providers to invest in this clean technology.

Supply Chain and Logistics Expert

The strategic placement of Nikola's first HYLA hydrogen refueling station is a critical step in addressing the logistical challenges associated with the widespread adoption of hydrogen fuel cell electric vehicles in the trucking industry. The location in Southern California is particularly noteworthy, as it is a major hub for freight and logistics operations. By providing access to hydrogen fuel along key routes, Nikola is effectively removing one of the primary barriers to FCEV adoption—refueling infrastructure availability.

The impact on supply chain dynamics can be significant. Fleet operators may see an opportunity to reduce their carbon footprint while potentially enjoying lower and more predictable fuel costs in the long run. The availability of 24/7 support and on-site technicians at HYLA stations is also a critical component, ensuring that the refueling process is as seamless as possible, thereby minimizing downtime and maintaining operational efficiency.

As the network grows, the increased accessibility to hydrogen fuel could lead to a more resilient supply chain, less susceptible to fuel shortages and price fluctuations that are common with petroleum-based fuels. However, the rate of infrastructure development must keep pace with the adoption of hydrogen trucks to prevent bottlenecks. It will be crucial for Nikola to continue forming strategic partnerships and ensuring that the expansion of its network is in line with customer demand and technological advancements in hydrogen storage and transportation.

• Ontario, Calif. station marks a significant step in HYLA's plan to establish a hydrogen station network for Nikola customers through HYLA and partner stations
• HYLA station is expected to support up to 40 Class 8 trucks daily

PHOENIX, Feb. 5, 2024 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, proudly announces the opening of its first HYLA hydrogen refueling station in Southern Calif. Featuring an advanced modular fueler, the station at 2445 East Guasti Road in Ontario, Calif., represents the latest phase in Nikola's commitment to providing hydrogen refueling solutions for Class 8 trucks.

The Ontario station will be capable of fueling up to 40 Nikola hydrogen fuel cell electric Class 8 trucks daily. This station is part of a strategic plan to establish up to 60 hydrogen refueling solutions in the coming years, with nine planned to be in place by the close of Q2 2024.

Nikola will provide 24/7 support with on-site HYLA Ambassadors and Operation Technicians, ensuring a seamless and efficient fueling experience for its customers.

"We are thrilled to open the first HYLA hydrogen refueling station in Southern Calif., marking a significant milestone for Nikola and offering convenient access for our customers," said President of Energy Ole Hoefelmann. "Easing the transition to a zero-emission trucking future and prioritizing access to a hydrogen solution network is our top objective and we're just getting started. Once the nine planned solutions are in place by mid-2024, Nikola will have established one of the world's largest heavy-duty hydrogen refueling networks, providing customers accessibility at their current locations and along their planned routes."

Working alongside industry leaders, Nikola is securing a robust hydrogen supply chain and refueling infrastructure to support its growing customer base. The continued development of the refueling ecosystem is anticipated to further facilitate the adoption of hydrogen fuel cell electric trucks and contribute to the decarbonization of transportation.

The HYLA refueling solutions network will offer Nikola hydrogen fuel cell electric vehicles and other Class 8 customers flexible refueling options, including modular and permanent HYLA stations, customer-owned facilities, and partnerships with public truck stops. Part of this network includes the recently announced 10-year agreement with FirstElement Fuel for a hydrogen refueling station in Oakland, Calif.

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 benefits and capabilities of the Guasti station or the planned HYLA fueling stations and related hydrogen infrastructure;  transitioning to zero emission trucking; providing customers access to hydrogen; working with partners to establish a fueling ecosystem; and the Company's beliefs regarding its competitive position and the benefits thereof. 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 ability of the Company to access sufficient capital to meet its requirements and fund its business; manufacturing delays and difficulties; risks related to the rollout of the Company's hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of access to hydrogen refueling facilities; the level of and cancellation of customer orders; risks associated with manufacturing batteries and fuel cell power modules; variations in and characteristics of the hydrogen fueling location, including but not limited to fueling hardware and software protocol, fuel amount, and fueling conditions, any of which may affect refueling times; variations in terrain, temperature, speed, road conditions, truck configuration, payloads and other variables which may affect range; the Company's ability to remain listed on Nasdaq; and the factors, risks and uncertainties  described in the "Risk Factors" section of the Company's quarterly report on Form 10-Q for the quarter ended September 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 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.

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SOURCE Nikola Corporation

What is the ticker symbol for Nikola Corporation?

The ticker symbol for Nikola Corporation is NKLA.

Where is the first HYLA hydrogen refueling station located?

The first HYLA hydrogen refueling station is located in Southern Calif. at 2445 East Guasti Road in Ontario.

How many Class 8 trucks is the station expected to support daily?

The station is expected to support up to 40 Class 8 trucks daily.

What is the company's plan for establishing hydrogen refueling solutions?

Nikola Corporation plans to establish up to 60 hydrogen refueling solutions by the close of Q2 2024.

What is the goal of Nikola's commitment to providing hydrogen refueling solutions?

Nikola's goal is to prioritize access for its customers to a hydrogen solution network and contribute to the decarbonization of transportation.