PHOENIX - July 6, 2023 - (Investorideas.com Newswire) Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation, and energy supply and infrastructure solutions, via the HYLA brand, announced that the California Transportation Commission (CTC) has awarded Nikola and sponsor California Department of Transportation (Caltrans), a $41.9 million grant under the Trade Corridor Enhancement Program (TCEP) to build six heavy-duty hydrogen refueling stations across Southern Calif.
Caltrans sponsored the application and will work in partnership with Nikola to deploy the tranche of six hydrogen refueling stations. This project furthers Caltrans' zero-emission vehicle (ZEV) strategy to incentivize and support the development and adoption of ZEV freight technology across the state and supports the California Statewide Truck Parking Study through the provision of a safe place for truck drivers to park.
These six strategically located hydrogen refueling stations will be located along Calif. freight corridors within the South Coast Air Quality Management District, San Diego County Air Pollution Control District, and Mojave Desert Air Quality Management District, and are expected to have a significant impact on the region and the environment, enabling improved community health and avoiding carbon emissions. Each hydrogen refueling station will be designed to support and scale up over time with the growth of heavy-duty hydrogen refueling needs while attempting to maximize truck parking at each site. Other planned outcomes may include:
Improved community health: The deployment of these stations is expected to result in air quality improvements. Additionally, it is anticipated that local noise pollution will be reduced.
Increased refueling capability: Each hydrogen refueling station is intended to facilitate refueling for approximately 80 to 100 trucks per station per day.
Future-ready infrastructure: Nikola's zero-emissions infrastructure is expected to be established in advance of the anticipated surge in adoption of Nikola's hydrogen fuel cell electric vehicles, demonstrating the Company's commitment to sustainable transportation solutions.
"Nikola is thrilled to receive this grant from the CTC," said Carey Mendes, President, Nikola Energy. "This award, in collaboration with Caltrans, will allow us to accelerate the deployment of zero-emissions hydrogen refueling infrastructure, which is vital for the successful launch our hydrogen fuel cell electric trucks in July."
This grant further places a strong emphasis on open access stations, and Nikola's hydrogen refueling stations will align with this approach, ultimately advancing the adoption of all hydrogen fuel cell electric vehicles to support a more sustainable future for Calif. and the greater U.S.
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, 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
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 expectations regarding its planned hydrogen station network; the Company's expectations regarding the benefits of the TCEP grant; the Company's beliefs regarding key outcomes from this hydrogen refueling station initiative, and the expected timing and benefits thereof, including commencement of commercial production of its hydrogen fuel cell electric truck and the activities related to its planned hydrogen fueling infrastructure; 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 success of the Company's efforts to streamline its business; the ability of the Company to achieve anticipated benefits of these and other activities, including expected cost savings; the ability of the Company to access sufficient capital to meet its requirements and fund its business, including risks related to its ability to obtain stockholder approval of an increase in the Company's authorized common stock; 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 level of and cancellation of customer orders; the ability of the Company to complete the disposition of its European joint venture and the timing thereof; risks associated with manufacturing batteries and fuel cell power modules; 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 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 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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