Electric-truck maker Nikola has officially merged with VectoIQ Acquisition Corp., becoming a Nasdaq publicly traded company, and announced plans to purchase equipment to create new hydrogen fueling infrastructure.
The proceeds from the VectoIQ deal will help Nikola accelerate vehicle production, allow it to break ground on a new manufacturing facility, and continue its hydrogen station infrastructure rollout, according to the company. Nikola will buy 85-megawatt alkaline electrolyzers to support five 8-ton-per-day hydrogen stations from Nel ASA. Combined, the electrolyzers could produce more than 40,000 kgs of hydrogen a day.
“This is a significant endorsement in fuel-cell and battery-electric technology,” said Nikola’s founder and executive chairman Trevor Milton of the Nel announcement. "We are building the largest hydrogen network in the world and I couldn't be prouder to have Nel part of it. These electrolyzers will support five heavy-duty hydrogen stations, which will cover multiple states and trucking routes."
The company expects to generate revenue by 2021 with the rollout of its Nikola Tre Class 8 battery-electric truck, followed by the Nikola Two Class 8 fuel cell electric truck starting in 2023. The build out of hydrogen fueling stations will serve Nikola customers’ fleets, such as Anheuser-Busch.
“The VectoIQ team and I are proud to support Nikola in its transition to a public company,” said Stephen Girsky, CEO of VectoIQ Acquisition Corp. “It’s an exciting time to be in the zero-emissions transportation space and Nikola is at the forefront of this technology.”
The purchase agreement was one of the key triggers for Nel deciding to develop its alkaline electrolyzer mega-factory in Norway and has enabled Nikola to reserve capacity in the new plant.
"We're very excited to have reached this landmark milestone with Nikola Corp.," said Jon André Løkke, CEO of Nel. "Since our partnership began in 2017, we have been working together to develop a massive large-scale hydrogen fueling station. It's been amazing to see the significant progress made by the Nikola team specific to vehicle development and the station design, and now we are ready to start building,"