Nikola Spikes on Plan for California Hydrogen Filling Stations

Nikola shares jumped after the electric-truck maker agreed to install two hydrogen filling stations at California locations of TravelCenters of America.
Author:
Publish date:

Nikola  (NKLA) - Get Report has signed a deal under which it will open two hydrogen filling stations at California locations of truck-stop franchisor TravelCenters of America.

In a statement the companies said they saw the accord as a first step toward building out a nationwide network of hydrogen fuel stations.

If the deal closes, the filling stations would open in first-quarter 2023. That would coincide with Nikola's launch of its Tre fuel-cell semi-truck, Bloomberg News reported.

Nikola Teams With Iveco and OGE in Hydrogen Infrastructure

“Our collaboration in Southern California will form a basis for building an expanded network of hydrogen fueling stations for Nikola vehicle customers and for industry use overall,” Nikola's president of energy and commercial, Pablo Koziner, said in a statement.

The two stations would “provide for an open fueling network available to any truck customer and will follow a common industry standard for heavy-duty fueling protocols, ensuring compatibility across all hydrogen fuel-cell truck manufacturers,” the companies said.

The companies said that "[paired] with the expected 500-mile range" of the Nikola Tre, "the launch stations will enable operations of zero-emission heavy-duty commercial vehicles in and around the greater Los Angeles region and north through California’s Central Valley."

Finding a partner to help build a hydrogen-distribution network has been a challenge for Nikola, Phoenix.

Nikola had collaborated with BP (BP) - Get Report, but that deal stalled when Nikola Founder Trevor Milton stepped down as chairman in September, Bloomberg reported.

Nikola Inks Sales, Service Agreement With Rig 360 Chain

At last check Nikola shares were trading almost 20% higher at $12.29.