Nikola (NKLA) - Get Nikola Corporation Report on Wednesday unveiled plans to collaborate with Iveco and OGE to transport hydrogen from production sources to fueling stations that support fuel-cell elective vehicles.
The three companies said in a statement that they have agreed to transport hydrogen via a pipeline network to fueling stations.
The collaboration is set to advance “hydrogen infrastructure in line with European policy and industry requirements,” they added.
The collaboration will entail the companies working together to “further develop hydrogen fueling solutions in Germany, while enabling a cost-effective distribution of the alternative fuel from production to storage,” the companies said.
“We believe this collaboration, in particular, presents a very compelling long-term fueling distribution solution that we expect to advance industry and overall market adoption of FCEV technologies,” Nikola's president of energy and commercial, Pablo Koziner, said in a statement.
“Nikola will lead the installation of hydrogen fueling locations for all [original-equipment-manufacturer] FCEVs at key locations supported by OGE’s hydrogen delivery systems,” Bloomberg said.
The companies “will collaborate with the intent to increase the availability of FCEVs and the necessary infrastructure required to operate trucks using hydrogen fuel,” the publication added.
Overall, the companies’ efforts will support "the European commercial transportation system and [work] with industry partners to install safe, reliable and cost-effective storage and fueling locations for FCEVs.”
At last check Nikola shares were trading 5.1% higher at $12.66. CNH Industrial was trading 0.6% lower at $15.60.