Nikola (NKLA) to sell hydrogen-powered trucks to Plug Power

Electric truck company, Nikola (NASDAQ: NKLA) announced on Thursday that the automaker would sell up to 75 Tre hydrogen-powered trucks over three years to fuel-cell technology developer Plug Power Inc. Plug Power will attach its liquid hydrogen tankers to Nikola's trucks, whose deliveries will begin next year, to transport green hydrogen fuel across North America.

Nikola also said they would provide Plug Power with a liquefaction system for Nikola's hydrogen hub project in Buckeye, Arizona, which will produce 30 metric tons per day of the gas initially and scale up to 150 metric tons per day.

Plug Power will supply Nikola 125 metric tons per day of green hydrogen, and the latter has the option to secure more volumes and also to source the hydrogen fuel from elsewhere in the United States.

Shares of NKLA are down 0.23% in mid-day trading on Thursday.

By Michael Elkins | [email protected]

You May Also Be Interested In

• Lowe's names five executive vice presidents effective Sept. 1
• Why UBS thinks this European chipmaker is still undervalued despite its premium valuation
• DA Davidson turns more bullish on this travel platform as experiences listings surge