Nikola (NKLA) Says Hydrogen Fuel Cell Electric Vehicle Demand Surpasses 200

Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced that Nikola and its dealer network, with most of the agreements between fleets and dealers directly, have surpassed 200 sales orders for the Class 8 Nikola hydrogen fuel cell electric vehicles. The 202 sales orders for the purpose-built heavy-duty trucks represent 18 end customers.

The trucks recently started series production in the Nikola Coolidge, Ariz. manufacturing facility. Deliveries are expected to begin later this year, with some following the satisfactory completion of a demonstration program.

"This remarkable demand for our hydrogen fuel cell electric truck confirms the industry's trend toward sustainable transportation solutions," said Michael Lohscheller, Nikola's President and CEO. "We are proud to achieve this milestone of 202 sales orders together with our dealer network, as we believe it demonstrates the level of confidence our customers and stakeholders have in our vision and technology, as well as our HYLA hydrogen supply and infrastructure solutions. This milestone is a testament to the hard work and dedication of the entire Nikola team."

Nikola's first-mover hydrogen fuel cell electric truck features a range of up to 500 miles and an estimated fueling time of approximately 20 minutes* and is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks. Nikola's hydrogen fuel cell electric truck is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less-than-truckload to certain specialized hauling use cases.

The California Air Resources Board ("CARB") Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP") program further accelerated securing a majority of the 202 sales orders. Nikola became HVIP eligible in 2023, which enables Nikola's hydrogen fuel cell electric truck customers to access a point-of-sale incentive starting at $240,000 and ranging up to $288,000 per truck. In addition, Nikola customers will also be eligible for a $40,000 clean commercial vehicle tax credit from the federal government due to the passage of the Inflation Reduction Act.

An additional incentive for Nikola customers is the New Jersey Zero-Emission Incentive Program (NJ-ZIP) voucher pilot for medium- and heavy-duty vehicles. This program, launched by the N.J. Economic Development Authority, provides a $175,000 base voucher per Class 8 zero-emissions vehicle and additional percentage bonuses available for small business applicants and other qualifiers.

"These sales orders reflect momentum in the industry, with businesses increasingly prioritizing zero-emissions alternatives to fulfill their environmental, social, and governance goals and responding to the incentives available," continued Lohscheller. "Nikola is proud to be paving the way for more innovative and sustainable commercial transportation solutions in support of a cleaner future. This is only the beginning."

Nikola is anticipating significant growth in Canada with eligibility received for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program. The iMHZEV program offers Canadian organizations (for profit and non-profit), in all provinces, territories and municipalities, up to $200,000 (CAD) in incentives towards the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to $150,000 (CAD) in incentives towards the purchase or lease of the Nikola battery-electric truck.

Furthermore Nikola is eligible for the Clean BC Go Electric Rebates in the province of British Columbia with $150,000 (CAD) in incentives towards the purchase or lease of both the Nikola hydrogen fuel cell and battery-electric truck. This provincial incentive is stackable with the iMHZEV federal incentive.

* Refueling time estimate depends on the characteristics of the hydrogen fueling location, including fueling hardware and software protocol, fuel quantity, and fueling conditions.

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