Nikola, TC Energy to jointly develop hydrogen production plants in U.S., Canada

By Reuters (Thu, October 07, 2021)

Nikola (NKLA.O) is joining hands with Canadian pipeline operator TC Energy Corp (TRP.TO) to build and operate plants for hydrogen production to meet the electric-truck maker’s fuel supply needs of its vehicles, the companies said on Thursday.

Under the agreement, the two companies are planning to build their plants in the United States and Canada, the hydrogen fuel from which will be used to power Nikola’s Class 8 fuel cell electric vehicles (FCEVs) within the next five years.

Shares of Phoenix, Arizona-based Nikola rose nearly 3% in premarket trading.

Earlier in September, Nikola had signed a deal with Germany’s Bosch Group to build Bosch fuel-cell power modules at the U.S. vehicle maker’s facility in Coolidge, Arizona for two of its trucks powered by the FCEV technology.

Nikola, whose founder Trevor Milton was criminally charged with defrauding investors by lying to them about the company’s products and technology, had halved its forecast for annual deliveries in August due to supply chain issues.

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