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Nikola Partners With Voltera To Build Up To 50 Stations For Hydrogen Trucks

May 2, 2023

Source: Forbes

Nikola, the financially struggling maker of battery- and hydrogen-powered heavy-duty trucks, is partnering with Voltera, a startup that’s developing fueling infrastructure for zero-emission vehicles, to open up to 50 hydrogen stations across North America over the next five years.

The project aims to create North America’s biggest network of hydrogen refueling stations for commercial vehicles, the companies said in an emailed statement. Virginia-based Voltera, created in 2022 with funding from Swedish investment firm EQT, will site, build, own and operate the stations using Nikola’s HYLA brand. Nikola will supply the hydrogen fuel and technical assistance. Nikola said the investment needed to build all 50 stations could reach $1 billion.

The collaboration brings “substantial capital and expertise to support Nikola’s plans to build refueling infrastructure to support its customers,” said Nikola’s energy unit president Carey Mendes.

The deal could play a vital role in helping Nikola build up sales of the Tre hydrogen fuel cell trucks it plans to start producing later this year. The Phoenix-based company, which saw its market capitalization swell to more than $34 billion after going public in 2020 despite having no revenue, has struggled financially in the wake of founder Trevor Milton’s fraud conviction for making false statements to investors. Nikola also paid $125 million to the Securities and Exchange Commission to settle the matter.

The company has ramped up production of battery-powered semis at its Arizona plant and is preparing to start building hydrogen-powered Tres, which go up 500 miles per fueling. In March it announced a $100 million share offering to generate more funds for capital investment.

Continue reading on Forbes.