Nikola Corporation stock was up 15.36% in premarket action on Tuesday after the electric vehicle maker said it won an additional $16.3 million grant to support seven hydrogen refueling stations under its Hyla brand.
Including the latest dollar boost, Nikola said it has now received $58.2 million in awards to build the hydrogen stations in California’s South Coast Air Quality Management District, the San Diego County Air Pollution Control District, and Mojave Desert Air Quality Management District. “Building an integrated, hydrogen ecosystem to support hydrogen fuel cell electric truck deployment and creating a scalable energy business, is a top priority for us,” said Nikola Energy president Carey Mendes.
Nikola Corporation also signs an initial agreement with J.B. Hunt Transport Services to supply 10 battery-electric and three hydrogen fuel cell electric Class 8 trucks.
The initial truck order will include 10 battery-electric vehicles, with delivery of the first vehicles expected in August. The trucks will be strategically located at facilities servicing J.B. Hunt's key routes, including in the greater Los Angeles and Phoenix areas. Nikola's hydrogen arm, HYLA, will supply the hydrogen and fueling infrastructure.
For its part, J.B. Hunt (JBHT) said it is committed to helping drive the industry toward a low-carbon future and reducing its environmental impact. The company plans to continually evaluate opportunities to utilize emerging technologies in exhaust-free vehicles.
"It's important for us to be at the forefront of new technologies and innovative solutions that have the potential to change the way we move freight," said Nick Hobbs, chief operating officer and president of contract services at J.B. Hunt. "These zero-emission trucks from Nikola advance our progress towards achieving our ambitious goal to reduce carbon emission intensity through viable solutions, " he added.
