| From: roto | 10/15/2020 10:30:27 AM | | | | | | finance.yahoo.com
Here’s Why Worm Capital is Avoiding Nikola Corp (NKLA) Stock
damning in a big way.
it will be interesting to see how GM handles this. maybe they should tank their stupid
looking Hummer and go with the Badger. |
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| From: kidl | 10/19/2020 9:03:08 AM | | | | | | Nikola defended at JPMorgan with restructured deal with GM called probable
Oct. 19, 2020 8:12 AM ET|About: Nikola Corporation (NKLA)|By: Clark Schultz, SA News Editor
There is still hope for a Nikola (NASDAQ: NKLA) partnership with General Motors (NYSE: GM), according to JPMorgan.
"We believe Nikola and General Motors are still likely to enter into a strategic partnership by December 3rd. Nikola needs access to GM's supply-chain, engineering resource, the Ultium battery and Hydrotec fuel cells to de-risk the Class 8 truck initiative. GM needs to realize a return on billions of dollars of investment in Hydrogen fuel cells, and Nikola might be the best available option. The Badger initiative might be of more interest to GM than the post-Milton Nikola, for whom it seems to be a distraction," notes analyst Paul Coster.
Coster also observes that the Nikola partnership is already promoted by GM as one of six initiatives that constitute the automaker's EV Ecosystem and it is the only named initiative to exploit GM's Hydrotec fuel cell technology.
A probable scenario seen by JP for Nikola is that the deal closes with the original terms or it is re-engineered for a narrower scope that eliminates or downsizes the Badger initiative.
JP keeps an Overweight rating on Nikola.
Last Friday: Nikola -15% on CEO's 'go it alone' comments. |
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| From: kidl | 11/25/2020 8:17:34 AM | | | | | | Nikola tumbles on concerns over GM deal, gauntlet of stock
Nov. 25, 2020 2:47 AM ET Nikola Corporation (NKLA) By: Yoel Minkoff, SA News Editor 28 Comments
- No comment...
- After racing higher with green energy names on Tuesday, Nikola (NASDAQ: NKLA) shares fell back nearly 8% in AH trading following CEO Mark Russell's interview on CNBC's Mad Money with Jim Cramer.
- He failed to reassure investors that the company's $2B deal with General Motors (NYSE: GM) would go through, echoing a similar position the automaker took when it held an investor conference last week (both sides can walk away if a deal isn't finalized by Dec. 3).
- Russell also declined to speculate about what ousted founder Trevor Milton plans to do with the 85.6M shares (24% stake in the company) he owns after a lock-up period ends on Dec. 1.
- Milton resigned after the DOJ and SEC began investigating allegations of fraud raised by short-seller Hindenburg in September.
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| From: kidl | 11/30/2020 8:33:46 AM | | | | | | Nikola Signs MOU with General MotorsPR Newswire
PHOENIX, Nov. 30, 2020
PHOENIX, Nov. 30, 2020 /PRNewswire/ -- Nikola Corporation (NASDAQ: NKLA) today announced the signing of a non-binding Memorandum of Understanding ("MOU") with General Motors for a global supply agreement related to the integration of GM's Hydrotec fuel-cell system into Nikola's commercial semi-trucks. This supersedes and replaces the transaction announced on September 8, 2020.
Under the terms of the MOU, Nikola and GM will work together to integrate GM's Hydrotec fuel-cell technology into Nikola's Class 7 and Class 8 zero-emission semi-trucks for the medium- and long-haul trucking sectors. As previously announced, Nikola expects to begin testing production-engineered prototypes of its hydrogen fuel-cell powered trucks by the end of 2021, with testing for the beta prototypes expected to begin in the first half of 2022. In addition, Nikola and GM will discuss the potential for the utilization of GM's versatile Ultium battery system in Nikola's Class 7 and Class 8 vehicles.
"We are excited to take this important step with GM, which provides an opportunity to leverage the resources, strengths and talent of both companies," said Mark Russell, Chief Executive Officer of Nikola. "Heavy trucks remain our core business and we are 100% focused on hitting our development milestones to bring clean hydrogen and battery-electric commercial trucks to market. We believe fuel-cells will become increasingly important to the semi-truck market, as they are more efficient than gas or diesel and are lightweight compared to batteries for long hauls. By working with GM, we are reinforcing our companies' shared commitment to a zero-emission future."
The agreement between Nikola and GM is subject to negotiation and execution of definitive documentation acceptable to both parties. The MOU does not include the previously contemplated GM equity stake in Nikola or development of the Nikola Badger. As previously announced, the Nikola Badger program was dependent on an OEM partnership. Nikola will refund all previously submitted order deposits for the Nikola Badger. |
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| From: Sr K | 11/30/2020 2:02:28 PM | | | | | | WSJ
General Motors Will No Longer Take a Stake in Nikola
Shares in the electric-truck startup slide after companies scale down their supply agreement
GM will supply fuel cells to Nikola but it scrapped plans to build an electric pickup truck for the startup.
PHOTO: PATRICIA BECK/ZUMA PRESS
By
Updated Nov. 30, 2020 1:05 pm ET
General Motors Co. GM will no longer take an equity stake in electric-truck maker Nikola Corp. NKLA -under a stripped-down agreement revealed Monday, a significant retrenchment from an earlier pact that fueled investor enthusiasm for both companies.
Under the revised deal, GM still intends to provide Nikola with fuel-cell technology but it has nixed plans to take an 11% stake in the Phoenix-based startup in exchange for supplying engineering work and other services.
The Detroit auto maker has also scrapped plans to build an electric pickup truck called the Badger for Nikola, a key part of an earlier agreement outlined in September. That deal got delayed after a negative short seller’s report raised questions about the readiness of some aspects of Nikola’s business, allegations the company said were false and misleading.
The original agreement bolstered Nikola’s status as one of several highflying green-vehicle startups drawing attention from Wall Street. GM’s lending of its engineering and manufacturing expertise, and being granted a spot on Nikola’s board, had been seen as a validation of Nikola’s business model and growth prospects.
For GM, the Badger piece of the deal had been seen as a boost for its broader plans to license its electric-vehicle technology, the potential of which has helped lift its share price in recent weeks. |
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| From: kidl | 12/23/2020 8:37:21 AM | | | | | | Nikola peels off 4% after ending collaboration with Republic Services
Dec. 23, 2020 8:20 AM ET Nikola Corporation (NKLA) By: Clark Schultz, SA News Editor 9 Comments
- Nikola (NASDAQ: NKLA) says it has discontinued collaboration with Republic Services (NYSE: RSG) on refuse truck development.
- The collaboration was aimed at designing and building an industry-first fully integrated refuse truck based on a zero-emissions battery-electric drive platform and body while also integrating multiple new systems into a new state-of-the-art vehicle.
- "After considerable collaboration and review, both companies determined that the combination of the various new technologies and design concepts would result in longer than expected development time, and unexpected costs. As a result, the program is being terminated resulting in the cancellation of the previously announced vehicle order."
- Source: Press Release
- Shares of Nikola are down 4.15% premarket. RSG is inactive in the early session.
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| From: kidl | 1/12/2021 5:42:42 PM | | | | | | Nikola Positioned To Accelerate Hydrogen Economy Competitive electricity price paves the way for hydrogen production in Arizona
PR Newswire
PHOENIX, Jan. 12, 2021
PHOENIX, Jan. 12, 2021 /PRNewswire/ -- Nikola Corporation (NASDAQ: NKLA) has secured an innovative electric rate schedule with Arizona Public Service Company ("APS") that makes possible the accelerated development of hydrogen-based fueling solutions for the transportation industry. Nikola is a company dedicated to the advancement of innovative zero-emissions truck solutions and the energy infrastructure required to make this feasible. By facilitating low-cost production of hydrogen, the Arizona Corporation Commission's ("ACC") approval of this rate schedule paves the way for the curtailment of greenhouse gases in the transportation sector, while also providing benefits to key constituents via novel grid-balancing solutions.
Today's unanimous approval of this agreement by the ACC provides Nikola with a competitive electric rate specifically designed for the production, processing, and dispensing of hydrogen. This will support, among other things, enabling a zero-emission heavy-duty freight corridor along the I-10 freeway between Los Angeles and Phoenix.
APS's competitive electric rate will help lead the creation of the hydrogen economy in Arizona. Nikola estimates that under the rate structure it will be able to deliver hydrogen at market leading prices and within the ranges required for Nikola to offer competitive lease rates for its trucks customers.
The agreement reflects value that results from the curtailment flexibility that Nikola's hydrogen production facilities are expected to provide to the electrical grid. These facilities will be configured to respond to the needs of the grid, for example by reducing Nikola's energy consumption from the electric grid during heatwaves. This agreement will encourage Nikola to deploy capital within the state, increase electric load relating to hydrogen production, and further develop and employ a highly skilled and well-educated workforce.
Nikola CEO, Mark Russell, celebrated today's critical milestone stating: "Nikola values the joint efforts of APS and the ACC to enable competitive electrolytic hydrogen production. The approval of this special rate for hydrogen production is critical for advancing the future of zero-emissions transportation and building a hydrogen economy."
Nikola President of Energy and Commercial, Pablo Koziner, added, "Through this agreement, Nikola is assured a reliable and competitively priced source of electricity that will allow us to commence the development of hydrogen production facilities to serve the fueling needs of our truck customers. The agreement sets an important precedent in showcasing that innovative operational solutions can be developed for the economic production of hydrogen that maximize benefits to all stakeholders."
The approval of this agreement marks an important milestone. Going forward, Nikola will work with APS to finalize site selection and interconnection requirements to establish its first hydrogen production facility in Arizona.
"For decades, hydrogen has been a promising, but elusive, source of clean energy for both the transportation and power sectors. We simply haven't done enough to bring hydrogen to the mainstream," stated Chairwoman Lea Márquez Peterson. "As we begin to enter a new energy economy, however, I want to ensure that we take all steps necessary to promote Arizona's gradual and innovative move towards decarbonization. By supporting this application, we are doing exactly that. Let's make our great state the nation's epicenter of hydrogen production, processing, and fueling, and let's have Arizona serve as a model to other states about clean energy innovation." |
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