| 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. |
| | Nikola Corp | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| 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.
|
| | Nikola Corp | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| 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." |
| | Nikola Corp | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Ms. Baby Boomer | 2/4/2021 2:00:50 PM | | | | | | Nikola and APS deal paves way for zero-emission
route from Phoenix to L.A. ...
Hydrogen-powered big-rig company Nikola and Arizona Public Service (APS) have received the go ahead from state utility regulators for an agreement to use surplus electricity to generate clean hydrogen gas to power fuel cell vehicles.
The deal provides Phoenix-based Nikola with a competitive electric
rate specifically designed for the production, processing, and
dispensing of hydrogen to accelerate the development of carbon-free
vehicles and fueling stations for the transportation industry.
It’s another step forward to the realization of a zero-emission heavy-duty freight corridor along the I-10 freeway between Phoenix and Los Angeles, company officials and state regulators said.
“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 CEO Mark Russell said.
Advancing hydrogen economy in the state
The Arizona Corporation Commission (ACC) unanimously approved the application from APS for the new rate structure this month, which could serve as a national model for additional hydrogen production facilities, ACC Chairwoman Lea Márquez Peterson said.
Arizona will benefit with cleaner air, jobs for the new economy, and increased economic development, she said.
“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,” Márquez Peterson said.
Under the rate structure, Nikola officials said they 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 company anticipates deploying hundreds of millions of dollars in capital to construct its hydrogen facilities throughout the state and employ a diverse workforce in doing so, they said.
Win-win for electric customers and APS, too
APS, which filed the application for the unique rate structure in December, will also benefit from the agreement. The hydrogen fueling stations will require a very high load capacity, above 92-percent. Customers with high load factors provide operational and other economic benefits to the distribution system.
These customers help to reduce the overall cost for APS to serve all of its customers, flattening the overall load profile and allowing APS to operate its power plants in a more efficient manner, reducing the per kilowatt hour costs to APS customers, APS officials said.
Production of hydrogen-electric long haul trucks coming
Phoenix-based Nikola is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure.
In a venture with Italian industrial truck maker Iveco, Nikola is planning production of a battery-electric semi truck next year in Ulm, Germany.
Nikola also has begun construction of a $600-million electric truck assembly plant in Coolidge, Ariz., where it plans to start constructing a fuel-cell semi truck in 2023. The hydrogen-electric powered semi-truck is for the medium and long-haul trucking sectors, with more than 1,000 horsepower and 2,000 ft. lbs. of torque.
To power these trucks, Nikola plans to build hydrogen fueling stations across Arizona and North America.
To view Nikola’s Two hydrogen-electric powered semi trucks in action, visit 2021 Nikola Two electric semi truck.
This story was originally published at Chamber Business News.
azbigmedia.com
M |
| | Nikola Corp | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Ms. Baby Boomer | 2/5/2021 10:14:31 AM | | | | | | Nikola's Antonio Ruiz To Lead Global Standardization
Project for Hydrogen Fueling Technologies...
PHOENIX, Feb. 5, 2021 /PRNewswire/ -- Nikola's Director of Fuel Cell Vehicle Code and Standards Antonio Ruiz has been appointed to lead a three-year hydrogen fueling global standardization project for the International Standardization Organization's Technical Committee 197 (ISO/TC 197).
Ruiz was unanimously approved as Convener to work with an international core group of experts to implement the fueling protocol standardization initiative following more than two years of building consensus within the global hydrogen community to prioritize this activity.
"The receipt of such international support is a significant step toward developing international standards and the fueling requirements needed to accelerate the adoption of heavy-duty fuel-cell electric trucks and, to advance the global deployment of hydrogen and fuel-cell technologies," said Ruiz.
The TC 197 committee focuses on the standardization of systems and devices for the production, storage, transport, measurement and use of hydrogen. The committee consists of hydrogen and fuel-cell technology experts that represent member countries, hydrogen industry and stakeholders throughout the Americas, Asia, Australia and Europe. The international standardization of technically sound solutions may replace incompatible national requirements, allowing for consistency and global competitiveness of high-flow hydrogen fueling.
The fueling standard consists of three tasks: designing a process for developing fueling protocols; defining communications required between the vehicle and the station; and developing a high-flow fueling protocol for heavy-duty vehicles. Developing these needed fueling procedures and requirements under ISO/TC 197 and its membership ensures that these standards are technically sound, consensus-based, and adopted on a global scale.
Before joining Nikola in October 2018, Ruiz previously served as technology development manager and team lead for the U.S. Department of Energy....
tiogapublishing.com
M |
| | Nikola Corp | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| |
