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   Technology StocksNikola Corp


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From: kidl9/2/2021 8:16:27 AM
   of 241
 
Nikola Announces Strategic Agreements With Bosch For Fuel-cell Manufacturing

- Nikola and Bosch Group companies have signed agreements for Nikola to utilize fuel-cell power modules using technology licensed from Bosch

- The agreements allow Nikola to incorporate fuel-cell power modules suited to meet the needs of Nikola's vehicles, providing for competitive cost and performance advantages

- Under the agreements, fuel-cell power module assembly will commence at Nikola's manufacturing facility in Coolidge, Arizona in 2023 alongside production of Nikola's Tre fuel-cell electric truck

- Pursuant to the agreements, Bosch will provide key components to Nikola, including the fuel-cell stack, air compressor with power electronics and control unit with sensors

PR Newswire

PHOENIX, Sept. 2, 2021

PHOENIX, Sept. 2, 2021 /PRNewswire/ -- Nikola Corporation (NASDAQ: NKLA), a leading designer and manufacturer of heavy-duty commercial battery-electric vehicles (BEV), fuel-cell electric vehicles (FCEV) and energy infrastructure solutions, today announced agreements with the Bosch Group of companies for Nikola Class 7 and 8 fuel-cell electric vehicles (FCEV) which will enable Nikola to build the Bosch fuel-cell power modules at its Coolidge, Arizona facility.



The agreements will allow the adaptation of the fuel-cell power modules for the Nikola Tre and US Nikola Two fuel-cell applications. Under the agreements, Bosch will supply both fully assembled fuel-cell power modules as well as major components to Nikola, including the fuel-cell stack, for Nikola to assemble at its manufacturing facility in Coolidge. The parties will work together for sourcing of remaining components for the assemblies.

Nikola and Bosch have defined together a scalable and modular approach for the Nikola Tre and Two truck applications based upon use of multiple fuel-cell power modules utilizing the Bosch heavy-duty commercial vehicle fuel-cell stack. The fuel-cell power modules are expected to launch in 2023, with the first application being the Class 8 regional-haul Nikola Tre FCEV. Nikola anticipates that the overall vehicle design will result in a range of up to approximately 500 miles. Nikola plans to further expand capacity for use in the Class 8 long-haul Nikola Two FCEV with an anticipated range of up to approximately 900 miles.

The vehicles are planned to utilize common fuel-cell power modules in 200 kW and 300 kW configurations. The fuel-cell power modules and components are being designed and validated for the demands of commercial vehicle power. The Nikola Tre FCEV will also be launched in the EU, utilizing the same fuel-cell power modules supporting vehicle manufacturing planned at Nikola's joint venture with IVECO in Ulm, Germany.

"This announcement is the result of a multi-year working relationship with Bosch," said Nikola CEO Mark Russell. "After extensive analysis of the best options out there, we are proud to enter into this strategic relationship with Bosch. The result is the best of both worlds in our 'make versus buy' analysis. We will be collaborating with Bosch to develop and assemble fuel-cell power modules specifically for our applications at the same Coolidge, Arizona facility where we manufacture our Nikola vehicles, utilizing major components from the Bosch global manufacturing network."

Nikola plans to expand the Coolidge manufacturing facility by 50,000 sq. ft. and up to 50 additional manufacturing jobs to accommodate initial fuel-cell power module assembly by 2023, in support of the initial ramp-up of the Nikola Tre FCEV, with subsequent expansions planned to support the ramp-up of Nikola's Tre and Two FCEVs in the US. Nikola is also expanding engineering and testing facilities to support the fuel-cell and vehicle validation and testing at Nikola's Phoenix headquarters.

Nikola is currently building and testing Tre FCEV alpha vehicles utilizing the fuel-cell power modules from the agreements and plans to begin road testing by the end of 2021 in support of customer pilot tests.

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From: kidl9/27/2021 10:14:35 AM
   of 241
 
Nikola Executes Second Purchase Agreement With Tumim Stone Capital, Bringing The Total To $600 Million PR Newswire

PHOENIX, Sept. 27, 2021

PHOENIX, Sept. 27, 2021 /PRNewswire/ -- Nikola Corporation (NASDAQ: NKLA) and Tumim Stone Capital LLC (Tumim) have entered into a second $300 million common stock equity line purchase agreement, providing Nikola the right to issue and sell to Tumim up to $600 million of Nikola's common stock in aggregate, subject to certain conditions and limitations.



"The equity lines with Tumim, together with estimated cash and cash equivalents, will provide Nikola with access to approximately $800 million of liquidity at the end of 2021," said Nikola CEO Mark Russell. "We believe this will provide ample liquidity for Nikola to fund our stated operational milestones through the end of 2022, which include the commercial delivery of BEV trucks as well as the start of road release and pilot testing of FCEV trucks."

Nikola CFO Kim Brady commented on the agreement: "Since entering into the original equity line purchase agreement on June 11, 2021, Nikola has issued approximately $47 million of common stock to Tumim. We view this second equity line purchase agreement as a financing tool that allows Nikola to leverage the healthy daily liquidity in our stock while giving us considerable flexibility around issuance timing to minimize dilution. We have no obligation to fully utilize either facility, and we continue to consider other sources, including the broader capital markets, which we view as our principal source of financing for Nikola."

Maier Tarlow, managing partner of Tumim added: "We are excited to be part of Nikola's journey towards large-scale production of zero-emission battery-electric and hydrogen-electric commercial vehicles. Subject to the terms of the Purchase Agreement, Nikola can issue shares to Tumim on dates of its choosing under the ELOC. We look forward to continuing to be a long-term partner with the Company."

Under this second equity line purchase agreement, Nikola has the right, but not the obligation to sell up to $300 million of additional shares of its common stock to Tumim, subject to certain limitations. Purchase notices may be issued to Tumim over the period commencing from the date of the purchase agreement and ending on the first day of the month following the 36-month anniversary. The shares will be issued at a 3% discount to the three-day forward volume-weighted average price from the date a purchase notice is issued. Nikola issued Tumim 252,040 shares of common stock as consideration for Tumim's irrevocable commitment to purchase Nikola common stock under the new purchase agreement. Further details will be contained in the Current Report on Form 8-K Nikola intends to file later today.

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From: kidl11/4/2021 9:26:52 AM
   of 241
 
Nikola Corporation Reports Third Quarter 2021 Results

- Up to 25 Tre BEV trucks are expected to be delivered to dealers and customers by the end of 2021 and Tre FCEV is on schedule, and testing has begun
- Continued progress building out the sales and service network with dealers in 28 states consisting of over 130 locations
- Ulm, Germany joint venture manufacturing facility inaugurated in September
- $125 million reserved to fund potential settlement with the SEC PR Newswire

PHOENIX, Nov. 4, 2021

PHOENIX, Nov. 4, 2021 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, today reported financial results for the quarter ended September 30, 2021.



"During the third quarter, we continued to execute on our business plan," said Mark Russell, Nikola's Chief Executive Officer. "Validation of the Nikola Tre BEV is progressing, with trucks now being test-driven and tested on public roads. We also formally inaugurated our joint venture manufacturing facility in Ulm, Germany, and entered into additional strategic partnerships to advance our hydrogen refueling ecosystem with TC Energy and OPAL Fuels."

Russell added, "with prospects of an SEC settlement, we're looking forward to resolving the outstanding issues relating to our founder and bringing that chapter to a close and maintaining our focus on delivering trucks to our customers, and building the energy, service, and support infrastructure our customers need."

Nikola Tre BEV Validation and Pre-Series Progress

During the quarter, progress continued validating the Nikola Tre BEV in preparation for public road release in December 2021. As of today, we have completed eight (8) gamma trucks. We have begun building pre-series trucks in Coolidge, Arizona and continue to work steadfastly towards our commitment to deliver up to 25 trucks to dealers and customers by December 2021. The trucks will haul customer loads, gain real-world mileage accumulation, and in turn we expect to secure additional orders for 2022 volume and beyond.

Nikola Tre FCEV Alpha Update

As of today, we have built seven (7) Nikola Tre FCEV alphas, comprised of two (2) in Ulm and five (5) in Coolidge. Track testing has begun in both Ulm, Germany, and Phoenix, Arizona, and we continue to progress toward road release by the end of 2021. Footage of the Nikola Tre FCEV on the test track can be seen here.

Progress Made at Nikola's Coolidge, Arizona Manufacturing Facility

We have begun our Nikola Tre BEV pre-series builds in Coolidge. Trucks are on the assembly line and in process. As we are building our pre-series trucks, we are concurrently expanding the Phase 1 assembly expansion area to enable our total production capacity in 2022 of 2,400 trucks per year on two (2) shifts.

We anticipate the expanded Phase 1 will be completed in January 2022, and the construction of Phase 2 will begin immediately after that. Phase 2 is expected to be completed in early 2023, at which time our assembly hall will be fully built out with an installed process capacity of 20,000 units per year. The facility will be capable of building the Nikola Tre BEV and FCEV trucks on the same line, and also assembling the Bosch fuel-cell modules.

Completion of our Joint Venture Manufacturing Facility on IVECO's Industrial Complex in Ulm, Germany

On September 15, 2021, Nikola and IVECO officially inaugurated the Ulm Joint Venture Manufacturing Facility. We are currently building 10 pre-series Nikola Tre BEVs in Ulm, Germany.

Signed MoU with the Hamburg Port Authority for up to 25 Nikola Tre BEVs

On September 15, 2021, Nikola and IVECO signed an MoU with the Hamburg Port Authority during the inauguration of the Ulm, Germany joint venture manufacturing facility. The agreement states our joint intent to partner in two phases encompassing up to 25 Nikola Tre BEVs for delivery to the Port throughout 2022.

Expansion of Sales and Service Network

On August 10, 2021, and September 1, 2021, we announced the continued expansion of our sales and service network with the additions of Alta Equipment Group and Quinn Company. Alta Equipment will provide coverage in the Northeast, including New York, New Jersey, Eastern Pennsylvania, and select areas in the New England region. Quinn Company will provide sales and service coverage throughout Central and Southern California.

Signed MoU with OPAL Fuels to Co-Develop and Construct Hydrogen Refueling Stations and Infrastructure

On September 30, 2021, we entered into an MoU with OPAL Fuels, LLC (OPAL) to collaborate on the development, construction, and operation of hydrogen refueling stations in North America and the use of renewable natural gas (RNG) in hydrogen production. The initial focus of our collaboration will be on "behind the fence" solutions. Under the MoU, Nikola and OPAL intend to co-develop and co-market hydrogen refueling infrastructure to accelerate the adoption of FCEVs in North America.

Executed Second $300 Million Purchase Agreement with Tumim Stone Capital LLC

On September 27, 2021, we announced we entered into a second $300 million common stock purchase agreement with Tumim Stone Capital LLC (Tumim), bringing the total amount to $600 million. This financing agreement allows Nikola the right to sell shares to Tumim at our sole discretion and provides us with additional liquidity to execute our business plan. With the execution of this second purchase agreement, Nikola had approximately $1.1 billion of liquidity at the end of Q3 2021 ($587.0 million of cash on the balance sheet and $527.1 million available on the equity line).

Recent Developments

SEC Investigation Update

Nikola and the Staff of the Division of Enforcement at the SEC have been engaged in discussions regarding a resolution of the SEC's investigation. The company expects that, if approved, the resolution would include a $125 million civil penalty paid in installments over time. Final resolution of this matter is subject to documentation satisfactory to all the parties, and completion of any settlement is contingent on a vote of the Commissioners of the SEC.

In addition, the Company intends to seek reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations.

Signed Joint Development Agreement with TC Energy for Co-Development of Large-Scale Production Hubs

On October 7, 2021, we entered into an agreement with TC Energy to co-develop large scale clean hydrogen production hubs. Under this agreement, TC Energy and Nikola are actively collaborating to identify and develop projects to establish the infrastructure required to deliver low-cost and low-carbon hydrogen at scale in line with each company's core objectives. A key objective of the collaboration is to establish hubs producing 150 tonnes or more of hydrogen per day near highly traveled truck corridors to fuel Nikola's class 8 trucks.

Signed LOI for 100 FCEV Trucks with PGT

On October 14, 2021, we announced collaboration with PGT Trucking, Inc., including an LOI for Nikola to lease 100 Nikola Tre FCEVs to PGT following the satisfactory completion of a Nikola FCEV demonstration program. The lease would include the Nikola Tre FCEV, scheduled maintenance, and hydrogen fuel. Deliveries of the Tre FCEV to PGT are anticipated to begin in 2023, following when FCEV production begins in Coolidge, Arizona.

Entered into Long Term Battery Supply Agreement with LG Energy Solution

On October 20, 2021, we entered into a long-term supply agreement with LG Energy Solution, LTD. This supply agreement will provide additional battery cells for our trucks beginning in 2022 through 2029.

Tri-Eagle Sales to be Launch Customer for Ring Power and Nikola

On October 27, 2021, Tri-Eagle Sales reached an agreement to lease 10 Nikola Tre BEV trucks from Nikola sales and service dealer network member. Ring Power will provide the sales, repairs, maintenance, and energy infrastructure required to operate the Nikola Tre BEV trucks throughout the lease term.

Third Quarter Financial Highlights

(In thousands, except share and per share data)

Q3 2021

Q3 2020

Q3 2021 YTD

Q3 2020 YTD

Loss from operations

$

(271,825)

$

(117,278)

$

(530,813)

$

(235,898)

Net loss

$

(267,567)

$

(79,704)

$

(531,022)

$

(228,632)

Adjusted EBITDA (1)

$

(85,020)

$

(58,751)

$

(212,359)

$

(134,814)

Net loss per share, basic

$

(0.67)

$

(0.21)

$

(1.34)

$

(0.76)

Net loss per share, diluted

$

(0.68)

$

(0.31)

$

(1.35)

$

(0.79)

Non-GAAP net loss per share, basic(1)

$

(0.22)

$

(0.16)

$

(0.56)

$

(0.44)

Non-GAAP net loss per share, diluted(1)

$

(0.22)

$

(0.16)

$

(0.56)

$

(0.44)

Weighted-average shares outstanding, basic

400,219,585

377,660,477

395,691,795

318,315,891

Weighted-average shares outstanding, diluted

400,230,669

378,286,678

395,860,876

318,976,447

(1)

A reconciliation of the non-GAAP versus GAAP information is provided below in the financial statement tables in this press release.

Business Outlook

Nikola looks forward to achieving the following milestones in the fourth quarter of 2021:

Deliver pre-series Nikola Tre BEVs for use on public roads hauling customer freight; Announce additional fleet testing dealers/customers; Purchase land for our first centralized hydrogen production hub facility and/or commercial on-site gaseous generation station; and Announce additional hydrogen infrastructure/ecosystem partners Webcast and Conference Call Information

Nikola will host a webcast to discuss its second-quarter results at 6:30 a.m. Pacific Time (9:30 a.m. Eastern Time) on November 4, 2021. To access the webcast, parties in the United States should follow this link: c212.net.

The live audio webcast, along with supplemental information, will be accessible on the Company's Investor Relations website at c212.net. A recording of the webcast will also be available following the earnings call.

EDITOR'S NOTE: Photos to accompany this release can be found here c212.net.

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