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Nikola, Iveco, OGE Ink Fuel-Cell Hydrogen Distribution Agreement

Nikola, Iveco, OGE Ink Fuel-Cell Hydrogen Distribution Agreement
  • Electric and hydrogen vehicle producer Nikola Corp (NASDAQ: NKLA), truck manufacturer Iveco, and German gas network operator OGE inked a preliminary agreement to back hydrogen distribution for fuel-cell electric vehicle (FCEV) refueling, Reuters reports.
  • Nikola will lead the installation of hydrogen fueling locations for FCEVs, OGE’s hydrogen delivery systems support.
  • The financial terms of the arrangement were not disclosed.
  • OGE owned and operated 12,000 kilometers of natural gas pipeline infrastructure network in Germany.
  • Nikola and Italian-American vehicle maker CNH Industrial NV (NYSE: CNHI) unit Iveco are joint venture partners for a battery-electric and hydrogen heavy truck production project. CHN Industrial owned a 7.11% stake in Nikola via Iveco. The sample building of their Nikola Tre FCEV truck is set to begin in 2021.
  • The testing and validation are estimated to continue till 2022. The production is expected to start in the second half of 2023.
  • Price action: NKLA shares traded lower by 1.83% at $11.83 on the last check Wednesday.

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