NKLA - Nikola creates fueling solution for hydrogen fuel cell trucks

Nikola Corporation ( NASDAQ: NKLA ) announced that it has developed a heavy-duty, 700 bar (10,000 psi) hydrogen mobile fueler capable of direct fueling hydrogen fuel cell electric vehicles.

The company said its mobile fueler program includes its own mobile fuelers as well as a number of third party mobile fuelers, which it expects will provide customers with a variety of flexible fueling options.

Nikola's ( NKLA ) first mobile fueler has completed commissioning and testing and has been released for market operation. The company has additional hydrogen mobile fuelers being commissioned this quarter as well.

"Nikola has spent the greater part of two years developing a flexible mobile fueling solution which cools and compresses hydrogen to rapidly fill 700 bar FCEV heavy-duty trucks," noted CEO Michael Lohscheller.

"Coupled with Nikola's hydrogen tube trailer, with a capacity of 960 kg, Nikola's mobile fueler can refuel customer trucks back-to-back. This will deliver flexible hydrogen fueling solutions for our customers starting in 2023 and will complement Nikola's permanent hydrogen fueling stations which are being developed."

In addition to the funding provided by HVIP, purchasers of Nikola's Tre FCEVs will also qualify for an additional $40K clean commercial vehicle tax credit in 2023 from the federal government due to the passage of the Inflation Reduction Act. With a range of up to 500 miles, the Nikola Tre FCEV is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 tractors while realizing weight savings when compared to Class 8 BEVs with similar range.

Shares of Nikola ( NKLA ) opened on Wednesday with a 1.05% gain.

The Seeking Alpha Quant Rating on Nikola moved to Hold from Sell on Wednesday.

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