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.
ABOUT NIKOLA CORPORATION:
Nikola Corporation is
globally transforming the transportation industry. As 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, Nikola is driven to revolutionize the economic and
environmental impact of commerce as we know it today. Founded in
2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit
www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS
Certain statements
included in this press release that are not historical facts are
forward-looking statements for purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as "believe," "may," "will," "estimate," "continue,"
"anticipate," "intend," "expect," "should," "would," "plan,"
"predict," "potential," "seem," "seek," "future," "outlook," and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding the potential benefits of the announced
agreements with Bosch; the company's expected benefits from the
fuel-cell power modules; the company's ability to assemble
fuel-cell power modules at its Coolidge,
Arizona facility; the expected benefits from integrating
those fuel-cell power modules in its vehicles; expectations
regarding its business, business model and strategy; the company's
expectations for its trucks and market acceptance of electric
trucks, both BEV and FCEV; and market opportunity. These statements
are based on various assumptions, whether or not identified in this
press release, and on the current expectations of Nikola's
management and are not predictions of actual performance.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements, including but not limited to,
design and manufacturing changes and delays; failure to realize the
anticipated benefits of the definitive agreements; general
economic, financial, legal, regulatory, political and business
conditions and changes in domestic and foreign markets; the
potential effects of COVID-19; the outcome of legal, regulatory and
judicial proceedings to which Nikola is, or may become a party;
demand for and customer acceptance of Nikola's trucks; risks
associated with development and testing of fuel-cell power modules
and hydrogen storage systems; risks related to the rollout of
Nikola's business and the timing of expected business milestones;
the effects of competition on Nikola's future business; the
availability of capital; risks associated with changes in
accounting treatment or accounting standards; and the other risks
detailed from time to time in Nikola's reports filed with the
Securities and Exchange Commission, including its annual report on
Form 10-Q for the quarter ended June 30,
2021 and other documents Nikola files with the SEC. If any
of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. These forward-looking statements
speak only as of the date hereof and Nikola specifically disclaims
any obligation to update these forward-looking statements.
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SOURCE Nikola Corporation