PHOENIX, Sept. 30, 2021 /PRNewswire/ -- Nikola
Corporation (NASDAQ: NKLA), a global leader in zero-emissions
transportation and energy infrastructure solutions, and OPAL Fuels
LLC, a trusted leader in delivering renewable natural gas and
renewable fueling infrastructure for heavy-duty truck fleets, have
entered into a Memorandum of Understanding on the development,
construction, and operation of hydrogen fueling stations in
North America and the use of
renewable natural gas (RNG) in hydrogen production. Under this
strategic engagement, Nikola and OPAL Fuels intend to co-develop
and co-market hydrogen refueling infrastructure to accelerate the
adoption of heavy-duty zero-emission fuel-cell electric vehicles
(FCEV).
"This alliance with OPAL Fuels provides excellent potential
synergies given their experience building and operating fueling
stations," said Nikola President,
Energy and Commercial Pablo Koziner. "Today marks another important
step forward in Nikola's stated energy infrastructure plans and its
focus on providing hydrogen fueling services to customers."
"We are very excited to be working with Nikola to help fleets
realize the potential of hydrogen fuel-cell trucks with reliable,
cost-effective fueling infrastructure," said Adam Comora, Co-CEO of OPAL Fuels. "Coupled with
RNG as a fuel source to lower the carbon intensity of hydrogen, we
see a very powerful combination for the future."
OPAL Fuels has constructed more than 350 RNG fueling station
projects and has over 15 years of successful relationships with
trucking fleets across the continent, reducing the carbon intensity
of their fuel. Nikola's Tre FCEVs for the North American
market are slated for a 2023 launch from the company's Coolidge, Arizona manufacturing facility.
The initial focus of the collaboration is on developing the
infrastructure required to more safely and reliably serve the needs
of large private fleets that utilize their own dedicated property
fueling infrastructure "Behind the Fence." Nikola and OPAL
Fuels will also identify and evaluate opportunities to establish
public access hydrogen stations.
This collaboration will combine Nikola's proposed FCEV bundled
lease offer, which will include Nikola's FCEVs, vehicle service and
maintenance and hydrogen fuel supply, with OPAL Fuels' significant
experience in developing, constructing, and operating heavy-duty
truck fueling stations to deliver a complete end-to-end
solution.
In addition, both parties plan to leverage OPAL Fuels' growing
portfolio of RNG supply to cost-effectively reduce the carbon
intensity of hydrogen supplied by Nikola at the station, to meet
customer sustainability objectives as they begin to transition to
zero-emission vehicles.
Under their Memorandum of Understanding, Nikola and OPAL
Fuels intend to initiate beta projects with select customers
to drive engagement and accelerate development. The Parties
intend to also develop best-practices and standards for hydrogen
refueling station design and protocols allowing for a more safe,
reliable, scalable, and low total cost of ownership for the
transportation market.
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.
ABOUT OPAL FUELS LLC
OPAL Fuels LLC, a
Fortistar portfolio company, brings together
Fortistar Methane Group, Fortistar RNG, and TruStar
Energy to create a vertically integrated renewable fuels platform.
The company is an emerging leader in the production and
distribution of renewable natural gas (RNG), a proven low carbon
fuel with a decades-long track record of results that has the power
to rapidly decarbonize the transportation industry now. OPAL Fuels
captures harmful methane emissions at the source and recycles the
trapped energy into a commercially viable, low-cost alternative to
diesel fuel. OPAL Fuels also manages all RNG fueling station
development and construction. As a producer and distributor of
carbon-reducing fuel for heavy-duty truck fleets for over 15 years,
the company delivers best-in-class, complete renewable solutions to
customers and production partners. To learn more about OPAL Fuels
and how it is leading the effort to capture North America's harmful methane emissions and
decarbonize the transportation industry, please visit
www.opalfuels.com and follow the company on LinkedIn and Twitter at
@OPALFuels.
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
Memorandum of Understanding; the expected benefits of the
collaboration to co-develop and co-market hydrogen refueling
infrastructure; the ability to leverage synergies and expertise in
building and operating fueling stations; the ability to
cost-effectively reduce the carbon footprint of supplied
hydrogen; the parties ability to develop best-practices and
standards for hydrogen refueling station design and protocols; the
benefits of beta projects to drive engagement and proficiency in
development; expectations regarding its business, business model
and strategy, including the proposed bundled lease offering; 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
enter into and 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 sources and availability of capital and future capital needs;
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 quarterly 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nikola-and-opal-fuels-sign-mou-to-co-develop-and-construct-hydrogen-fueling-stations-and-related-infrastructure-301388499.html
SOURCE Nikola Corporation