PHOENIX, Nov. 30, 2020 /PRNewswire/ -- Nikola
Corporation (NASDAQ: NKLA) today announced the signing of a
non-binding Memorandum of Understanding ("MOU") with General Motors
for a global supply agreement related to the integration of GM's
Hydrotec fuel-cell system into Nikola's commercial semi-trucks.
This supersedes and replaces the transaction announced on
September 8, 2020.
Under the terms of the MOU, Nikola and GM will work together to
integrate GM's Hydrotec fuel-cell technology into Nikola's Class 7
and Class 8 zero-emission semi-trucks for the medium- and long-haul
trucking sectors. As previously announced, Nikola expects to begin
testing production-engineered prototypes of its hydrogen fuel-cell
powered trucks by the end of 2021, with testing for the beta
prototypes expected to begin in the first half of 2022. In
addition, Nikola and GM will discuss the potential for the
utilization of GM's versatile Ultium battery system in Nikola's
Class 7 and Class 8 vehicles.
"We are excited to take this important step with GM, which
provides an opportunity to leverage the resources, strengths and
talent of both companies," said Mark
Russell, Chief Executive Officer of Nikola. "Heavy trucks
remain our core business and we are 100% focused on hitting our
development milestones to bring clean hydrogen and battery-electric
commercial trucks to market. We believe fuel-cells will become
increasingly important to the semi-truck market, as they are more
efficient than gas or diesel and are lightweight compared to
batteries for long hauls. By working with GM, we are reinforcing
our companies' shared commitment to a zero-emission future."
The agreement between Nikola and GM is subject to negotiation
and execution of definitive documentation acceptable to both
parties. The MOU does not include the previously contemplated GM
equity stake in Nikola or development of the Nikola Badger. As
previously announced, the Nikola Badger program was dependent on an
OEM partnership. Nikola will refund all previously submitted order
deposits for the Nikola Badger.
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 Nikola's expectations regarding the terms and
potential benefits of the MOU or a definitive agreement with GM;
Nikola's expectations and timeline with respect to prototype and
production and testing; the benefits of fuel-cell technology; and
Nikola's beliefs with respect to the benefits of its zero-emissions
vehicles. 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, the ability of Nikola and GM to enter into
definitive documentation for a supply agreement and the terms of
any such definitive documentation; the failure to realize the
anticipated benefits of the MOU or any definitive agreement;
general economic, financial, legal, political and business
conditions and changes in domestic and foreign markets; the
potential effects of COVID-19; the impact of judicial, regulatory
or administrative proceedings to which Nikola is, or may become a
party; 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; and the
other risks discussed under the heading "Risk Factors" in Nikola's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and other reports and
documents Nikola's files from time to time with the SEC. If any of
these risks materialize or its 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.
Media Contacts:
Nicole Rose
nicole.rose@nikolamotor.com
602-499-4795
Colleen Robar
crobar@robarpr.com
313-207-5960
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SOURCE Nikola Corporation