Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a
pure-play water resource management company, has entered into a
master utility agreement with Nikola Corporation (NASDAQ: NKLA) to
provide water and wastewater services to Nikola’s new manufacturing
plant in Coolidge, Arizona adjacent to Inland Port Arizona.
Nikola broke ground on its manufacturing facility where it plans
to make hydrogen-powered and battery-powered Class 8 semi-trucks.
Nikola plans to complete the initial phase of construction by
mid-2021, with the follow-on phases completed within the next 12-18
months.
“We are excited to take this next important step with Global
Water Resources, who has a reputation as a strong water resource
manager and provider for the region,” commented Mark Russell, CEO
of Nikola. “Our goal for this manufacturing site is to design it
with the smallest environmental footprint possible, while making
the highest quality products for our customers. Our engagement of
Global Water reflects a shared commitment to a sustainable future
for Arizona and beyond.”
Global Water plans to submit the regulatory filing for a
Certificate of Convenience and Necessity (CC&N) permit in the
first quarter of 2021. The permit would establish Global Water as
the exclusive provider of water, wastewater and recycled water
services to the new facility.
The Nikola site is located adjacent to Inland Port Arizona, a
2,700-acre mega-site that is currently under development by Saint
Holdings. Inland Port Arizona falls within a 3.4 square mile region
in the central Arizona corridor between Tucson and Phoenix where
Global Water recently received a CC&N permit from the Arizona
Corporation Commission (ACC) to exclusively provide water,
wastewater, and recycled water services.
“The close proximity of the Nikola site to our new service area
makes it a logical extension of our regional footprint,” stated
Global Water Resources president and CEO, Ron Fleming. “Nikola and
others in the region will benefit from our proactive approach to
utility management, which includes our award-winning Total Water
Management.”
“As one of the first major manufacturers to locate to Inland
Port Arizona, we expect their development to stimulate commercial
and residential growth in our surrounding service area,” added
Fleming. “Based upon Nikola’s schedule, we expect to begin
servicing the manufacturing site in 2021.”
About Nikola CorporationNikola 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 Global Water
ResourcesGlobal Water Resources, Inc. is a leading water
resource management company that owns and operates 16 utilities
which provide water, wastewater, and recycled water services. The
company’s service areas are located primarily in growth corridors
around metropolitan Phoenix. Global Water recycles nearly 1 billion
gallons of water annually. To learn more, visit
www.gwresources.com.
Cautionary Note Regarding Forward-Looking
Statements This press release includes certain
forward-looking statements which reflect the company's expectations
regarding future events. The forward-looking statements involve a
number of assumptions, risks, uncertainties, and other factors that
could cause actual results to differ materially from those
contained in the forward-looking statements. These forward-looking
statements include, but are not limited to, statements concerning
future net income growth, our strategy, acquisition plans, our
dividend policy, the timing and likelihood of approval of the
certificate of convenience and necessity for the Inland Port
project and the anticipated benefits, trends relating to population
growth, active service connections, regulated revenue, housing
permit projections, the development of residential and commercial
properties within our service areas, the anticipated impacts from
the COVID-19 pandemic on the company, including to our business
operations, results of operations, cash flows, and financial
position, and our future responses to the COVID-19 pandemic, and
other statements that are not historical facts as well as
statements identified by words such as "expects", "anticipates",
"intends", "plans", "believes", "seeks", "estimates", or the
negative of these terms, or other words of similar meaning. These
statements are based on our current beliefs or expectations and are
inherently subject to a number of risks, uncertainties, and
assumptions, most of which are difficult to predict and many of
which are beyond our control. Actual results may differ materially
from these expectations due to changes in political, economic,
business, market, regulatory, and other factors, including the
duration and severity of the COVID-19 pandemic and the actions to
contain the virus or treat its impact. Accordingly, investors are
cautioned not to place undue reliance on any forward-looking
statements, which reflect management’s views as of the date hereof.
Factors that may affect future results are disclosed under the
headings “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in our filings
with the Securities and Exchange Commission (the "SEC"), which are
available at the SEC's website at www.sec.gov. This includes, but
is not limited to, our Annual Report on Form 10-K for the year
ended December 31, 2019, our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020, and subsequent filings with the
SEC. We undertake no obligation to publicly update any
forward-looking statement, except as required by law, whether as a
result of new information, future developments or otherwise.
Nikola Contact:Nicole
Rosenicole.rose@nikolamotor.comTel (480) 660-6893Email contact
Global Water Resources Contact:Michael J.
Liebman SVP and CFOTel (480) 999-5104
mike.liebman@gwresources.com
Investor Relations Contact for Global Water
Resources:Ron Both or Grant StudeCMA Investor Relations
Tel (949)
432-7566GWRS@cma.team
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