PHOENIX, Dec. 1, 2022 /PRNewswire/ -- Nikola
Corporation (Nasdaq: NKLA), a global leader in zero-emissions
transportation and energy supply and infrastructure solutions,
today announced that the Department of Energy Loan Program Office
(LPO) has invited its Phoenix Hydrogen Hub LLC project loan
application into Part II of its application process. The project
loan application was submitted on May 26,
2022 and has now progressed through the Part I review.
The application for a loan guarantee under the Innovative Clean
Energy projects solicitation could amount to up to $1.3 billion for a renewable electrolytic
hydrogen production facility that could produce up to 150
metric-tons of hydrogen per day. The application process is wholly
dependent on the results of the Department of Energy (DOE) review
and evaluation of a Part II Application, and DOE's determination
whether to proceed.
The Phoenix Hydrogen Hub LLC owns 920 acres of undeveloped land
in Maricopa County, Ariz.
where the facility is planned to be sited to support the deployment
of Nikola's heavy duty, zero-emission fuel cell electric vehicles
(FCEVs) and hydrogen refueling stations in California and the U.S. Southwest. The hub is
expected to be built in phases to scale with the demand created
from Nikola's zero-emission trucks, starting with 30 metric-tons,
and expanding up to 150 metric-tons of hydrogen per day, with
expansion potential as the demand for clean hydrogen in the region
expands. Construction of the first phase is anticipated to be
completed in 2024, once final investment decisions and customary
regulatory approvals are finalized.
"This hub is intended to provide urgently needed renewable-based
energy solutions and a pathway to a decarbonized transportation
sector," said Nikola President,
Energy, Carey Mendes. "What's more,
it is expected to support clean hydrogen use in additional
applications such as industrial, residential, and commercial
heating, as well as for decarbonizing natural gas and power
generation."
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. 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 anticipated benefits of the DOE's loan
program or the expected benefits related to the planned Phoenix
Hydrogen Hub development to Nikola's business. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of Nikola's
management. We cannot assure you that forward-looking statements
will be achieved, and forward-looking statements are not
predictions of actual performance. Forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements, including
but not limited to, the failure to realize the anticipated benefits
of the DOE's loan program or the development of the Phoenix
Hydrogen Hub; design and manufacturing changes, challenges and
delays; economic, financial, legal, supply chain, regulatory,
political and business conditions and changes in domestic and
foreign markets; the potential challenges arising from 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, including delivery of
trucks for sale; 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
quarterly report on Form 10-Q for the quarter ended September 30, 2022 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.
DEPARTMENT OF ENERGY DISCLAIMER
The DOE's invitation
to submit a Part II application is not an assurance that DOE will
invite the applicant into the due diligence and term sheet
negotiation process, that DOE will offer a term sheet to the
applicant, or that the terms and conditions of a term sheet will be
consistent with terms proposed by the applicant. The foregoing
matters are wholly dependent on the results of DOE review and
evaluation of a Part II Application, and DOE's determination
whether to proceed. The application for a loan guarantee under the
Innovative Clean Energy projects solicitation could amount to about
$1.3 billion. The DOE has other
program and funding opportunities it is actively pursuing and hopes
to share more details on their progress soon.
MEDIA INQUIRIES
Nicole Rose
nicole.rose@nikolamotor.com
480-660-6893
Colleen Robar
crobar@robarpr.com
313-207-5960
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SOURCE Nikola Corporation