Chart Industries, Inc. (NYSE: GTLS), a leading global engineering
design and manufacturer of highly engineered equipment servicing
multiple applications in the clean energy and industrial gas
markets, and Nikola Corporation (NASDAQ: NKLA), a global leader in
zero-emissions transportation and energy supply and infrastructure
solutions, via the HYLA brand, executed a strategic collaboration
agreement including liquid hydrogen storage tanks, transport
trailers, and the development of new mobile and modular hydrogen
refueling stations for quick deployment. This agreement includes
additional collaboration on the advancement of hydrogen technology
for infrastructure and truck on-board fuel systems.
Nikola has recently signed purchase orders with Chart for
multiple liquid hydrogen storage tanks, mobile and modular
refueling stations, and liquid hydrogen transport trailers to meet
Nikola’s needs for deploying the Nikola Tre hydrogen electric
vehicles to support key customers and advance the efforts to
decarbonize the transport sector. This relationship builds on a
previously signed development agreement between Chart and Nikola to
work together to develop innovative solutions for the hydrogen
electric vehicle market.
Through this agreement, Chart is providing first-of-kind fully
integrated mobile and modular hydrogen fueling stations for
heavy-duty vehicles providing a quickly deployable fueling solution
with lower capital requirements. This transportable fuel station
lowers the barrier to entry and is an ideal solution for smaller
fleets or any immediate and interim fueling needs. The dense liquid
hydrogen storage and efficient liquid high pressure dispense pump
also lowers station operating costs.
Nikola, via HYLA, is bringing comprehensive zero-emission
heavy-duty trucking energy solutions to market, and each station
within the HYLA hydrogen network will serve as an important step in
the delivery of a broader array of hydrogen fueling solutions to
the commercial trucking industry.
This purchase also includes the most recent design of Chart’s
liquid hydrogen transport trailers, building upon over 57 years of
hydrogen trailer experience. This new trailer is a lightweight
option designed to be pulled by hydrogen electric vehicles.
“We are excited to partner with Nikola and bring
first-of-a-kind, quickly deployable hydrogen solutions to the
market,” stated Jill Evanko, CEO and President.
“Nikola is on a mission to transform the transportation industry
and by aligning with forward-looking companies such as Chart, we
are confident this ambitious goal will be achieved,” said Michael
Lohscheller, President and CEO, Nikola Corporation. “We know our
customers are interested in transitioning to hydrogen quickly and
seamlessly. Solutions like Chart’s hydrogen transport trailers will
play an important part in jump starting a hydrogen ecosystem.”
With a range of up to 500 miles, the Nikola Tre hydrogen
electric vehicle is expected to have among the longest ranges of
all commercially available zero tailpipe emission Class 8 trucks
while realizing weight savings when compared to Class 8 BEVs with
similar range. The Tre hydrogen electric vehicle is well-suited for
a variety of applications ranging from drayage and intermodal to
metro-regional truckload and less than truckload to certain
specialized hauling use cases.
ABOUT CHART INDUSTRIES
Chart Industries, Inc. is a leading independent global
manufacturer of highly engineered equipment servicing multiple
applications in the Energy and Industrial Gas markets. Our
unique product portfolio is used in every phase of the liquid gas
supply chain, including upfront engineering, service and
repair. Being at the forefront of the clean energy
transition, Chart is a leading provider of technology, equipment
and services related to liquefied natural gas, hydrogen, biogas and
carbon capture and storage amongst other applications. We are
committed to excellence in environmental, social and corporate
governance (ESG) issues both for our company as well as our
customers. With over 25 global manufacturing locations from
the United States to China, Australia, India, Europe and South
America, we maintain accountability and transparency to our team
members, suppliers, customers and communities. To learn more,
visit www.Chartindustries.com.
ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation
industry. As a designer and manufacturer of zero-emission
battery-electric vehicles (BEV) and hydrogen electric vehicles,
electric vehicle drivetrains, vehicle components, energy storage
systems, and hydrogen station infrastructure, via the HYLA brand,
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 of each of Chart and Nikola; expectations
regarding the respective business model and strategy; the
expectations regarding projected truck builds and related
specifications and the timing of delivery of hydrogen electric
trucks; the expectations for Nikola’s trucks and market acceptance
of electric trucks; slower than anticipated growth of new clean
energy product offerings; inability to achieve expected pricing
increases or continued supply chain challenges including volatility
in raw materials and supply; 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 general economic, financial, legal, regulatory,
political and business conditions and changes in domestic and
foreign markets; risks related to the conflict between Russia and
Ukraine; the outcome of legal proceedings to which Nikola is, or
may become a party; the conversion of pre-orders into binding
orders; risks related to the rollout of Nikola’s business and the
timing of expected business milestones; the effects of competition
on future business; the availability of capital; and the other
risks and factors detailed from time to time in each of Nikola’s
and Chart’s respective reports filed with the Securities and
Exchange Commission, including factors discussed in Item 1A (Risk
Factors) in Chart’s most recent Annual Report on Form 10-K filed
with the SEC and Nikola’s quarterly annual report on Form 10-K for
the year quarter ended year ended December 31, 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 both Chart and Nikola specifically
disclaim any obligation to update these forward-looking
statements.
NIKOLA MEDIA CONTACTS press@nikolamotor.com
CHART INDUSTRIES MEDIA CONTACTJohn WalshVP,
Investor Relations1-770-721-8899john.walsh@chartindustries.com
Chart Industries (NYSE:GTLS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chart Industries (NYSE:GTLS)
Historical Stock Chart
From Apr 2023 to Apr 2024