Nikola Corporation (Nasdaq: NKLA), (Nikola), a global leader in
zero-emissions transportation and energy infrastructure solutions,
and TC Energy Corporation (TSX, NYSE: TRP), (TC Energy), a leading
North American energy infrastructure company, have agreed to
collaborate on co-developing, constructing, operating and owning
large-scale hydrogen production facilities (hubs) in the United
States and Canada. Nikola’s Energy business unit and TC Energy are
actively collaborating to identify and develop projects to
establish the infrastructure required to deliver low-cost and
low-carbon hydrogen at scale in line with each company’s core
objectives. Furthermore, Nikola and TC Energy desire to accelerate
the adoption of heavy-duty zero-emission fuel cell electric
vehicles (FCEVs) and hydrogen across industrial sectors by
establishing hubs in key geographic locations.
A key objective of the collaboration is to establish hubs
producing 150 tonnes or more of hydrogen per day near highly
traveled truck corridors to serve Nikola’s planned need for
hydrogen to fuel its Class 8 FCEVs within the next five years. TC
Energy has significant pipeline, storage and power assets that
potentially can be leveraged to lower the cost and increase the
speed of delivery of these hydrogen production hubs. This may
include exploring the integration of midstream assets to enable
hydrogen distribution and storage via pipeline and/or to deliver
CO2 to permanent sequestration sites to decarbonize the hydrogen
production process.
“We are excited to have a strategic partnership with a North
American energy leader focused on delivering low-carbon and
hydrogen-based energy solutions,” said Nikola President, Energy and
Commercial Pablo Koziner. “This collaboration with TC Energy is
intended to enable the production of hydrogen at quantities and
costs that are required to support customer adoption and use of
FCEVs. TC Energy also offers pipeline distribution capabilities
that will be essential for cost-efficient movement of hydrogen in
the future. Today marks a major step by Nikola in accordance with
its stated energy strategy for the provision of hydrogen fuel
solutions to future Nikola FCEV customers and to public network
fueling stations.”
Both Nikola and TC Energy are committed to reducing the carbon
intensity (CI) of hydrogen produced and delivered to end-use
markets utilizing renewable energy, as well as low-cost natural
gas, renewable natural gas and biomass feedstocks paired with
carbon capture and storage. Nikola and TC Energy are aligned in a
technology agnostic approach to find the best pathway to hydrogen
production for each unique geography that is intended to result in
the lowest CI and a clear pathway to achieve net-zero CI over
time.
“By leveraging our natural gas and power operations footprint,
we see this new partnership as an important first step in
facilitating access to affordable low-carbon production of hydrogen
for the transportation and industrial sector,” said Corey Hessen,
TC Energy’s Senior Vice President and President, Power and Storage.
“TC Energy is focused on our own decarbonization efforts as well as
being the provider of choice for carbon-free energy to the North
American industrial, natural gas and oil sectors. Nikola as a
partner and as a customer aligns well with that approach.”
Nikola and TC Energy will evaluate opportunities to optimize
excess hub supplies to third parties under a joint marketing and
services arrangement.
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 TC ENERGYWe are a
vital part of everyday life - delivering the energy millions of
people rely on to power their lives in a sustainable
way. Thanks to a safe, reliable network of natural gas and
crude oil pipelines, along with power generation and storage
facilities, wherever life happens — we’re there. Guided by our core
values of safety, responsibility, innovation, collaboration and
integrity, our 7,500 people make a positive difference in the
communities where we operate across Canada, the U.S. and
Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at TCEnergy.com.
NIKOLA 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 and objectives of the
agreement and its potential impact on the company’s business; the
company’s expectations regarding its business, business model and
strategy; 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, failure to realize the anticipated benefits or
objectives of the agreement; 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 availability of capital; risks
associated with changes in accounting treatment or accounting
standards; and the other risks detailed from time to time in
reports Nikola files with the Securities and Exchange Commission,
including its annual report on Form 10-Q for the quarter ended June
30, 2021. 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.
TC ENERGY FORWARD LOOKING STATEMENTSThis
release contains certain information that is forward-looking and is
subject to important risks and uncertainties (such statements are
usually accompanied by words such as "anticipate", "expect",
"believe", "may", "will", "should", "estimate", "intend" or other
similar words). Forward-looking statements in this document are
intended to provide TC Energy security holders and potential
investors with information regarding TC Energy and its
subsidiaries, including management's assessment of TC Energy's and
its subsidiaries' future plans and financial outlook. All
forward-looking statements reflect TC Energy's beliefs and
assumptions based on information available at the time the
statements were made and as such are not guarantees of future
performance. As actual results could vary significantly from the
forward-looking information, you should not put undue reliance on
forward-looking information and should not use future-oriented
information or financial outlooks for anything other than their
intended purpose. We do not update our forward-looking information
due to new information or future events, unless we are required to
by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to the most recent Quarterly
Report to Shareholders and Annual Report filed under TC Energy’s
profile on SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov.
NIKOLA MEDIA CONTACTSNicole
Rosenicole.rose@nikolamotor.com480-660-6893Colleen
Robarcrobar@robarpr.com313-207-5960
TC ENERGY MEDIA CONTACTSJaimie Harding /
Jennifer Linkmedia@tcenergy.com 403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:David Moneta /
Hunter Mauinvestor_relations@tcenergy.com 403-920-7911 or
800-361-6522
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