Nikola Orders Enough Electrolysis Equipment From Nel to Produce 40,000 kgs of Hydrogen Per Day

Nikola Corporation who becomes publicly traded on June 4, 2020 on the Nasdaq (NKLA), signed a purchase order with Nel ASA (Nel, OSE: NEL), for 85-megawatt alkaline electrolyzers supporting five of the world's first 8 ton per day hydrogen fueling stations. Together, these electrolyzers may produce over 40,000 kgs of hydrogen each day.

The purchase order has a value in excess of USD $30 million, and the electrolyzers will primarily be delivered from the new electrolyzer mega-factory currently under development in Norway. This purchase order will support Nikola's five initial stations with 8 ton per day hydrogen production capacity. The remaining equipment will be covered by a separate purchase order that is expected to be finalized within the coming months.

"We are building the largest hydrogen network in the world and I couldn't be prouder to have Nel part of it," said Trevor Milton, Nikola Corporation's founder and executive chairman. "These electrolyzers will support five heavy duty hydrogen stations which will cover multiple states and trucking routes. The future of clean transportation is here, and fleets are lining up to be part of the transition with Nikola."

The framework agreement was one of the key triggers for Nel deciding to develop it's alkaline electrolyzer mega-factory in Norway and has enabled Nikola to reserve capacity in the new plant.

"We're very excited to have reached this landmark milestone with Nikola Corporation. Since our partnership began in 2017, we have been working together to develop a massive large-scale hydrogen fueling station. It's been amazing to see the significant progress made by the Nikola team specific to vehicle development and the station design, and now we are ready to start building," says Jon André Løkke, chief executive officer of Nel.

Source: Nikola Corporation
Date: Jun 3, 2020