Plug Power to purchase up to 75 Nikola Tre hydrogen fuel cell electric vehicles
Nikola Corporation (Nasdaq: NKLA) and Plug Power (Nasdaq: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, today announced a strategic relationship focused on moving the hydrogen economy forward.
The Nikola Tre fuel cell electric vehicle (FCEV) is an industry leading, hydrogen-powered cabover for longer or continuous metro-regional applications and is expected to have a range of up to 500 miles. Plug will purchase up to 75 Nikola Tre FCEVs over the next three years, with the first trucks being delivered in 2023. The Nikola trucks will help to deliver green hydrogen to customers in North America as part of Plug’s commitment to advancing the decarbonization of energy. The acquired FCEVs will be paired with Plug’s liquid hydrogen tankers, which are recognized as market-leading trailers manufactured with unprecedented over-the-road payloads.
Nikola’s recently announced hydrogen hub project, located in the City of Buckeye, Ariz., is currently going through a permitting and rezoning process, with the procurement of long-lead equipment also underway. Plug has been selected to provide its fully integrated liquefaction system for the project which will be engineered to produce 30 metric-tons per day in its first phase, scaling up to 150 metric-tons per day. The low carbon hydrogen supply from the hub will further support the deployment of the Nikola Tre FCEV program and Nikola’s hydrogen energy business.
The companies have also executed a 125 metric-tons per day Green Hydrogen Supply Agreement. This innovative green hydrogen supply and offtake partnership is expected to provide Nikola with a minimum of 100 metric-tons per day of hydrogen, with the option to increase volume over time, and will allow Nikola to source hydrogen from multiple locations across the country as Plug continues to bring on new supply facilities.
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