HomeCarbon NewsRoadway Revolution: Nikola Accelerates Hydrogen Truck Production

Roadway Revolution: Nikola Accelerates Hydrogen Truck Production

An impressive feat was accomplished this quarter by Nikola Corporation, a trailblazer in the sector. If you’re not currently invested in the zero-emissions transportation world, it’s worth paying attention to growth in the hydrogen sector.

Nikola Corporation Boosts Cash Position by a Stunning $107.1M

This last quarter, Nikola has been an economic powerhouse, boosting its cash position by a remarkable $107.1 million. It has not only managed to cut down on spending, but also doubled its available funds.

We’ve rounded the bend, and profitability is in sight,” said Nikola’s CEO Michael Lohscheller. He assures that Nikola’s revolutionary work towards a greener future in trucking is for the long haul.

Record-breaking Quarter for Nikola’s Retail Sales

But the exciting news doesn’t end there.

Nikola started serial production of its hydrogen fuel cell electric truck on July 31, with the first batch for delivery to eager customers in September. Already, 18 customers have placed orders for over 200 of these trailblazing vehicles, a testament to Nikola’s promise and potential.

Their strategic goals for the quarter? They’ve surpassed them. 

Not only did Nikola sell a record-breaking 66 retail battery-electric trucks and an additional 45 wholesale. They also decreased their cash flow to below their $150 million target. 

As a result, they managed to raise an astonishing $233.2 million. Nikola’s game-changing hydrogen refueling ecosystem has also seen substantial progress.

Nikola’s HYLA Brand: Ensuring Adequate Hydrogen Supply for a Brighter Tomorrow

With their HYLA brand leading the way, Nikola is forging ahead to meet the increasing demand for hydrogen supply as truck sales skyrocket. They’re not alone in their mission, either; they’ve got solid partners to drive the hydrogen refueling ecosystem forward.

Nikola and Voltera have recently teamed up, and they’re already working on setting up eight initial stations. Their first station in Ontario, California will be operational by year’s end.

In a momentous stride towards their capital efficient strategy, the Phoenix Hydrogen Hub project has been acquired by Fortescue Future Industries (FFI), providing validation and future potential for hydrogen demand. This agreement with FFI, to take effect by 2025, will undoubtedly contribute to Nikola’s success in the coming years.

Over in Coolidge, Arizona, Nikola has completed an expansion of their assembly facility. Now, they can build both battery-electric and hydrogen fuel cell electric trucks on their new mixed-model line. They anticipate the assembly line for the fuel cell power module will be completed in the fourth quarter of this year. Plus, a battery pack line is in the works.

The bottom line? Nikola is driving a revolution in the transportation world, and it’s just the beginning. Miss out on this wave, and you might find yourself trailing behind in the dust.

Canada’s First Hydrogen (FHYD) Vehicle Outstrips Expectations

The hydrogen-fueled revolution in vehicle technology is here, and it’s exceeding all expectations. First Hydrogen Corp (FHYD.TSX-V).’s fleet trial with UK utility SSE PLC saw its fuel-cell-powered vehicle hitting a striking 630-kilometer range on a single refuel.

First Hydrogen’s hydrogen fuel cell van prototype
Image: Prototype design of First Hydrogen’s ZEV hydrogen fuel cell delivery van

Drivers sang praises for the quiet, smooth ride that felt similar to diesel in terms of range, minus the damaging emissions. The quick refueling time impressed many, and the vehicle even proved capable of handling longer routes with ease. Its efficient fuel consumption, with an average of 1.58kg H2/100m, and impressive energy management system, which maintained battery charge by regenerative braking, signaled a new dawn in the field.

The trial data shows efficient performance from the fuel cell and suggests that heavier payloads and consistent driving at higher speeds do little to diminish range,” said Steve Gill, CEO of First Hydrogen Automotive. 

Meanwhile, Simon Gray, Head of Fleet Services at SSE PLC, hailed the trial as a game-changer, offering real-world insights that could shape the future of their fleet.

First Hydrogen’s collaboration with SSE is a step towards the latter’s commitment to transition over 3,000 fleet vehicles to electric by 2023. The trial results put them on a promising trajectory.


Disclosure: Owners, members, directors and employees of carboncredits.com have/may have stock or option position in any of the companies mentioned: NKLA

Carboncredits.com receives compensation for this publication and has a business relationship with any company whose stock(s) is/are mentioned in this article

Additional disclosure: This communication serves the sole purpose of adding value to the research process and is for information only. Please do your own due diligence. Every investment in securities mentioned in publications of carboncredits.com involve risks which could lead to a total loss of the invested capital.

Please read our Full RISKS and DISCLOSURE here.

Most Popular
LATEST CARBON NEWS

PM Narendra Modi and Elon Musk to Announce Historic EV Deal

The world's two renowned and powerful figures PM Narendra Modi and Elon Musk will meet in India on April 22. Their camaraderie began back...

FERC Grants Waiver for Solar Project Amidst Local Resistance

The Federal Energy Regulatory Commission (FERC) has granted a waiver to PJM Interconnection LLC, allowing a 210-MW solar project in Indiana to relocate to...

America to See a Surge in Renewable Capacity in 2024

The United States is poised for a significant boost in renewable energy capacity by over 67 gigawatts (GW) in 2024, driven by policy shifts...

Sublime Systems Lands $87 Million Funding from DOE for Low-Carbon Cement

Sublime Systems, a startup pioneering a revolutionary method of producing fossil-fuel-free cement, has been chosen by the U.S. Department of Energy's Office of Clean...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...