Nikola eyes deal in Arizona to produce hydrogen for its fuel cell vehicles

Nikola has repeatedly said that it remained confident of signing a deal by year end with an energy partner to build hydrogen-refueling stations.
By : Reuters
| Updated on: 17 Dec 2020, 12:14 PM
Photo of Nikola's first semi truck Tre.
Photo of Nikola's first semi truck Tre.
Photo of Nikola's first semi truck Tre.
Photo of Nikola's first semi truck Tre.

Nikola Corp said it was working on a contract to buy electricity at a lower price in Arizona for producing hydrogen to power its fuel cell vehicles.

The electric and hydrogen fuel cell vehicle company and Arizona Public Service will submit a joint proposal to the Arizona Corporation Commission for approval, Nikola said.

Nikola has repeatedly said that it remained confident of signing a deal by year end with an energy partner to build hydrogen-refueling stations.

(Also read | Once touted as Tesla rival, Nikola forges new path in challenging times)

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Shares of Nikola rose nearly 3% in afternoon trading.

The company had come under investor scrutiny after short-seller Hindenburg Research released a scathing report in September, calling Nikola a "fraud" and saying its founder and former executive chairman, Trevor Milton, had made false claims about the company's proprietary technology.

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Nikola has denied those allegations.

First Published Date: 17 Dec 2020, 12:14 PM IST
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