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.
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.
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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.
Nikola has denied those allegations.
