After the electric truck manufacturer announced two significant deals for its hydrogen fuel cell cars, Nikola stock (NKLA) is surging higher.
First off, Nikola HYLA’s division and BayoTech’s division, which provides Nikola HYLA’s hydrogen distribution and dispensing solution for commercial trucking applications using hydrogen fuel-cell technology, reached an agreement on a supply agreement. Over the next five years, BayoTech has pledged to buy up to 50 Nikola Class 8 hydrogen fuel cell trucks, with the first twelve trucks scheduled to arrive in 2023 and 2024. According to Nikola, the fuel-cell trucks have a 500-mile driving range.
Buy up to 10 of BayoTech’s HyFill hydrogen transport trailers
Nikola will buy up to 10 of BayoTech’s HyFill hydrogen fuel cell transport trailers as a result of the HYLA partnership with them; these trailers are necessary to transfer high-pressure hydrogen from production sites to refueling stations.
One advisory committee member, Kathryn Curtis, a health scientist of the Centres for Disease Control and Prevention’s division of reproductive health, stated, “The evidence demonstrates that the benefits exceed the risks.”
She continued, “I believe Opill has the potential to significantly improve public health.” The primary concern for proponents of over-the-counter medications is cost.
Second, Bosch, a supplier to Nikola, announced on Thursday at Tech Day 2023 in Stuttgart that it would start mass-producing its fuel-cell power modules, with Nikola acting as its pilot client.
In Nikola’s Class 8 truck, which will begin making its first client deliveries in North America in Q3 of this year, Bosch fuel cells will be employed.
“Only a few businesses, including Bosch, can mass-produce technology as intricate as fuel-cell stacks. We not only possess the necessary systems expertise but also the capacity to rapidly scale up innovative technologies to mass production, according to Markus Heyn, chairman of Bosch Mobility and a member of the Bosch board of directors. According to Bosch, it will spend $2.8 billion on hydrogen fuel technologies by 2026.
Producing “between 375 and 500 trucks” this year
The company anticipates producing “between 375 and 500 trucks” this year, according to Nikola CEO Michael Lohscheller, who also stated that the company intends to temporarily halt production at its Coolidge, Arizona, plant to modify the assembly line to accommodate both hydrogen fuel cell and battery electric assembly. Assembling battery-electric vehicles on a “build-to-order” basis and increasing production of its hydrogen fuel cell trucks are other priorities, according to the business.
It hasn’t been all good news for Nikola lately; three weeks ago, a fire at its Arizona headquarters destroyed several battery-powered trucks. At the time Nikola claimed there was “foul play,” but the Phoenix Fire Department wrapped up their inquiry and found “no evidence at all of arson,” meaning a possible battery issue may have been the cause of the fire.