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Nikola Stock Jumps after Announcing Collaboration with PGT Trucking

Investing.com
·1-min read

By Sam Boughedda

Investing.com — Hydrogen-electric vehicle maker Nikola Corp (NASDAQ:NKLA) shares rose 0.7% on Thursday after it announced a collaboration with transportation company PGT Trucking.

After completing a demonstration program, the collaboration between Nikola and PGT (NYSE:PGTI) includes a letter of intent (LOI) to lease 100 Nikola Tre heavy-duty fuel cell electric vehicles (FCEVs).

"We believe our FCEVs will help PGT further their objectives to continuously improve driver experience, reduce their carbon footprint and increase the efficiency of their operations while providing great value to their customers," said Pablo Koziner, Nikola's president of Energy and Commercial.

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While the lease terms are yet to be agreed upon, they will include scheduled maintenance and hydrogen fueling solutions.

Nikola says the Tre FCEV has an anticipated range of up to 500 miles, and it is expecting to begin deliveries to PGT in 2023 once production begins at its Arizona manufacturing facility.

"This partnership will give us the opportunity to offer progressive transportation solutions to our customers, while aligning with corporate-driven sustainability initiatives, and reducing their carbon footprint using innovative energy sources," commented Gregg Troian, president of PGT Trucking.

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