Published by Todd Bush on October 20, 2022
PHOENIX, Oct. 20, 2022 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today issued the following statement highlighting key elements of the Inflation Reduction Act (IRA), signed into law by President Biden this past August. The legislation supports every aspect of Nikola's integrated truck and energy business model from the development of zero-emissions vehicle technology through and including low-cost hydrogen production and dispensing infrastructure deployment.
"The energy and climate investments included in the IRA are anticipated to help accelerate our strategic initiatives and drive new growth opportunities," said Michael Lohscheller, President, Nikola Corporation. "Given the expected scale of our hydrogen business model, and our early mover advantage, we believe Nikola is ideally positioned to benefit from nearly every aspect of the legislation at a scale ahead of current industry participants. The Act is expected to provide significant benefits to Nikola through production and investment tax credits, direct pay provisions, and other incentives that are expected to lower the cost of hydrogen, dispensing infrastructure and trucks for Nikola and our customers. The legislation is projected to enable Nikola and our strategic partners to create more jobs, play a key role in the transition to a low carbon economy, and build on our leadership position in zero-emission transportation."
Nikola's energy business model supports the needs of truck customers who require low carbon hydrogen supply and dispensing stations to support the adoption of fuel cell electric vehicle (FCEV) fleets. The IRA, when combined with other state-based incentives, such as the California Low Carbon Fuel Standard (LCFS), will reduce the overall cost of hydrogen production and dispensing. The required scale of hydrogen supply and dispensing infrastructure for the heavy-duty sector does not yet exist, and Nikola believes the IRA will help support its development activities as the Company and its partners take a leading role in building this critical infrastructure – enabling more sales of zero-emission vehicles (ZEVs) and creating additional value to Nikola's future energy business.
Nikola has begun to implement its hydrogen dispensing station development program in California and announced three station locations in August 2022. Additional stations across the U.S. are in progress and are expected to be announced in the near future. These projects are anticipated to benefit Nikola through the application of the IRA's incentives for hydrogen supply and dispensing station infrastructure development.
Nikola's vehicle and components production is expected to benefit from provisions of the IRA that will reduce the cost of vehicle manufacturing and accelerate customer acquisition.
Together, these incentives are expected to provide value across Nikola's integrated truck and energy business model by driving down the production costs of low carbon hydrogen, reducing infrastructure costs for the construction of hydrogen dispensing stations, and reducing the cost of ownership of a Nikola FCEV to be competitive on a total cost of ownership basis with traditional diesel vehicles.
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit https://www.nikolamotor.com or Twitter @nikolamotor.
Forward-Looking Statement
Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of the IRA to Nikola's business. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola's management. We cannot assure you that forward-looking statements will be achieved and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to, the failure to realize the anticipated benefits of the IRA; design and manufacturing changes, challenges and delays; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; the potential challenges arising from COVID-19; the outcome of legal, regulatory and judicial proceedings to which Nikola is, or may become a party; demand for and customer acceptance of Nikola's trucks; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the rollout of Nikola's business and the timing of expected business milestones, including delivery of trucks for sale; the effects of competition on Nikola's future business; the availability of capital; risks associated with changes in accounting treatment or accounting standards; and the other risks detailed from time to time in Nikola's reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended June 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
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