WattEV to Take Delivery of First Batch of 14 Nikola TRE BEV Trucks

PHOENIX and LONG BEACH, Calif., May 3, 2023 /PRNewswire/ -- Nikola Corporation (NASDAQ: NKLA), a global leader in zero-emissions transportation, energy supply and infrastructure solutions, via the HYLA brand, and WattEV, a Long Beach-based developer of charging infrastructure for heavy-duty trucks and provider of electric trucks as a service (TaaS), today announced the upcoming sale and delivery of 14 Nikola Tre battery-electric vehicles (BEVs). The sale is being financed with a long-term lease between Mitsubishi HC Capital America and WattEV.

WattEV is building powerful public charging depots to serve fleets of commercial BEVs. WattEV also provides electric trucks as a service (TaaS) to meet the needs of shippers and fleet operators committed to meeting California's mandates towards zero-emissions. WattEV's first of four charging depots in Southern California will open for service at the Port of Long Beach with access to Interstate 710 and 110 starting in May 2023. Nikola trucks can use the WattEV depots for daily charging.

"WattEV's mission aligns with Nikola's zero-emission vision to address the infrastructure pain point in support of the transition to zero-emissions by placing commercial truck charging solutions at all their depots," said Michael Lohscheller, President and CEO, Nikola Corporation. "We anticipate the availability of WattEV's charging depots will play a significant role in industry adoption and provide customers with immediate zero-emission solutions."

WattEV CEO Salim Youssefzadeh says his company aims to reduce charging times significantly.

"We have been running a pilot test with Nikola battery-electric trucks for the past six months and are quite satisfied with the energy efficiency of the trucks and the ongoing technical support. Nikola's customer-centric approach to meet our requirement for transition from CCS to MCS charging will be a game changer, which will allow us to rapidly expand our fleet size," Youssefzadeh said.

The Combined Charging System (CCS) is the current charging standard for heavy-duty e-trucks, while faster charging systems are under development.

The higher-power Megawatt Charging System (MCS) is expected to become the worldwide standard for fast-charging of medium and heavy-duty commercial vehicles reducing the typical charge sessions to less than 30 minutes.

The Nikola Tre BEV is eligible for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) program funded by the California Air Resources Board (CARB). With this approval, purchasers of the BEV can now qualify for an incentive valued at $120,000 per truck, and up to $150,000 for drayage fleets, helping to reduce the total cost of ownership for any purchaser operating in the state of California.

Launched by CARB in 2009, HVIP is the earliest program in the U.S. to demonstrate the function, flexibility, and effectiveness of a limited pool of first-come first-served incentives that reduce the incremental cost of clean commercial vehicles.

HVIP is administered by CALSTART, a national clean transportation nonprofit consortium, on behalf of CARB. With a range of up to 330 miles, the Nikola Tre BEV is expected to have the longest range among the current HVIP eligible Class 8 tractors. The Tre's cabover design is ideal for metro-regional applications because it has improved visibility and maneuverability, along with a smooth and quiet ride free of the smell of diesel emissions.

Both Nikola (booth #6494) and WattEV (booth #5815) are at the Advanced Clean Transportation Expo May 1-4, 2023, where the Nikola Tre BEV and FCEV are on display and available for the ride and drive portion of the event.

WattEV is featuring its MCS charger at ACT Expo and is hosting the Vehicle Interoperability Testing Symposium May 9-11, 2023, at WattEV's Charging Depot at the Port of Long Beach, with high capacity chargers capable of charging more than 100 truck a day. The Nikola Tre BEV will be showcased at the event.

ABOUT NIKOLA CORPORATION

Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric vehicles (BEV) and hydrogen electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, 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 www.nikolamotor.com or Twitter @nikolamotor.

ABOUT WATTEV

WattEV's mission is to accelerate the transition of U.S. trucking transport to zero emissions. Using a combination of business and technology innovations, WattEV develops charging infrastructure and data-driven workflow that provide truckers and fleet operators the lowest total cost of ownership. WattEV's goal is to put 12,000 heavy-duty electric trucks on California roads by the end of 2030, exceeding existing forecasts. More information is available online at www.WattEV.com.

FORWARD LOOKING STATEMENTS

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the federal securities laws. 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 expectations regarding Nikola's business model and strategy; expected benefits from Nikola vehicles charging at WattEV depots; the expectations for Nikola's trucks and market acceptance of electric trucks; and the expected benefits of TaaS. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola's management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; risks related to the conflict between Russia and Ukraine; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola's business and the timing of expected business milestones; the effects of competition on future business; the availability of capital; and the other risks and factors detailed from time to time in Nikola's reports filed with the Securities and Exchange Commission, including the risks discussed in Nikola's annual report on Form 10-K for the year ended December 31, 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.

SOURCE Nikola Corporation