The funds are a positive development for the company, which recently announced job cuts and seeks to raise cash by issuing new shares.
Nikola, a cash-strapped maker of zero-emission heavy-duty trucks, said it’s received grant funding from California to build some of the first U.S. fueling stations for hydrogen-powered semis, an alternative to carbon-spewing diesel models. Some may open as soon as late this year.
The Phoenix-based company said the California Transportation Commission awarded it $41.9 million to build six heavy-duty hydrogen stations in Southern California. They’ll operate under the HYLA brand Nikola launched this year with its partner Voltera and be located along high-volume freight corridors near Los Angeles, San Diego and in the Mojave Desert region.
The grant “will allow us to accelerate the deployment of zero-emissions hydrogen refueling infrastructure, which is vital for the successful launch of our hydrogen fuel cell electric trucks in July,” Carey Mendes, president of Nikola Energy, said in an emailed statement. The announcement is much-needed good news for a company that needs to raise substantially more capital to create a viable business selling zero-emission trucks. Nikola last month said it wasacross its operations to help reduce expenses, and it’s also seeking to raise more money by issuing new shares.
Currently, there are virtually no public hydrogen fuel stations in the U.S. designed to handle semi-trucks, though California hasSeparately, Nikola said itShares of Nikola gained 4.4% to close at $1.43 in Nasdaq trading on Wednesday.
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