After market close, Hydrogen and electric vehicle company Nikola Corporation NKLA announced the launch of a new brand and provided several company updates. What Happened: Nikola announced the launch of a new hydrogen energy brand called HYLA on Wednesday at a live event in Phoenix, Arizona.
The company's energy products are used in the company s energy products for producing, distributing, and dispensing hydrogen to fuel its zero-emission trucks. More than 300 people were on site for Nikola's announcement, including media representatives, government officials, fleet and supplier and energy company representatives.
Nikola is the only company that has successfully incorporated a revolutionary new product, the hydrogen fuel cell truck, and the full hydrogen energy infrastructure supply chain under one roof, according to Nikola CEO Michael Lohscheller.
Nikola Energy President Carey Mendes called hydrogen energy the catalyst for the HYLA brand and said the new brand represented the company's focus on supporting its own fuel cell electric vehicles and other OEMs.
Under the HYLA brand, Nikola would have access to up to 300 metric tons of hydrogen per day, covering previously announced projects by the company. The Phoenix Hydrogen Hub would launch with 30 metric tons per day and expand to 150 metric tons in further stages. The construction of the first phase was expected to be completed in the second half of 2024.
By the year 2026, Nikola plans to have 60 hydrogen stations in place under the HYLA brand, with California and Ontario among the first locations.
Nikola Tre FCEV was on hand and was shown at the live event. The vehicle has a range of 500 miles, which is expected to be one of the longest ranges of commercially available zero tailpipe emission Class 8 vehicles. It also comes with weight savings for battery-powered electric Class 8 trucks.
It shouldn't be lost on investors that the Nikola brand could still be associated with Trevor Milton and the past shortcomings of its founder and former CEO.
The unveiling of our Nikola Tre fuel cell truck and flexible mobile fueling trailer shows a real competitive advantage for our customers and is a proof that we are accomplishing what we set out to achieve, Lohscheller said.
It was an in-person event that showcased the new brand and highlighted the Nikola Tre FCEVNikola Tre FCEV, which could increase analyst coverage and call-outs on upcoming catalysts and growth projections for the company.
NKLA Price Action: Nikola shares were up 2.30% to $2.67 on Wednesday versus a 52 week price range of $2.01 to $11.87.
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