Nikola pushes forward with hydrogen hub mortgage course of (NASDAQ:NKLA)

Nikola Company (NASDAQ:NKLA) introduced that the Division of Power Mortgage Program Workplace has invited its Phoenix Hydrogen Hub LLC challenge mortgage software into Half II of its software course of.

The appliance for a mortgage assure beneath the Modern Clear Power tasks solicitation may quantity to as much as $1.3B for a renewable electrolytic hydrogen manufacturing facility that might produce as much as 150 metric-tons of hydrogen per day.

Nikola (NKLA) famous that the applying course of is wholly depending on the outcomes of the Division of Power evaluate and analysis of a Half II Software, and DOE’s willpower whether or not to proceed.

The Phoenix Hydrogen Hub LLC owns 920 acres of undeveloped land in Arizona the place the ability is deliberate to be sited to help the deployment of Nikola’s (NKLA) heavy responsibility, zero-emission gasoline cell electrical automobiles and hydrogen refueling stations in California and the U.S. Southwest. The hub is predicted to be in-built phases to scale with the demand created from Nikola’s zero-emission vans, beginning with 30 metric-tons, and increasing as much as 150 metric-tons of hydrogen per day, with enlargement potential because the demand for clear hydrogen within the area expands. Development of the primary part is anticipated to be accomplished in 2024, as soon as ultimate funding selections and customary regulatory approvals are finalized.

Shares of Nikola (NKLA) rose 0.76% premarket on Thursday to $2.64 vs. the 52-week buying and selling vary of $2.27 to $12.14.