As of today, we have built seven (7) Nikola Tre FCEV alphas, comprised of two (2) in Ulm and five (5) in Coolidge.
Division of Enforcement at the SEC have been engaged in discussions regarding a resolution of the SEC’s investigation. The company expects that, if approved, the resolution would include a $125 million civil penalty paid in installments over time. Final resolution of this matter is subject to documentation satisfactory to all the parties, and completion of any settlement is contingent on a vote of the Commissioners of the SEC.
In addition, the Company intends to seek reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations.
On October 20, 2021, we entered into a long-term supply agreement with LG Energy Solution, LTD. This supply agreement will provide additional battery cells for our trucks beginning in 2022 through 2029.
We also continue to hit milestones for the development of the Tre fuel cell electric vehicle or FCEV. We’ve built 2 alpha trucks in Ulm and 5 in Coolidge so far. These trucks are currently undergoing track testing at various locations in Europe and in the United States in preparation for our public road release, which is scheduled by the end of the year.
The road release will fall a 10-week validation and testing period after which we’ll start road trials with several customers in California in January
The long-term story on Nikola (NKLA) is still attractive to BTIG and the potential for the hydrogen side of the business is viewed to be worth close to $30 per share as a standalone, but the firm is waiting for more tangible signs of execution before turning constructive again.
We are pleased to bring this chapter to a close as the company has now resolved all government investigations. We will continue to execute on our strategy and vision to deliver on our business plan, including delivering trucks to customers, expanding our manufacturing facilities and our sales and service network, and building out our hydrogen infrastructure ecosystem including hydrogen production, distribution and dispensing stations.
Under the terms of the resolution, Nikola neither admits nor denies the SEC’s findings in this matter.
The company has taken action to seek reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations"
Upon the successful initial deployment of 10 units into their bulk transport operation, Heniff and Thompson have agreed to pursue the placement of an additional 90 trucks into Heniff’s fleet.
This collaboration includes a Letter of Intent (LOI) to purchase or lease 100 Nikola Tre heavy-duty battery electric vehicles (BEVs) following the satisfactory completion of a demonstration program.
The demonstration program will include three BEV trucks to be operated in separate locations across the Saia network and is expected to begin in the first half of 2022. Deliveries of 100 production vehicles are intended to occur between 2022 and 2024 with the initial 25 targeted for 2022.
This collaboration includes a Letter of Intent (LOI) for 10 Nikola Tre battery-electric vehicles (BEVs) and 40 Nikola Tre fuel cell electric vehicles (FCEVs), following the satisfactory completion of a Nikola Tre BEV and Nikola Tre FCEV demonstration program. Delivery to Covenant of the first Tre BEV truck and mobile charging trailer for testing is anticipated to occur in Q2 2022, with the Tre FCEV testing expected to follow in 2023.
With this approval, purchasers of the [Nikola Tre BEV] can now qualify for an incentive valued at $120,000 per truck, helping to reduce the total cost of ownership for any purchaser operating in the state of California.
New strategic collaboration expected to power the Nikola Tre BEV and Tre FCEV with Proterra battery technology
Multi-year supply agreement represents Proterra Powered’s expansion into the Class 8 truck market
Proterra product is expected to be incorporated in the Nikola Tre battery-electric vehicle (BEV) and Tre fuel cell electric vehicle (FCEV). The first Proterra Powered Nikola semi-trucks are expected to be produced in the fourth quarter of 2022, with Proterra delivering prototype systems to Nikola starting in the second quarter of 2022.
