PHOENIX — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, and Fortescue Future Industries (FFI) have executed a memorandum of understanding (MOU) to collaborate on and evaluate the co-development of large-scale U.S. green hydrogen production facilities.
Supply of green hydrogen for any potential projects will be underpinned by Nikola as a potential offtaker, which has a large demand for green hydrogen in order to decarbonize the transportation sector and other industries.
FFI’s significant experience and capabilities in hydrogen project development make it an ideal partner for Nikola in the potential development of this project. It is a global green energy company pursuing opportunities in more than 25 countries and a subsidiary of top ten ASX company Fortescue Metals Group Ltd (ASX: FMG). FFI is leading the green industrial revolution by acquiring and developing technology solutions for hard-to-decarbonize industries, while building a global portfolio of renewable energy, green hydrogen and green ammonia projects.
Under the terms of the MOU, Nikola will evaluate green hydrogen offtake opportunities from any other green hydrogen projects being pursued by FFI. The parties will also evaluate the potential co-development of new green hydrogen production and associated infrastructure projects.
“FFI has an ambitious decarbonization strategy and associated investment allocated to lead the decarbonization efforts for one of the biggest resources companies in the world,” said Nikola Corporation President and CEO, Michael Lohscheller. “This MOU will establish the framework for future collaborations as strategic partners for the potential co-development of meaningful energy transition solutions, with a focus on the Phoenix Hydrogen Hub project being led by Nikola today.”
FFI CEO Mark Hutchinson said: “North America has the potential to become the world’s leading green energy heartland. This new partnership demonstrates FFI’s commitment to help decarbonize the transportation sector and enable the world to work towards achieving zero emissions. The incentives in the Inflation Reduction Act also make the US one of the best places in the world to invest in green energy and create a pipeline of new jobs.”
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ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, 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 FORTESCUE METALS GROUP AND FFI
Established in 2003, Fortescue Metals Group (Fortescue) is a global leader in the iron ore industry. As one of the world’s lowest cost iron ore producers, Fortescue is now shipping at an annual rate of over 180 million tonnes with more than 1.7 billion tonnes of iron ore delivered to its customers since 2008. Through our green energy and technology company, Fortescue Future Industries (FFI), we are rapidly diversifying our business to become an integrated, global green energy and resources company. Key to this transition are our industry leading targets to achieve carbon neutrality for Scope 1 and 2 emissions by 2030 and net zero Scope 3 emissions by 2040. FFI is leading the global effort to help decarbonise hard-to-abate sectors and is developing and acquiring the technology and energy supply to help decarbonise Fortescue’s business, while building a global portfolio of renewable green hydrogen and green ammonia projects. fortescue.com