Nikola Announces Phoenix Hydrogen Hub Llc Project Invited Into Phase Ii of U.S. Department of Energy $1.3 Billion Loan Application Process

PHOENIX — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that the Department of Energy Loan Program Office (LPO) has invited its Phoenix Hydrogen Hub LLC project loan application into Part II of its application process. The project loan application was submitted on May 26, 2022 and has now progressed through the Part I review.

The application for a loan guarantee under the Innovative Clean Energy projects solicitation could amount to up to $1.3 billion for a renewable electrolytic hydrogen production facility that could produce up to 150 metric-tons of hydrogen per day. The application process is wholly dependent on the results of the Department of Energy (DOE) review and evaluation of a Part II Application, and DOE’s determination whether to proceed.

The Phoenix Hydrogen Hub LLC owns 920 acres of undeveloped land in Maricopa County, Ariz.  where the facility is planned to be sited to support the deployment of Nikola’s heavy duty, zero-emission fuel cell electric vehicles (FCEVs) and hydrogen refueling stations in California and the U.S. Southwest. The hub is expected to be built in phases to scale with the demand created from Nikola’s zero-emission trucks, starting with 30 metric-tons, and expanding up to 150 metric-tons of hydrogen per day, with expansion potential as the demand for clean hydrogen in the region expands. Construction of the first phase is anticipated to be completed in 2024, once final investment decisions and customary regulatory approvals are finalized.

“This hub is intended to provide urgently needed renewable-based energy solutions and a pathway to a decarbonized transportation sector,” said Nikola President, Energy, Carey Mendes. “What’s more, it is expected to support clean hydrogen use in additional applications such as industrial, residential, and commercial heating, as well as for decarbonizing natural gas and power generation.”

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.