15 Nikola Tre FCEVs Headed to Biagi Bros. Inc. in California in Q4 2023

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Jan 25, 2023, 08:00 ET

PHOENIX, Jan. 25, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that Biagi Bros. Inc. plans to take delivery in the fourth quarter of 2023 of 15 Nikola Tre hydrogen fuel-cell electric vehicles (FCEVs) in Ontario, Calif. The FCEV trucks are expected to put in over 100,000 miles per year, to support the round-the-clock operations.

Biagi Bros. Inc. plans to take delivery in the fourth quarter of 2023 of 15 Nikola Tre hydrogen fuel-cell electric vehicles (FCEVs) in Ontario, Calif. The FCEV trucks are expected to put in over 100,000 miles per year, to support round-the-clock operations.

"These initial 15 Nikola Tre FCEVs are part of Biagi Bros. commitment to transition their fleet to zero-emissions," said Michael Lohscheller, Nikola's President and CEO. "In addition, the trucks will be fueled at the previously announced hydrogen station in Ontario, Calif."

"Biagi Bros. has been successfully testing Nikola's Class 8 FCEV beginning in January of 2022," said Andrea Biagi, President of Biagi Bros. "After logging more than 12,000 miles, we are extremely pleased with the performance and specification of the trucks, and we are ready to move forward to officially build our zero-emission fleet later this year."

Nikola recently announced that it has received a California Air Resources Board (CARB) Zero-Emission Powertrain Executive Order that is a requirement for the Nikola Tre FCEV to be eligible for CARB's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP) program.

Upon final HVIP approval, purchasers of the Nikola Tre FCEV in 2023 may be able to qualify for California's state-based incentive valued at $240,000 per truck; $270,000 per truck for drayage fleets; or up to $288,000 per truck for fleets with (i) 10 trucks or less, (ii) performing drayage operations, and (iii) located within a disadvantaged community area. Eligible non-drayage fleets may secure up to 30 HVIP vouchers and drayage fleets may secure up to 50 vouchers.

In addition to the funding provided by HVIP, purchasers of Nikola's Tre FCEVs will also qualify for an additional $40,000 clean commercial vehicle tax credit in 2023 from the federal government due to the passage of the Inflation Reduction Act.

With a range of up to 500 miles and an estimated fueling time of less than 20 minutes based on technology improvements, the Nikola Tre FCEV is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 tractors while realizing weight savings when compared to BEV Class 8 trucks with similar range. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.

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.

FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company's expectations regarding its business, business model and strategy; the expected benefits of the company's relationship with Biagi Brothers; the company's expectations regarding its projected truck builds and related specifications; the company's expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, including receiving a purchase order for trucks from Biagi Brothers, and on the current expectations of Nikola's management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola's business and the timing of expected business milestones; the effects of competition on Nikola's future business; the availability of capital; and the other risks detailed from time to time in Nikola's reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.