SOURCE: CNH Industrial
DESCRIPTION:
Nikola Corporation (NASDAQ: NKLA), IVECO and OGE today announced they have entered into a letter of intent for a collaboration to establish a business structure for transporting hydrogen via pipeline network from production sources to hydrogen fueling stations in support of fuel-cell electric vehicles (FCEVs). The collaboration is being launched with the intent to further define and formalize the roles and responsibilities of the parties and the required collaboration governance to enable execution of objectives to be stated in definitive agreements.
IVECO, a brand of CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) and a pioneer in the commercialization and manufacture of vehicles powered by alternative fuels, and OGE, an owner and operator of a 12,000 km natural gas pipeline infrastructure network in Germany, will join Nikola, a leading designer and manufacturer of heavy-duty commercial battery-electric vehicles, FCEVs and energy infrastructure solutions, in advancing hydrogen infrastructure to enable progress and growth of FCEVs in alignment with European policy and industry needs. The primary focus of this collaboration is to further develop hydrogen fueling solutions in Germany in support of the European commercial transportation system and to work with industry partners to install safe, reliable and cost-effective storage and fueling locations for FCEVs.
The parties are committed to the development of a hydrogen economy and are focused on implementing the necessary refueling and distribution infrastructure to deliver hydrogen to commercial truck owners safely, reliably and economically.
"Nikola is committed to delivering and advancing industry-leading hydrogen production, distribution and supply," said Nikola's President of Energy and Commercial Pablo Koziner. "We believe this collaboration, in particular, presents a very compelling long-term fueling distribution solution that we expect to advance industry and overall market adoption of FCEV technologies."
"The ecosystem of transport will transform and current business models along the value chain will change with the introduction of hydrogen and battery-powered heavy-duty trucks," said Gerrit Marx, President Commercial & Specialty Vehicles, CNH Industrial. "Our collaboration is a great first step in starting up a growing platform of partnerships to make this a reality here in Europe, which requires entrepreneurial and non-linear thinking across fossil industrial structures."
"OGE is committed to establishing a pipeline infrastructure to transport hydrogen from production sources to critical exit points of distribution," said Dr. Thomas Hüwener, OGE's Chief Technical Officer. "We are proud to play an essential role in enabling fueling station development through our network capabilities and in working towards decarbonizing the economy."
KEYWORDS: NYSE:CNHI, CNH Industrial, IVECO, NIKOLA, OGE
