Nikola, Iveco, OGE Ink Fuel-Cell Hydrogen Distribution Agreement

Electric and hydrogen vehicle producer Nikola Corp NKLA, truck manufacturer Iveco, and German gas network operator OGE inked a preliminary agreement to back hydrogen distribution for fuel-cell electric vehicle (FCEV) refueling, Reuters reports.
Nikola will lead the installation of hydrogen fueling locations for FCEVs, OGE’s hydrogen delivery systems support.
The financial terms of the arrangement were not disclosed.
OGE owned and operated 12,000 kilometers of natural gas pipeline infrastructure network in Germany.
Nikola and Italian-American vehicle maker CNH Industrial NV CNHI unit Iveco are joint venture partners for a battery-electric and hydrogen heavy truck production project. CHN Industrial owned a 7.11% stake in Nikola via Iveco. The sample building of their Nikola Tre FCEV truck is set to begin in 2021.
The testing and validation are estimated to continue till 2022. The production is expected to start in the second half of 2023.
Price action: NKLA shares traded lower by 1.83% at $11.83 on the last check Wednesday.