What's Going On With Nikola Stock Today?

Nikola Corporation NKLA shares are moving on Thursday. The company announced Fortescue Future Industries (FFI) will acquire Nikola's Phoenix Hydrogen Hub project.

What To Know:

On Wednesday, Nikola announced that FFI will acquire the company's Phoenix Hydrogen Hub project and will provide the capital and resources required to fully develop the project. The acquisition of the Phoenix Hydrogen Hub marks the first project announced as part of the Memorandum of Understanding (MOU) signed in Jan. 2023 between the two companies.

Nikola and FFI are also collaborating on the development of a hydrogen supply agreement to support Nikola's hydrogen fuel cell electric vehicle demand.

"Nikola's priority is to see more zero-emission trucks on the road and this acquisition by FFI will greatly strengthen one of the country's first and most important hydrogen hubs," said Nikola President and CEO, Michael Lohscheller.

"FFI's acquisition of this project is a significant milestone as we work to create an all-important local connective infrastructure to accelerate the use of hydrogen to fuel zero-emission vehicles."

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NKLA Price Action: According to data from Benzinga Pro, Nikola shares are trading 0.19% lower at $2.59 at the time of publication.

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