Nikola Stock Is Rocketing Higher Thursday: What's Going On?

Nikola Corp NKLA shares are trading higher on above-average volume. The company on Thursday announced an agreement with BayoTech to advance reliable hydrogen supply for commercial fuel cell electric vehicle fleets.

What To Know: Nikola's strategic supply agreement with BayoTech includes Nikola Class 8 hydrogen fuel cell electric trucks and BayoTech HyFill bulk hydrogen transport trailers, as well as hydrogen from BayoTech's network of hubs.

Nikola expects to take delivery of BayoTech-produced hydrogen in Missouri this year and California in 2024. Nikola plans to acquire up to ten of the company's transport trailers to facilitate distribution. 

BayoTech said it will purchase up to 50 Nikola Class 8 fuel cell EVs over the next five years. The first 12 will be delivered in 2023 and 2024. 

"BayoTech's low-carbon hydrogen fuel and transport equipment will play an important part in supporting the adoption of Nikola's Class 8 fuel cell electric zero-emission trucks," said Michael Lohscheller, president and CEO of Nikola.

Nikola's average session volume over a 100-day period is just under 50 million, according to Benzinga Pro. Thursday's trading volume has already exceeded 173 million at publication time.

Nikola is 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.

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NKLA Price Action: Nikola shares were up 48.2% at $2.04 at the time of writing, per Benzinga Pro.

Photo: courtesy of Nikola.