What's Going On With Nikola Stock Today?

Nikola Corp NKLA shares are trading higher Tuesday. The company announced it was awarded an additional $16.3 million to support seven open-network hydrogen refueling stations.

What To Know: Nikola highlighted new government funding awards collectively valued at $16.3 million. The awards include $3.3 million from the EnergIIZE West Sacramento California Energy Commission, $1.6 million from the Mobile Source Air Pollution Reduction Review Committee, $7 million from SacMetro AQMD, and $4.4 million from South Coast AQMD. 

The recent string of government funding follows the previously announced Trade Corridor Enhancement Program grant award, which is valued at $41.9 million. Nikola said total grants have now climbed to $58.2 million and build on the company's strategic partnership with Volterna to develop up to 50 HYLA stations across North America over the next 5 years. 

"The California grant awards and government funding demonstrate the strong support for the Nikola hydrogen infrastructure brand HYLA's mission of establishing a comprehensive zero-emission transportation solution to help fleets achieve climate goals and improve air quality in the most impacted communities," said Carey Mendes, president of Nikola Energy. 

The news comes after Nikola shares rallied more than 17% on Monday following an announcement that JB Hunt Transport would purchase 13 Nikola zero-emission Class 8 trucks.

Nikola also commenced production of its hydrogen fuel cell electric truck with an estimated range of 500 miles, according to a new tweet from the company.

See Also: Nikola Starts Production Of 'Saleable' Hydrogen Fuel Cell Electric Trucks With 500-Mile Range

Nikola will hold its annual meeting of stockholders on Thursday. The company is expected to report earnings for the second quarter in approximately two weeks.

NKLA Price Action: Nikola shares were up 20.2% at $3.21 at time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.