Nikola can now move ahead with its proposal to double its outstanding shares to 1.6 billion from 800 million. Issuing new shares to raise funds is critical for its pivot to producing hydrogen fuel cell trucks and building out HYLA, its hydrogen production and distribution network.
The company’s stock price has rallied as it has made headway in recent weeks. Nikola’s share closed at $3.40 on Thursday, a 534 percent increase since closing at a one-year low of 54 cents on June 6.
On Monday, Nikola announced it won an order for 13 zero-emission Class 8 trucks from J.B. Hunt Transport Services, one of the nation’s largest motor carriers. The order covers 10 battery-electric big rigs and three hydrogen fuel cell trucks. And Bosch said last month that it has started production of the fuel cells for Nikola’s trucks.
The trucking company plans to use the tractors along key trucking routes in the greater Los Angeles and Phoenix areas. Nikola’s hydrogen arm, HYLA, will supply the hydrogen and fueling infrastructure.
“These zero-emission trucks from Nikola advance our progress towards achieving our ambitious goal to reduce carbon emission intensity through viable solutions,” said Nick Hobbs, chief operating officer and president of contract services at J.B. Hunt.
J.B. Hunt operates a fleet of 21,000 trucks and is ordering handfuls of zero-emission vehicles from various manufacturers as part of a goal to slash carbon emissions by 32 percent from a 2019 baseline by 2034.
Nikola said Wednesday that it had surpassed 200 sales orders for its Class 8 hydrogen fuel cell tractors. The order book represents 18 customers.
