PHOENIX, Dec. 23, 2020 /PRNewswire/ -- Nikola
Corporation (NASDAQ: NKLA) announced today that Nikola and Republic
Services (NYSE: RSG) have discontinued their collaboration on
refuse truck development.
The goal of the collaboration was to design and build an
industry-first fully integrated refuse truck based on a
zero-emissions battery-electric drive platform and body while also
integrating multiple new systems into a new state-of-the-art
vehicle.
After considerable collaboration and review, both companies
determined that the combination of the various new technologies and
design concepts would result in longer than expected development
time, and unexpected costs. As a result, the program is being
terminated resulting in the cancellation of the previously
announced vehicle order.
"This was the right decision for both companies given the
resources and investments required," said Nikola CEO Mark Russell. "We support and respect Republic
Services' commitment to achieving environmentally responsible,
sustainable solutions for their customers. Nikola remains
laser-focused on delivering on our battery-electric and fuel-cell
electric commercial truck programs, and the energy infrastructure
to support them."
Nikola has laid out a roadmap that begins deliveries of Nikola
Tre battery-electric semi-trucks in the US in 2021. Nikola is also
planning to break ground on its first commercial hydrogen station
in 2021. The company's fuel-cell-electric semi-trucks will be
produced at Nikola's Coolidge,
Arizona facility beginning in 2023.
About Nikola Corporation
Nikola Corporation is globally transforming the transportation
industry. As 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, Nikola is driven to revolutionize
the economic and environmental impact of commerce as we know it
today. Founded in 2015, Nikola Corporation is headquartered in
Phoenix, Arizona. For more
information, visit www.nikolamotor.com or
Twitter @nikolamotor.com.
Forward Looking
Statements
Certain statements included in this
press release that are not historical facts
are forward-looking statements for purposes of the safe
harbor provisions under the Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally are
accompanied by words such as "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "should," "would,"
"plan," "predict," "potential," "seem," "seek," "future,"
"outlook," and similar expressions that predict or indicate future
events or trends or that are not statements of historical
matters. These forward-looking statements include, but
are not limited to, Nikola's belief that termination was the
right decision for both parties; and Nikola's beliefs regarding the
expected timing of delivery of various business milestones,
including delivery of the Nikola Tre, breaking ground on Nikola's
first commercial hydrogen station and commencement of production of
fuel-cell-electric semi-trucks in Coolidge, Arizona.
These statements are based on various assumptions and on
the current expectations of Nikola's management and are not
predictions of actual performance. Forward-looking
statements are subject to a number of risks and uncertainties
that could cause actual results to differ materially from
the forward-looking statements, including but not limited to:
risks related to the rollout of the company's business and the
timing of expected business milestones, including production
difficulties or delays; the effects of competition on the company's
future business; the availability of capital; general economic,
financial, legal, political and business conditions and changes in
domestic and foreign markets; the potential effects of
COVID-19; the impact of judicial, regulatory or administrative
proceedings to which the company is, or may become a party;
and the other risks discussed under the heading "Risk Factors" in
Nikola's Quarterly Report on Form 10-Q for the quarter
ended September 30, 2020 other
reports and documents Nikola files from time to time with the
Securities and Exchange Commission. If any of these risks
materialize or Nikola's assumptions prove incorrect, actual results
could differ materially from the results implied by
these forward-looking statements. These forward-looking
statements speak only as of the date hereof and Nikola
specifically disclaims any obligation to update
these forward-looking statements.
MEDIA CONTACTS:
Nicole Rose
nicole.rose@nikolamotor.com
480-660-6893
Colleen Robar
crobar@robarpr.com
313-207-5960
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SOURCE Nikola Corporation