hydrogen production

Nikola matures as an electric truck manufacturer

COOLIDGE, Ariz. — Electric truck and hydrogen maker Nikola Corp.’s financial struggles — a  near-record-low stock price, weak cash position and inability to access reasonably priced capital — feed legitimate concerns about its survival. But visit the plant about an hour east of Phoenix and you come away with a different take.

First, the L-shaped production line is full across all 15 assembly stations. Nikola is capable of building five or six Class 8 battery-electric vehicles (BEVs) a day....

https://www.freightwaves.com/news/nikola-matures-as-an-electric-truck-manufacturer

Cummins brands New Power division as future tech-focused Accelera

Cummins Inc. is rebranding its New Power division as Accelera to get more credit for embracing a portfolio of zero-emission propulsion technologies instead of just improving diesel powertrains.

The global power and technology provider is concerned that the public thinks of it primarily as a maker of diesel engines, which has been its identity for more than a century.

Cummins has spent $900 million in research and technology, capital and acquisitions to build a business segment focused on making...

https://www.freightwaves.com/news/cummins-brands-new-power-division-as-future-tech-focused-accelera

Nikola says it may run out of money in next 12 months

Nikola Corp. said in a government filing Thursday that it may run out of money in the next 12 months and have to “modify or terminate” its business.

The startup booked $6.5 million in revenue in the fourth quarter. But the cost of those sales was more than seven times the revenue generated. Such is the life of a startup trying to launch battery-electric vehicles (BEVs) and fuel cell-electric Class 8 trucks and simultaneously start a hydrogen production, distribution and sales business.

While the...

https://www.freightwaves.com/news/nikola-books-q4-revenue-but-it-was-really-expensive

Nikola gets real on hydrogen with 60 stations planned by 2026

Nikola hydrogen pump

Hyperbole about hydrogen pricing helped convict Nikola Corp. founder Trevor Milton of fraud in federal court. On Thursday, the electric truck maker laid out plans for 60 hydrogen stations by 2026, enabled by a raft of federal and state incentives.

That’s a far cry from the 700 stations at $17 million a station that Nikola outlined in its pitch deck in 2020. It’s unclear how much Nikola will pay per kilogram of production. But it probably will be substantially more than Milton’s claim of sub-$4 a...

https://www.freightwaves.com/news/nikola-gets-real-on-hydrogen-with-60-stations-planned-by-2026

Cummins gets $5M boost from DOE to advance hydrogen efforts

Cummins Inc. is getting $5 million — the largest of 19 grants from the Department of Energy — to automate one of three types of a process that turns water into zero-emission green hydrogen. The company sees the fuel as a big revenue producer by mid-decade.

The Columbus, Indiana-based manufacturer of diesel engines and power distribution equipment is rapidly growing its expertise in hydrogen manufacturing. It predicts $400 million in revenue from hydrogen production by 2025.

The DOE Hydrogen and...

https://www.freightwaves.com/news/cummins-gets-5m-boost-from-doe-to-advance-hydrogen-efforts

Trevor Milton rakes in $49M in sale of 3.5M Nikola shares

Former Nikola Corp. (NASDAQ: NKLA) Executive Chairman and founder Trevor Milton pocketed about $49 million from selling 3.5 million shares in the startup electric truck company last week.

Milton is the subject of federal investigations over fraud claims alleged by a short seller that drove the company’s stock price to crater last fall. It is trading in the teens from a high of more than $90 a share following its public debut in June 2020.

With about 20.1% of shares outstanding, Milton remains the...

https://s29755.pcdn.co/news/trevor-milton-rakes-in-49m-in-sale-of-35m-nikola-shares