Nikola Gains on Pact With OPAL Fuels for Hydrogen Fueling Stations

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Nikola Gains on Pact With OPAL Fuels for Hydrogen Fueling Stations

By Dhirendra Tripathi

Investing.com – Nikola stock (NASDAQ: NKLA ) rose 1.2% on Thursday after it said it would partner OPAL Fuels to build a network of hydrogen fueling stations.

The two companies will develop, construct, and operate hydrogen fueling stations in North America and promote use of renewable natural gas in hydrogen production.

They will together develop and market hydrogen refueling infrastructure to accelerate the adoption of heavy-duty zero-emission fuel-cell electric vehicles, a joint note by the two companies said.

The partnership will also promote use of renewable natural gas to reduce carbon-intensity in hydrogen production.  

The initial focus of the collaboration is on developing the infrastructure required to service large private fleets that use their own dedicated property fueling infrastructure. Nikola and OPAL will also identify and evaluate opportunities to establish public access hydrogen stations.

The electric vehicle maker’s Tre FCEVs for the North American market are slated for a 2023 launch.

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