Nikola shares gain 18% after Bulk Transport Co. signs letter of intent to buy 100 zero-emission trucks

The shares of Nikola Corp. traded high after the company announced that Heniff Transportation Systems LLC had signed a letter of intent to purchase 100 zero-emission trucks from Thompson Truck Center and Nikola.

Zero-emission transport and energy infrastructure solutions
Nikola Corp. (NKLA: NASDAQ), announced yesterday that “Heniff Transportation Systems LLC has entered into an agreement to initially acquire 10 Nikola Tre BEV trucks from Thompson Truck Centers, a member of the Nikola sales and service dealer network.”

Nikola is a well-known and promising designer and manufacturer of battery electric vehicles (BEVs) for commercial use and fuel cell electric vehicles (FCEVs). In addition, the company manufactures products for use in the construction of electric power infrastructure.

The report states that Heniff Transportation Systems operates more than 2,000 tractors at over 100 locations in the United States.

Under the terms of the agreement, Thompson Truck Centers will provide Heniff Transportation with the sales, service, maintenance and energy infrastructure necessary to operate its Nikola TRE BEV truck fleet. The companies have indicated that the first truck deliveries will begin in H1 / 22.

The report mentions that once the first 10 units are successfully integrated into Heniff’s bulk transport operations, the company anticipates that it will take orders for an additional 90 trucks in Heniff’s fleet, as stated in the letter from agreement between companies.

Bob Heniff, CEO of Heniff Transportation Systems, commented: “After visiting the Nikola management team, touring the new manufacturing facility in Coolidge, Arizona and testing the Nikola Tre BEV, we were impressed by the power, performance, engineering and quality of the truck… We see this partnership with Nikola and Thompson as a way to accelerate our strategy of electrification of our fleet and as a positive benefit for our customers, our communities, our employees and stakeholders.

Mark McDonell, Chief Operating Officer of Thompson Machinery, said: “With the rapid regulatory changes affecting electric vehicles, it is important for Thompson to provide our customers with innovative products that will meet new zero emission standards for transportation. … This partnership with Heniff Transportation is a first step in their journey to add zero emission vehicles to their fleet. “

Nikola’s Energy and Commercial President Pablo Koziner said: “The Nikola dealer network is a key component in providing innovative zero-emission products to our customers… Thompson will provide the sales, parts and service solutions for Nikola trucks purchased by Heniff as well as electric vehicle charging infrastructure. This agreement is intended to be a true turnkey solution, with the aim for Heniff Transportation to achieve zero emission transportation with first class dealer support.

Thompson Truck Centers is a subsidiary of Thompson Machinery, which started out as a single-family GMC truck dealership. Since then, the company has grown considerably to become one of the leading construction equipment dealers. The company provides maintenance and repair services for most makes and models of medium and heavy trucks, including zero emission vehicles.

Earlier this week, Nikola Corp. announced that it had reached an agreement with the United States Securities and Exchange Commission (SEC). The company said it had agreed to pay a total of $ 125 million in civil fines in five installments over a two-year period.

The company noted that it had neither admitted nor denied the SEC’s findings in the case and added that the agreed settlement resolves and concludes all government investigations into Nikola.

The company said that during Q3 / 21 it took a $ 125 million profit adjustment to its reserves in preparation for the expected settlement. Nikola mentioned that the first of five payments is expected to be paid by YE / 21, with the remaining four payments payable semi-annually over the next two years.

Nikola said his plans for the future are to continue its strategic efforts to “deliver trucks to customers, expand its manufacturing facilities and our sales and service network, and develop its hydrogen infrastructure ecosystem, including hydrogen production, distribution and distribution stations “.

Nikola Corp. was founded in 2015 and is headquartered in Phoenix, Arizona. The company designs and manufactures zero emission hydrogen and battery electric vehicles (EVs), energy storage systems, electric vehicle transmissions, vehicle components and infrastructure for hydrogen refueling. stations.

Nikola started the day with a market cap of around $ 3.8 billion with around 406.9 million shares outstanding and short interest of around 12.6%. NKLA shares opened 5% more today at $ 9.87 (+ $ 0.47, + 5.00%) from yesterday’s closing price of $ 9.40. The stock traded today between $ 9.79 and $ 11.50 per share and is currently trading at $ 11.09 (+ $ 1.69, + 17.98%).


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