• Nikola Motor Company (Nikola), a developer of heavy-duty battery-electric (BEV) and fuel cell electric (FCEV) trucks, has signed a letter of intent with PGT Trucking, a provider of flatbed transportation services, to supply 100 “Nikola Tre” heavy-duty FCEV trucks under a lease agreement. The lease order also includes scheduled maintenance and hydrogen fueling solutions provided by Nikola.

• The order is subject to the successful completion of a Nikola Tre FCEV demonstration, of which the terms are not yet agreed upon.

• The company intends to start making the deliveries by 2023, once the production commences at its Arizona facility as scheduled.

<ul><li> Analyst QuickTake: This agreement adds to Nikola’s 14,000+ FCEV truck pre-orders from customers including AB Inbev and Total Transportation. The news comes just one month after its peer company Hyzon Motors landed a relatively larger deal with Shanghai Hydrogen HongYun Automotive, a logistics company with a focus on FCEVs, to supply 500 hydrogen-powered tractor trucks.</ul>