Nikola, the electric-truck maker, experienced a significant surge in its stock price after announcing that hydrogen producer BayoTech has placed an order to purchase its vehicles. The shares of Nikola soared by over 25% to $1.73 in morning trading, although they have still witnessed a decline of more than 67% over the past year.
Under the terms of the agreement, BayoTech will acquire up to 50 Nikola Class 8 fuel cell electric vehicles within the next five years. In turn, Nikola will purchase low-carbon hydrogen from BayoTech, and also up to 10 BayoTech HyFill transport trailers.
BayoTech intends to utilize the purchased Nikola trucks alongside their BayoTech HyFill bulk hydrogen transport trailers for the distribution of low-carbon hydrogen at their production centers. According to Nikola, the initial batch of 12 trucks is expected to be delivered to BayoTech between 2023 and 2024.
Furthermore, Nikola plans to receive deliveries of low-carbon hydrogen from BayoTech’s Missouri hydrogen hub this year, followed by their California hydrogen hub next year. The automaker will leverage the BayoTech transport trailers it acquires to distribute gaseous hydrogen from the BayoTech production facilities to electric vehicle (EV) refueling stations.
