Nikola stock soars 62% after disclosing hydrogen truck sale - Seeking Alpha
Nikola stock soars 62% after disclosing hydrogen truck sale | Seeking Alpha
Nikola soars 62% after disclosing hydrogen truck sale
Nikola Corporation (NKLA) By:
Clark Schultz, SA News Editor
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Nikola (NASDAQ: NKLA) ended the day up 62% after announcing BayoTech will purchase up to 50 Nikola Class 8 fuel cell EVs over the next five years, with the first twelve trucks being delivered in 2023 and 2024. For its part, Nikola (
BayoTech will purchase up to 50 Nikola Class 8 fuel cell EVs over the next five years, with the first twelve trucks being delivered in 2023 and 2024.
"Nikola and BayoTech are united by a common goal of providing reliable access to hydrogen throughout the U.S.," stated Nikola ( NKLA) Chief Executive Officer Michael Lohscheller. "BayoTech's low-carbon hydrogen fuel and transport equipment will play an important part in supporting the adoption of Nikola's Class 8 fuel cell electric zero-emission trucks," he added.
Shares of Nikola ( NKLA) closed at $2.23, which was the highest trading level since late February and put the stock back over its 200-day moving average. It was the biggest single-day rally for Nikola since June of 2020. Short interest on NKLA is at 21.05% of total float. Of note, Nikola ( Seeking Alpha's Catalyst Watch as a stock that could see some additional volatility.
Related Knowledge Center: ENERGY BASICS: hydrogen
Hydrogen, long seen as a theoretical if not practical alternative to petroleum-based transportation fuels, is once again having a day in the sun as industries promote “green hydrogen,” produced using renewable resources.