![](images/Logos/Nikola%20Logo.jpg)
Published January 24, 2023
Fortescue Future Industries (FFI) and
Nikola to Collaborate and Invest
in the Co-Development of Large-Scale U.S. Green Hydrogen Production
Projects
![](images/images_01_26_2023/220223_nikola_hq_q4_SM.jpg)
PHOENIX – January 24, 2023 -- Nikola
Corporation (Nasdaq: NKLA), a global leader in zero-emissions
transportation and energy supply and infrastructure solutions, and
Fortescue Future Industries (FFI) have executed a memorandum of
understanding (MOU) to collaborate on and evaluate the co-development
of large-scale U.S. green hydrogen production facilities.
Supply of green hydrogen for any potential projects
will be underpinned by Nikola as a potential offtaker, which has a
large demand for green hydrogen in order to decarbonize the
transportation sector and other industries.
FFI’s significant experience and capabilities in
hydrogen project development make it an ideal partner for Nikola in
the potential development of this project. It is a global green energy
company pursuing opportunities in more than 25 countries and a
subsidiary of top ten ASX company Fortescue Metals Group Ltd (ASX: FMG).
FFI is leading the green industrial revolution by acquiring and
developing technology solutions for hard-to-decarbonize industries,
while building a global portfolio of renewable energy, green hydrogen
and green ammonia projects.
Under the terms of the MOU, Nikola will evaluate green
hydrogen offtake opportunities from any other green hydrogen projects
being pursued by FFI. The parties will also evaluate the potential
co-development of new green hydrogen production and associated
infrastructure projects.
“FFI has an ambitious decarbonization strategy and
associated investment allocated to lead the decarbonization efforts
for one of the biggest resources companies in the world,” said Nikola
Corporation President and CEO, Michael Lohscheller. “This MOU will
establish the framework for future collaborations as strategic
partners for the potential co-development of meaningful energy
transition solutions, with a focus on the Phoenix Hydrogen Hub project
being led by Nikola today.”
FFI CEO Mark Hutchinson said:
“North America has the potential to become the world’s leading green
energy heartland. This new partnership demonstrates FFI’s commitment
to help decarbonize the transportation sector and enable the world to
work towards achieving zero emissions. The incentives in the Inflation
Reduction Act also make the US one of the best places in the world to
invest in green energy and create a pipeline of new jobs.”
ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation
industry. As a designer and manufacturer of zero-emission
battery-electric and hydrogen-electric vehicles, electric vehicle
drivetrains, vehicle components, energy storage systems, and hydrogen
station infrastructure, Nikola is driven to revolutionize the economic
and environmental impact of commerce as we know it today. Founded in
2015, Nikola Corporation is headquartered in Phoenix, Arizona. For
more information, visit www.nikolamotor.com or
Twitter @nikolamotor.
ABOUT FORTESCUE METALS GROUP AND FFI
Established in 2003, Fortescue Metals Group (Fortescue) is a global
leader in the iron ore industry. As one of the world’s lowest cost
iron ore producers, Fortescue is now shipping at an annual rate of
over 180 million tonnes with more than 1.7 billion tonnes of iron ore
delivered to its customers since 2008. Through our green energy and
technology company, Fortescue Future Industries (FFI), we are rapidly
diversifying our business to become an integrated, global green energy
and resources company. Key to this transition are our industry leading
targets to achieve carbon neutrality for Scope 1 and 2 emissions by
2030 and net zero Scope 3 emissions by 2040. FFI is leading the global
effort to help decarbonise hard-to-abate sectors and is developing and
acquiring the technology and energy supply to help decarbonise
Fortescue’s business, while building a global portfolio of renewable
green hydrogen and green ammonia projects. fortescue.com
FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally are accompanied by
words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and
similar expressions that predict or indicate future events or trends
or that are not statements of historical matters. These
forward-looking statements include, but are not limited to, statements
regarding the company’s expected benefits from the MOU and LOI with
FFI; expectations regarding its business, business model and strategy;
the company’s expectations regarding its projected truck builds and
related specifications; the company’s expectations for its trucks and
market acceptance of electric trucks; and market opportunity. These
statements are based on various assumptions, whether or not identified
in this press release, and on the current expectations of Nikola’s
management and are not predictions of actual performance, including
the parties’ ability to negotiate definitive and binding
documentation. Forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements, including but not
limited to general economic, financial, legal, regulatory, political
and business conditions and changes in domestic and foreign markets;
the potential effects of COVID-19; the outcome of legal proceedings to
which Nikola is, or may become a party; failure to realize the
anticipated benefits of the recently completed business combination;
the conversion of pre-orders into binding orders; risks related to the
rollout of Nikola’s business and the timing of expected business
milestones; the effects of competition on Nikola’s future business;
the availability of capital; and the other risks detailed from time to
time in Nikola’s reports filed with the Securities and Exchange
Commission, including its quarterly report on Form 10-Q for the
quarter ended September 30, 2022 and other documents Nikola files with
the SEC. If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. These forward-looking
statements speak only as of the date hereof and Nikola specifically
disclaims any obligation to update these forward-looking statements.
NIKOLA MEDIA CONTACT
press@nikolamotor.com
FORTESCUE FUTURE INDUSTRIES, INC. MEDIA CONTACT
media@fortescue.com
Green Play Ammonia™, Yielder® NFuel Energy.
Spokane, Washington. 99212
www.exactrix.com
509 995 1879 cell, Pacific.
exactrix@exactrix.com
|