Nikola (NASDAQ:NKLA) jumped 26% on Thursday morning amid news of a partnership with BayoTech.
BayoTech will purchase up to 50 Nikola Class 8 hydrogen fuel cell electric vehicles for zero-emission hydrogen transport. Meanwhile, Nikola (NKLA) will buy low-carbon hydrogen from BayoTech’s Missouri and California hydrogen hubs and up to 10 BayoTech HyFill transports for bulk hydrogen delivery to customer refueling stations.
Nikola expects to take delivery of low-carbon hydrogen produced by BayoTech in Missouri this year and California in 2024. Nikola plans to acquire up to 10 BayoTech HyFill transport trailers.
“Nikola and BayoTech are united by a common goal of providing reliable access to hydrogen throughout the U.S.,” NKLA Chief Executive Officer Michael Lohscheller said. “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.”
NKLA is down nearly 72% over the past 12 months and is a highly-shorted stock, with 21% of shares short-sold.