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Nikola Corporation (NASDAQ:NKLA) has reportedly begun work on hydrogen plants as it looks to build out a fueling network for the zero-emissions truck market.
The maker of heavy-duty commercial battery-electric vehicles has also inked deals with hydrogen producers that have agreed to supply hydrogen in parts of the U.S. and Canada. Nikola aims to have 7,500 heavy-duty trucks on the road by 2026.
In January, Nikola (NKLA) said it would work with Fortescue Future Industries to co-develop U.S. green hydrogen production facilities and announced separately that it developed a heavy-duty, 700 bar (10,000 psi) hydrogen mobile fueler capable of direct fueling hydrogen fuel cell electric vehicles.
Shares of Nikola (NKLA) are up 9% in 2023, but still trade more than 70% below the 52-week high.