PHOENIX - Nikola (NASDAQ:NKLA) Corporation (NASDAQ:NKLA), known for its zero-emissions transportation and infrastructure solutions, has opened its first HYLA hydrogen refueling station in Ontario, California. The station, located at 2445 East Guasti Road, is equipped to service up to 40 of Nikola's hydrogen fuel cell electric Class 8 trucks each day.
This development is part of Nikola's broader strategy to create a network of up to 60 hydrogen refueling stations. By the end of the second quarter of 2024, the company expects to have nine stations operational. The Ontario station's launch is seen as a key step in Nikola's plan to facilitate the transition to zero-emission trucking by providing accessible hydrogen refueling options.
Nikola's President of Energy, Ole Hoefelmann, stated, "We are thrilled to open the first HYLA hydrogen refueling station in Southern Calif., marking a significant milestone for Nikola and offering convenient access for our customers." He emphasized the company's commitment to establishing a hydrogen solution network as a top priority.
The company is also focusing on providing continuous support to its customers through on-site HYLA Ambassadors and Operation Technicians who will be available around the clock. The HYLA brand aims to create a comprehensive hydrogen refueling ecosystem, which includes modular and permanent stations, customer-owned facilities, and partnerships with public truck stops. Nikola recently signed a 10-year agreement with FirstElement Fuel to further expand this network with a station in Oakland, California.
Nikola, headquartered in Phoenix, Arizona, positions itself as a pioneer in the zero-emissions vehicle space, offering both battery-electric and hydrogen fuel cell electric trucks.
The information in this article is based on a press release statement from Nikola Corporation.
InvestingPro Insights
As Nikola Corporation (NASDAQ:NKLA) advances its hydrogen refueling station network with the opening of its first HYLA station, it's crucial for investors to keep a pulse on the company's financial health and market performance. According to recent InvestingPro data, Nikola holds a market capitalization of approximately $842.87 million. Despite the innovation in zero-emissions technology, the company faces significant financial challenges, as reflected by a negative P/E ratio of -0.47 and a substantial gross profit margin decline of -717.83% over the last twelve months as of Q3 2023.
InvestingPro Tips highlight that Nikola is quickly burning through its cash reserves and has not been profitable over the last twelve months. Moreover, the stock has experienced high volatility and a notable price drop of -8.44% over the last week. With analysts forecasting a sales decline in the current year and no expected profitability, these insights suggest that investors should approach Nikola with caution.
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