IMC UNVEILS DESIGN OF ITS 50 NIKOLA HYDROGEN FUEL CELL ELECTRIC TRUCKS AT GRAND OPENING OF SUSTAINABLE FACILITY

IMC showcases zero-emission technology and celebrates their west coast sustainability initiative at state-of-the-art Compton facility

PHOENIX, March 7, 2024 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, proudly marked a significant milestone as IMC, the largest marine drayage company in the U.S., unveiled the inaugural livery that will adorn its fleet of 50 Nikola hydrogen fuel cell electric trucks. This milestone follows a strategic deal that has been in progress since early 2023 and was formally commemorated during the grand opening of IMC's state-of-the-art sustainable Compton facility.

"Nikola is proud to be at the forefront of sustainable transportation alongside IMC," said Nikola President and CEO Steve Girsky. "Their vision to transition their fleet to zero-emissions is a testament to their leadership in the drayage sector and sets a high standard for the industry. We're honored to be aligned with them as we all work to decarbonize the industry."

In a forward-thinking move, IMC initiated the purchase of 50 Nikola hydrogen fuel cell electric trucks through Tom's Truck Centers, a valued member of the Nikola sales and service dealer network. This strategic deal has already brought IMC the initial batch of 10 trucks in Q423, with an additional 10 scheduled for this month. The remaining 30 are expected to be delivered by the end of 2024, solidifying IMC's commitment to a more sustainable future.

"Our order for 50 Nikola hydrogen fuel cell electric trucks signifies our commitment to innovation and sustainability in drayage operations," said IMC CEO Joel Henry. "We're confident that these technology-advanced trucks will not only meet but exceed our expectations for enhanced efficiency and operational excellence."

As a key player in hauling containers from ports to warehouses, IMC is responding to the growing demand for sustainable transportation. The deployment of these hydrogen-powered trucks will be utilized in IMC's operations primarily in Calif., as well as in Ariz. and Nev.

In compliance with pending California regulations mandating that all new drayage trucks registered must be zero-emission vehicles in an effort to phase out fossil-fuel trucks from ports by 2035, Nikola's hydrogen fuel cell electric vehicles offer an immediate and viable solution. Assisted by Nikola's Southern California dealer, Tom's Truck Centers, IMC secured significant incentives through CARB's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP") program and Port of Los Angeles' Clean Truck Fund Rate.

ABOUT NIKOLA CORPORATION 
Nikola Corporation's mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona. 

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or X @nikolamotor.

FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to: the Company's beliefs regarding the benefits of this deal with IMC; whether the Company and IMC are at the forefront of sustainable transportation; beliefs about IMC's position as a leader in the drayage industry and whether its purchase of FCEV trucks sets a high standard; whether the FCEV truck will meet or exceed expectations for enhanced efficiency and operational excellence; and Nikola's position at the forefront of a transformative industry. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: risks related to the rollout of the Company's business and milestones and the timing of expected business milestones; and the factors, risks and uncertainties regarding the Company's business described in the "Risk Factors" section of the Company's annual report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC"), in addition to the Company's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE Nikola Corporation