NIKOLA AND VOLTERA ENTER INTO A DEFINITIVE STRATEGIC PARTNERSHIP ON HYDROGEN STATION INFRASTRUCTURE FUNDING FOR UP TO 50 STATIONS

Creating the largest North American open network of commercial hydrogen refueling stations

PHOENIX and ANAHEIM, Calif., May 2, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, and Voltera, a leading provider of critical infrastructure necessary to support the full decarbonization of transportation, announced a definitive agreement to develop the hydrogen fueling infrastructure required to support Nikola's deployment of its innovative zero-emissions vehicles. Through this strategic partnership agreement, Nikola and Voltera plan to develop up to 50 HYLA stations throughout North America over the next five years. This partnership underpins Nikola's prior announced plans to develop 60 stations by 2026.

Through this partnership, Nikola and Voltera will create the largest North American open-network of commercial hydrogen refueling stations, providing fuel to vehicles from various manufacturers to accelerate the adoption of zero-emission vehicles.  Voltera will site, build, own, and operate the strategically located, fit-for-purpose hydrogen refueling stations, and Nikola will supply the hydrogen fuel and provide technical expertise. This partnership will accelerate the deployment of the several billion dollars Voltera plans to invest into EV charging and hydrogen fueling facilities. Together, Nikola and Voltera will develop a reliable and optimal refueling experience.

"Our partnership with Voltera will bring substantial capital and expertise to support Nikola's plans to build refueling infrastructure to support its customers," said Carey Mendes, President, Nikola Energy. "Voltera's expertise in building out zero-emission energy infrastructure will be a key enabler for Nikola's first-to-market hydrogen fuel cell electric trucks and fueling infrastructure. Nikola and Voltera have a shared commitment to the rapid deployment of infrastructure which is key to enabling the transition to a zero-emission economy."

"Voltera's mission is to accelerate the adoption of zero-emission vehicles, by taking on the complex and costly nature of developing the necessary infrastructure," said Matt Horton, CEO of Voltera. "By partnering with Nikola, we are expanding our focus beyond battery-electric vehicle charging in order to dramatically increase hydrogen fueling infrastructure, reduce barriers for operators buying vehicles at scale to enable mass adoption of hydrogen trucks."

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, via the HYLA brand, 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 VOLTERA
Voltera sites, builds, owns, and operates strategically located, fit-for-purpose EV charging and hydrogen fueling facilities to enable zero-emission vehicle deployment and operation at scale. With equity backing from EQT and plans to invest several billion dollars, alongside a team with deep experience deploying charging assets, proven critical infrastructure expertise and key strategic partners, Voltera is uniquely positioned to help solve the infrastructure challenge and scale zero-emission transportation. For more information, visit www.volterapower.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, expectations about the benefits of the partnership between Nikola and Voltera; expectations regarding the respective business model and strategy; the ability of the partnership to develop a reliable and optimal refueling experience; the  expectations regarding projected truck builds and related specifications and the timing of delivery of hydrogen electric trucks; the expectations for Nikola's trucks and market acceptance of electric trucks; 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. 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; risks related to the conflict between Russia and Ukraine; the outcome of legal proceedings to which Nikola is, or may become a party; 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 future business; the availability of capital; slower than anticipated growth of new clean energy product offerings; inability to achieve expected pricing increases or continued supply chain challenges including volatility in raw materials and supply; and market opportunity, and the other risks and factors detailed from time to time in each of Nikola's reports filed with the Securities and Exchange Commission, including factors discussed in the Risk Factors in Nikola's most recent Annual Report on Form 10-K filed with the SEC for the year ended year ended December 31, 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.

SOURCE Nikola Corporation