What's Going On With Nikola Stock Today?
Portfolio Pulse from Erica Kollmann
Nikola Corporation announced that Fortescue Future Industries (FFI) will acquire Nikola's Phoenix Hydrogen Hub project. The acquisition is part of the Memorandum of Understanding signed in January 2023 between the two companies. Nikola and FFI are also collaborating on a hydrogen supply agreement to support Nikola's hydrogen fuel cell electric vehicle demand.
July 20, 2023 | 4:20 pm
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Nikola's Phoenix Hydrogen Hub project is being acquired by FFI. This is part of a broader collaboration between the two companies, which includes a hydrogen supply agreement to support Nikola's hydrogen fuel cell electric vehicle demand.
The acquisition of Nikola's Phoenix Hydrogen Hub project by FFI is a significant development for the company. It not only provides capital and resources for the project's development but also strengthens Nikola's hydrogen supply for its fuel cell electric vehicles. However, the immediate impact on the stock price is neutral as the market has already factored in this news.
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