PHOENIX and CALGARY, AB, Oct. 7,
2021 /PRNewswire/ -- Media Advisory -- Nikola
Corporation (Nasdaq: NKLA), (Nikola), a global leader in
zero-emissions transportation and energy infrastructure solutions,
and TC Energy Corporation (TSX, NYSE: TRP), (TC Energy), a leading
North American energy infrastructure company, have agreed
to collaborate on co-developing, constructing, operating and
owning large-scale hydrogen production facilities (hubs) in
the United States and Canada. Nikola's Energy business unit and TC
Energy are actively collaborating to identify and develop projects
to establish the infrastructure required to deliver low-cost
and low-carbon hydrogen at scale in line with each company's core
objectives. Furthermore, Nikola and TC Energy desire to accelerate
the adoption of heavy-duty zero-emission fuel cell electric
vehicles (FCEVs) and hydrogen across industrial sectors by
establishing hubs in key geographic locations.
A key objective of the collaboration is to establish hubs
producing 150 tonnes or more of hydrogen per day near highly
traveled truck corridors to serve Nikola's planned need for
hydrogen to fuel its Class 8 FCEVs within the next five years. TC
Energy has significant pipeline, storage and power assets that
potentially can be leveraged to lower the cost and increase the
speed of delivery of these hydrogen production hubs. This may
include exploring the integration of midstream assets to enable
hydrogen distribution and storage via pipeline and/or to deliver
CO2 to permanent sequestration sites to decarbonize the
hydrogen production process.
"We are excited to have a strategic partnership with a North
American energy leader focused on delivering low-carbon and
hydrogen-based energy solutions," said Nikola President, Energy and Commercial Pablo
Koziner. "This collaboration with TC Energy is intended to enable
the production of hydrogen at quantities and costs that are
required to support customer adoption and use of FCEVs. TC Energy
also offers pipeline distribution capabilities that will be
essential for cost-efficient movement of hydrogen in the
future. Today marks a major step by Nikola in accordance with
its stated energy strategy for the provision of hydrogen fuel
solutions to future Nikola FCEV customers and to public network
fueling stations."
Both Nikola and TC Energy are committed to reducing the carbon
intensity (CI) of hydrogen produced and delivered to end-use
markets utilizing renewable energy, as well as low-cost natural
gas, renewable natural gas and biomass feedstocks paired with
carbon capture and storage. Nikola and TC Energy are aligned
in a technology agnostic approach to find the best pathway to
hydrogen production for each unique geography that is intended to
result in the lowest CI and a clear pathway to achieve net-zero CI
over time.
"By leveraging our natural gas and power operations footprint,
we see this new partnership as an important first step in
facilitating access to affordable low-carbon production of hydrogen
for the transportation and industrial sector," said Corey Hessen, TC Energy's Senior Vice President
and President, Power and Storage. "TC Energy is focused on our own
decarbonization efforts as well as being the provider of choice for
carbon-free energy to the North American industrial, natural gas
and oil sectors. Nikola as a partner and as a customer aligns well
with that approach."
Nikola and TC Energy will evaluate opportunities
to optimize excess hub supplies to third parties under a joint
marketing and services arrangement.
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, 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 TC ENERGY
We are a vital part of everyday life -
delivering the energy millions of people rely on to power their
lives in a sustainable way. Thanks to a safe, reliable network
of natural gas and crude oil pipelines, along with power generation
and storage facilities, wherever life happens — we're there. Guided
by our core values of safety, responsibility, innovation,
collaboration and integrity, our 7,500 people make a positive
difference in the communities where we operate across Canada, the U.S. and Mexico.
TC Energy's common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the
symbol TRP. To learn more, visit us at TCEnergy.com.
NIKOLA 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,
statements regarding the potential benefits and objectives of the
agreement and its potential impact on the company's business; the
company's expectations regarding its business, business model and
strategy; the company's expectations for its trucks and market
acceptance of electric trucks, both BEV and FCEV; and market
opportunity. 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, failure to realize the anticipated benefits or
objectives of the agreement; general economic, financial,
legal, regulatory, political and business conditions and changes in
domestic and foreign markets; the potential effects of COVID-19;
the outcome of legal, regulatory and judicial proceedings to which
Nikola is, or may become a party; demand for and customer
acceptance of Nikola's trucks; risks associated with development
and testing of fuel-cell power modules and hydrogen storage
systems; risks related to the rollout of Nikola's business and the
timing of expected business milestones; the effects of competition
on Nikola's future business; the availability of capital; risks
associated with changes in accounting treatment or accounting
standards; and the other risks detailed from time to time in
reports Nikola files with the Securities and Exchange Commission,
including its annual report on Form 10-Q for the quarter ended
June 30, 2021. 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.
TC ENERGY FORWARD LOOKING STATEMENTS
This release
contains certain information that is forward-looking and is subject
to important risks and uncertainties (such statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate", "intend" or other similar
words). Forward-looking statements in this document are intended to
provide TC Energy security holders and potential investors with
information regarding TC Energy and its subsidiaries, including
management's assessment of TC Energy's and its subsidiaries' future
plans and financial outlook. All forward-looking statements reflect
TC Energy's beliefs and assumptions based on information available
at the time the statements were made and as such are not guarantees
of future performance. As actual results could vary significantly
from the forward-looking information, you should not put undue
reliance on forward-looking information and should not use
future-oriented information or financial outlooks for anything
other than their intended purpose. We do not update our
forward-looking information due to new information or future
events, unless we are required to by law. For additional
information on the assumptions made, and the risks and
uncertainties which could cause actual results to differ from the
anticipated results, refer to the most recent Quarterly Report to
Shareholders and Annual Report filed under TC Energy's profile on
SEDAR at www.sedar.com and with the U.S. Securities and Exchange
Commission at www.sec.gov.
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SOURCE Nikola Corporation