Nikola Stock (NASDAQ:NKLA)

Nikola (NASDAQ:NKLA) experienced witnessed a remarkable 26%  increase on Thursday morning after news broke about its partnership with BayoTech. The collaboration aims to advance zero-emission hydrogen transport with the introduction of 50 Nikola Class 8 hydrogen fuel cell electric vehicles, to be purchased by BayoTech. In return, Nikola plans to procure low-carbon hydrogen from BayoTech’s hydrogen hubs in Missouri and California, while also acquiring up to 10 BayoTech HyFill transports for efficient bulk hydrogen delivery to customer refueling stations.

Anticipating a significant development, Nikola expects to receive shipments of BayoTech’s low-carbon hydrogen from Missouri later this year and from California in 2024. Additionally, Nikola plans to expand its capabilities with the acquisition of up to 10 BayoTech HyFill transport trailers.

Nikola CEO, Michael Lohscheller expressed enthusiasm about the partnership, highlighting the shared vision of both companies in providing reliable access to hydrogen across the United States. Lohscheller emphasized the crucial role BayoTech’s low-carbon hydrogen fuel and transport equipment will play in supporting the adoption of Nikola’s Class 8 fuel cell electric zero-emission trucks.

Although NKLA has witnessed a decline of nearly 72% in the past 12 months and remains a highly-shorted stock, with approximately 21% of shares being short-sold, the recent partnership announcement has brought about renewed optimism and investor interest in the company.

Featured Image: Megapixl

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