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June 22, 2021, 8:38 p.m. EDT

Nikola investing $50 million in Indiana clean hydrogen project

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By Kimberly Chin

Nikola Corp. and Wabash Valley Resources LLC will invest $50 million in cash and stock for a 20% equity interest in an Indiana clean hydrogen project, as the company aims to provide clean transportation fuels for trucking operations in the Midwest.

The West Terre Haute, Ind., project will use solid waste byproducts combined with biomass to produce clean, sustainable hydrogen for transportation fuel and electricity generation, the company said. It will also aim to capture carbon emissions that will be stored underground.

Nikola /zigman2/quotes/208704275/composite NKLA +7.26% said it will also build stations across Indiana and the Midwest to service the region with zero-carbon hydrogen.

The completed facility will be capable of producing up to 336 tons per day of hydrogen, which could generate roughly 285 megawatts of clean electricity, the company said.

Construction is expected to start in early 2022 and will be finished in two years.

/zigman2/quotes/208704275/composite
US : U.S.: Nasdaq
$ 14.19
+0.96 +7.26%
Volume: 6.55M
July 28, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.23 billion
Rev. per Employee
$211.11
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