Progress Made at Nikola's Coolidge, Arizona Manufacturing Facility
As of today, Nikola has completed Phase 0.5 of our Coolidge, Arizona manufacturing facility and is in the process of building seven (7) trucks in Coolidge, comprised of two (2) Tre BEV Pre Builds and five (5) Tre FCEV Alphas. As we are building trucks in Phase 0.5 of the facility, we are concurrently building out the Phase 1 assembly expansion area which will provide additional manufacturing capacity. We anticipate the Phase 1 assembly expansion area will be completed by the end of 2021.
Acquired 20% Interest in Wabash Valley Resources
On June 22, Nikola acquired a 20% equity interest in Wabash Valley Resources LLC (WVR), a clean hydrogen project being developed in West Terra Haute, Indiana in exchange for a $54.1 million cash and stock consideration. The project plans to use solid waste byproducts such as petroleum coke combined with biomass to produce clean and sustainable hydrogen. As part of the agreement, Nikola acquired the right to offtake up to 20% of the clean gaseous hydrogen produced at the facility at the anticipated price of less than $1.00 / kg*.
The offtake agreement with WVR could provide Nikola with approximately 50 tons of hydrogen per day following completion of the plant. This would allow us to supply clean hydrogen in a critical geography.
Closed $300 Million Purchase Agreement with Tumim Stone Capital
On June 11, Nikola entered into a common stock purchase agreement with Tumim Stone Capital LLC (Tumim), obligating Tumim to purchase up to $300 million of Nikola common stock. Under the agreement, Nikola has the right, but not the obligation to sell shares of its common stock to Tumim, subject to certain limitations. Purchase notices may be issued to Tumim over the period commencing from the date of the purchase agreement and ending on the first day of the month following the 36 months anniversary. The shares will be issued at a 3% discount to the three-day forward volume weighted average price (VWAP) from the date a purchase notice is issued.
This allows us to sell shares to Tumim at our sole discretion and provides us with additional liquidity to execute on our business plan.
Expansion of Sales and Service Network
On July 15, Nikola announced the expansion of our sales and service network adding 51 locations across Texas, Arizona, California, Colorado, New Mexico, Florida, Delaware, Virginia, and Maryland. In conjunction with the RIG360 announcement this past April, this expansion is anticipated to bring our total number of U.S. sales and service locations to 116.
this 1 is especially for you, maybe you'll learn something.... Webcast and Conference Call Information
Nikola will host a webcast to discuss its second quarter results at 6:30 a.m. Pacific Time (9:30 a.m. Eastern Time) on August 3, 2021. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/nikola20210803/en.
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