Nikola has agreed to sell off its Phoenix Hydrogen Hub project to Fortescue Future Industries (FFI).
The OEM says the new owner will provide the capital and resources needed to fully develop the project, which will support Nikola’s Class 8 hydrogen-fueled trucks.
It says the transaction aligns with its capital efficient energy strategy of collaborating with partners interested in advancing the hydrogen energy ecosystem.
The Phoenix Hydrogen Hub is a green hydrogen project near Phoenix, Ariz., slated to be built in phases as demand increases. It is scheduled to begin producing hydrogen by the middle of this decade.
“Nikola’s priority is to see more zero-emission trucks on the road and this acquisition by FFI will greatly strengthen one of the country’s first and most important hydrogen hubs,” said Nikola Corporation president and CEO Michael Lohscheller. “FFI’s acquisition of this project is a significant milestone as we work to create an all-important local connective infrastructure to accelerate the use of hydrogen to fuel zero-emission vehicles.”
Nikola and FFI inked a Memorandum of Understanding in January to co-develop large-scale green hydrogen production facilities.
“FFI is actively expanding its U.S. presence and strengthening its position as a leading global developer of green energy production and technology. We are committed to helping turn North America into a world-leading global green energy producer,” said FFI CEO Mark Hutchinson. “This is an exciting opportunity to work towards a fast-moving project that will lead the way in the U.S., creating new green industrial jobs for Americans, while also helping to reduce emissions once production begins.”
The PHH project is currently going through the final stages of its permitting process, and the procurement of long-lead equipment is underway.
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