RBC Capital analyst Joseph Spak notes that s morning Plug Power (PLUG) and Nikola (NKLA) announced a strategic relationship focused on hydrogen. Under a Green Hydrogen Supply Agreement, Plug will supply green hydrogen to Nikola beginning January 1, 2023, and will also provide one 30 tpd hydrogen liquefaction system for Nikola’s Arizona hydrogen hub with the potential to scale up to 150 tpd over time. Additionally, Plug will purchase up to 75 Nikola Tre FCEVs over the next three years with the first trucks being delivered in 2023. The partnership with Nikola doesn’t come as a total surprise given both companies focus on developing the hydrogen ecosystem and there are natural synergies in the relationship, with Plug focused on upstream supply and generation and Nikola focused on building/selling FCEVs and the downstream distribution of hydrogen to support customers, the analyst notes.
Published first on TheFly
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