Nikola Corp (NASDAQ:NKLA) said on Wednesday that it has signed a 10-year agreement to refuel its hydrogen-fuel-cell electric trucks at FirstElement Fuel's hydrogen-refueling station in Oakland, California.
The station will be able to refuel 200 trucks per day and will include the world's first heavy-duty truck H70 fast-fill lane for efficient hydrogen refueling.
The station received funding from the California Energy Commission under the NorCal Zero Project.
"This collaboration unifies their commitment to driving the widespread adoption of hydrogen fuel cell electric vehicles," the companies stated.
Nikola noted it is currently planning to have two stations by the end of 2023: FirstElement Fuel's Oakland station, located near the city's commercial port, as well as a HYLA-branded station in Ontario, California.
Several additional fueling solutions locations are planned by the end of the second quarter of 2024, according to the company.
Nikola added that it is also planning to use several paths to build a network of up to 60 stations, including a HYLA-branded station, customer-owned stations and public truck stops.
Shares of Nikola rose nearly 1% to $0.94 in midday trading on Wednesday but have fallen 58% year to date.