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Nikola and E.ON Sign Collaboration Agreement with Richter Group to Decarbonize Their Heavy-Duty Fleet in Germany

  • Richter Group will receive hydrogen electric trucks, the required green hydrogen, and the refuelling infrastructure from Nikola and E.ON beginning in 2024 onwards
  • The logistics service provider plans to transition their fleet of 160 trucks towards the Class 8 Nikola Tre hydrogen electric truck over the next four to five years

ULM, GERMANY. February 22, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, E.ON and Richter Group, today announced a Letter of Intent for an initial order of 20 Class 8, heavy-duty Nikola Tre hydrogen electric vehicles and the hydrogen needed to supply them.

Richter Group is a leading provider of individual logistics services comprising hub and direct transport solutions for courier, express and parcel clients. Located in Germany, it currently owns a fleet of over 160 diesel-powered trucks with loading and unloading points in the Netherlands, Belgium, France and the United Kingdom.

Nikola and E.ON intend to help Richter Group decarbonize its vehicle fleet by providing hydrogen electric trucks, the required green hydrogen, and the refuelling infrastructure through the previously announced joint venture that is to be established in the upcoming weeks.

The initial order of 20 Nikola Tre hydrogen electric trucks are expected to be delivered to Richter Group in 2024. Richter Group intends to transition their entire fleet to Nikola Tre hydrogen electric trucks over the next four to five years. Richter Group also plans to work with their logistics partners to transition fleets to Nikola’s zero-emission vehicles, which could equate to an additional 750 hydrogen electric trucks within that same timeframe.

The Nikola Tre hydrogen electric trucks in the European 6×2 variant will be manufactured by the joint venture between Nikola and Iveco Group (MI: IVG) at their facility in Ulm, Germany. Richter Group and its partners may acquire some or all Nikola Tre hydrogen electric vehicles through GATE – Green & Advanced Transport Ecosystem, IVECO’s all-inclusive electric truck rental model. IVECO will provide the essential maintenance and service functions.

E.ON will provide Richter Group with green hydrogen and develop the refuelling infrastructure to meet the needs of the hydrogen electric vehicles brought to market. The first refuelling solution within the scope of this project will be located on the premises of Richter Group in Wesel, Germany. Both hydrogen supply and logistics will be supplied though the Nikola and E.ON joint venture once it is officially established.

Michael Lohscheller, President and CEO, Nikola Corporation, said, “The commitment from Richter Group is another example of how Nikola and E.ON are playing an essential role in helping Germany achieve the goal of decarbonizing the transportation sector. Implementing the initial order of 20 heavy-duty zero-emission trucks in place of existing diesel trucks, equates to avoiding the annual CO2 emissions from approximately 600 passenger cars.”

Sylvio Richter, founder and CEO of Richter Group said, “We plan to introduce the Nikola hydrogen electric trucks and other services of Nikola and E.ON to many of our partners to further promote and grow decarbonization efforts in the European heavy-duty transport sector. This Letter of Intent is just the beginning. Through our technology subsidiary Sundronix GmbH, Richter Group will be working with Nikola and E.ON on technological solutions for the design and construction of a 700-bar refuelling infrastructure, hydrogen transport logistics, and hydrogen supply.”

With a range of up to 800 km, the Nikola Tre hydrogen electric truck is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks while realizing weight savings when compared to battery-electric Class 8 trucks with similar range. The Tre hydrogen electric truck is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.

Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

E.ON is an international investor-owned energy company, which focuses on energy networks and customer solutions. As one of Europe’s largest energy companies, E.ON plays a leading role in shaping a clean, digital, decentralized world of energy. To this end, around 72,000 employees develop and sell products and solutions for private, commercial and industrial customers. More than 51 million customers purchase electricity, gas, digital products or solutions for electric mobility, energy efficiency and climate protection from E.ON. E.ON is headquartered in Essen, Germany. For more information, please visit www.eon.com.

Richter Group is a prominent provider of individual logistics services. These services include hub and direct transport solutions for clients in the courier, express, and parcels industries. Richter Group is committed to providing its customers with sustainable transport solutions that meet their environmental, social, and corporate governance criteria. Founded in 1987 Richter Group is headquartered in Wesel, Germany. For more information, visit www.richtertransport.de.

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding its business, business model and strategy; the expected benefits of the company’s joint venture with E.ON and LOI with Richter Group; the company’s expectations regarding its projected truck builds and related specifications and the timing of delivery of hydrogen electric trucks; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, including receiving a binding purchase order for trucks from Richter Group, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.

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