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Nikola Corporation Appoints Joseph S. Cappello as President of Energy

Experienced energy executive joins Nikola leadership team

PHOENIX – September 21, 2023 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via its HYLA brand, is proud to announce the appointment of Joseph S. Cappello as President of Nikola Energy, effective September 25, 2023.

As President of Nikola Energy, Cappello will oversee all aspects of the company’s energy business to support Nikola’s customer base, including infrastructure, supply strategy, trading, technology, and development, as well as leading and expanding the company’s HYLA brand operations. His arrival coincides with the upcoming commercial launch of the Class 8 Nikola hydrogen fuel cell electric vehicle.

Cappello joins Nikola following a successful five-year tenure at Iwatani Corporation of America (ICA), a U.S. subsidiary of Iwatani Corporation, a prominent Japanese conglomerate and leader in hydrogen production, LNG and LPG supply. In 2018, Cappello initially served as Executive Advisor before assuming the roles of Chairman and CEO of ICA in 2019.

“Having an accomplished energy executive of Joe’s caliber join Nikola as President of our Energy division underscores our company’s vision and potential, and sets us on a course to advance our hydrogen highway initiatives,” said Nikola President and CEO Steve Girsky. “Energy management and infrastructure are integral to Nikola’s business strategy, and Joe has direct experience setting up hydrogen stations, which is vital as our hydrogen fuel cell trucks hit the road in the coming weeks.”

“Nikola is at the forefront of transformative change in the global transportation sector, poised to significantly reduce diesel emissions from Class 8 trucks,” said Cappello. “I’m thrilled to be part of this organization and contribute to its mission of revolutionizing and decarbonizing trucking by providing an exceptional value proposition.”

Joseph S. Cappello began his career as a Sell-side Chemical Analyst on Wall Street before joining Praxair, now Linde, where he held roles of increasing responsibility over a 15-year period.

His first corporate assignment at Praxair was leading investor relations, followed by operating roles managing the U.S. CO2 business, Global Helium business, and the Pipeline Services organization. He was then named VP, North America where he led the company’s Product Management Group, which included the largest merchant hydrogen portfolio in the U.S. Additionally, Joe piloted the business units responsible for the expansion of the company’s position throughout Asia Pacific as President of Praxair Asia, based in Shanghai.

Cappello then transitioned to the Private Equity sector, leading business units in two separate companies. His leadership played a significant role in the success of both organizations, including managing one of the largest off-road energy transportation and logistics businesses in the U.S.

In 2019, Cappello assumed the role of Chairman and CEO of Iwatani Corporation of America (ICA) and was subsequently named Senior Managing Officer of Iwatani Corporation. Under his guidance, ICA grew significantly through acquisitions, strategic partnerships, and transformative investments, resulting in the establishment of four new U.S. Business Platforms: Hydrogen, Specialty Gases, Helium, and Industrial Gases.

Cappello earned a Bachelor of Science in Business Administration from Montclair State University and a Master of Business Administration from New York University, Stern School of Business.

Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

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This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to: the Company’s beliefs regarding the potential benefits of Mr. Cappello joining the Company’s executive management team; Mr. Cappello’s ability to underscore the Company’s vision and potential; Mr. Cappello’s qualifications to serve as President of Energy and ability to advance the Company’s hydrogen highway initiatives and build hydrogen stations; and the ability to drive trucking to a zero-emissions future, encompassing trucking products, customer solutions, and the corresponding energy infrastructure while providing an exceptional value proposition. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2023 filed with the Securities and Exchange Commission (the “SEC”), in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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