RTTNews | Jun 23, 2021 10:28AM EDT

10:28 Wednesday, June 23, 2021 (RTTNews.com) - Nikola Corp.'s (NKLA) shares are gaining nearly 5% on Wednesday morning. The electric vehicle company announced plans to invest $50 million in cash-and-stock in Wabash Valley Resources to produce clean hydrogen in the Midwest for zero-emission Nikola trucks.

NKLA is currently trading at $18.11, up $0.79 or 4.54%, on the Nasdaq. The stock has traded between $9.37 and $76.30 in the 52-week period.

As part of the deal, Nikola will now own 20% stake in the clean hydrogen project being developed in West Terre Haute, Indiana.

The project plans to use solid waste byproducts such as petroleum coke combined with biomass to produce clean, sustainable hydrogen for transportation fuel and base-load electricity generation while capturing CO2 emissions for permanent underground sequestration.

Although Nikola is expected to release a battery electric vehicle (BEV) as its first commercial product, the company's long-term goals include hydrogen fuel cell electric vehicles.

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