Benzinga | Oct 7, 2021 05:12PM EDT

Nikola Partners With TC Energy To Develop Hydrogen Production Hubs

* Nikola Corp (NASDAQ:NKLA) and TC Energy Corp (NYSE:TRP) have signed a strategic collaboration to co-develop large-scale hydrogen production hubs in the U.S. and Canada.

* The hubs are expected to produce 150 tonnes or more of hydrogen per day near highly traveled truck corridors to serve Nikola's planned need for hydrogen to fuel its Class 8 FCEVs within the next five years.

* Nikola's Energy business unit and TC Energy actively collaborate to identify and develop projects to establish the infrastructure needed to deliver low-cost and low-carbon hydrogen.

* In addition, Nikola and TC Energy plan to evaluate opportunities to optimize excess hub supplies to third parties under a joint marketing and services arrangement.

* Price Action: NKLA shares closed higher by 4.51% at $10.67 on Thursday.