Benzinga | Oct 14, 2021 02:10PM EDT

PGT Trucking Inks LOI For 100 Nikola FCEV Trucks

* Nikola Corp (NASDAQ:NKLA) entered a collaboration with transportation company PGT Trucking Inc (PGT), including a Letter of Intent (LOI) to lease 100 Nikola Tre heavy-duty fuel cell electric vehicles (FCEVs).

* The lease order will include the Nikola Tre FCEV, scheduled maintenance, and hydrogen fueling solutions. The financial terms of the deal were not disclosed.

* Nikola expects deliveries of the FCEVs to PGT to begin in 2023 when it begins production at Coolidge, Arizona manufacturing facility.

* The Nikola Tre FCEV cabover has an anticipated range of up to 500 miles and is designed for longer or continuous metro-regional applications.

* "We are excited that PGT has elected to partner with Nikola in advancing and adopting FCEV technology," said Nikola President, Energy and Commercial Pablo Koziner.

* Price Action: NKLA shares are trading lower by 0.97% at $11.24 on the last check Thursday.