Benzinga | Jan 18, 2022 10:40AM EST

Nikola Inks Battery Supply Agreement With Proterra

* Nikola Corp (NASDAQ:NKLA) has signed a multi-year supply agreement with Proterra Inc (NASDAQ:PTRA) to power its zero-emission semi-trucks with Proterra's battery technology. The financial terms were not disclosed.

* Nikola expects to incorporate the Proterra product in the Nikola Tre battery-electric vehicle (BEV) and Tre fuel cell electric vehicle (FCEV).

* The first Proterra Powered Nikola semi-trucks are expected to be produced in Q4 of 2022, with Proterra delivering prototype systems to Nikola starting in Q2 of 2022.

* "With the growing demand for the Nikola Tre BEV and FCEV, we have actively pursued battery supply through a dual-source strategy," said CEO Mark Russell.

* Price Action: NKLA shares are trading lower by 2.18% at $9.86, and PTRA is lower by 5.10% at $9.58 on the last check Tuesday.