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Nikola (NKLA) Gets $41.9M California Grant for Hydrogen Power
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Nikola Corporation (NKLA - Free Report) , a clean energy vehicle maker, recently secured a $41.9 million grant from the California Transportation Commission (CTC). The grant was awarded under the Trade Corridor Enhancement Program to help build six heavy-duty hydrogen refueling stations across Southern California, in partnership with the California Department of Transportation (Caltrans).
This award not only highlights Nikola's influence in the zero-emission vehicle sector but also signifies a leap forward for California's commitment to a cleaner, more sustainable future. This funding is expected to spur the development and adoption of zero-emission vehicle freight technology across the state. It aligns with California's Statewide Truck Parking Study, providing a safe place for truck drivers to park.
Located strategically along California freight corridors, the hydrogen refueling stations will significantly improve air quality in the South Coast Air Quality Management District, San Diego County Air Pollution Control District and Mojave Desert Air Quality Management District. Each refueling station is designed to scale up as the demand for heavy-duty hydrogen refueling increases over time, thereby addressing both current and future needs.
"We're thrilled to receive this grant from the CTC," said Carey Mendes, president of Nikola Energy. "This award, in collaboration with Caltrans, will allow us to accelerate the deployment of zero-emission hydrogen refueling infrastructure, which is vital for the successful launch our hydrogen fuel cell electric trucks in July."
Apart from fostering environmental health, this project aims to reduce local noise pollution, facilitate refueling for approximately 80 to 100 trucks per station per day and establish Nikola’s zero-emission infrastructure ahead of the anticipated surge in the adoption of hydrogen fuel-cell electric vehicles.
Nikola is focused on promoting hydrogen fuel cell electric vehicles trucks as a sustainable alternative for heavy-duty transportation, prioritizing open-access stations. With the increasing adoption of this technology, Nikola is well-positioned to lead in the hydrogen fuel cell sector. Investors should closely monitor Nikola for potential significant growth.
NKLA currently holds a Zacks Rank #2 (Buy).
The company is actively focusing on business optimization efforts. The company expects its annual cash usage to decrease to under $400 million by 2024 through the reorganization of its workforce and the elimination of non-essential spending.
In order to optimize operations, Nikola is realigning its cost structure, localizing the supply chain, and prioritizing a capital-efficient approach for its HYLA hydrogen energy infrastructure business. The company has also formed a strategic partnership with Voltera to develop up to 50 hydrogen stations over the next five years.
Furthermore, Nikola is streamlining its organizational structure and reducing its headcount, which is expected to decrease personnel-related cash spend by over $50 million annually. These measures are aimed at creating a sustainable structure that aligns with the company's focus areas and positions it for future growth.
The Zacks Consensus Estimate for HMC’s current fiscal year sales and EPS estimates implies year-over-year growth of 16.5% and 30.7%, respectively. The fiscal 2024 EPS estimate has been revised upward by 9 cents in the past 30 days. The fiscal 2025 estimate is pegged at $4.16 per share, suggesting year-over-year growth of 5.1%. The stock has gained around 34% year to date.
The Zacks Consensus Estimate for FUJHY’s fiscal 2024 EPS is pegged at $1.29 per share, implying an uptick of 33% year over year. The consensus mark for fiscal 2024 EPS has been revised upward by a penny in the past 30 days. The Zacks Consensus Estimate for fiscal 2025 EPS is pegged at $1.41 a share, implying 10% growth year over year. The stock has gained roughly 22% year to date.
The Zacks Consensus Estimate for LI’s current-year sales and EPS estimates implies year-over-year growth of 131% and 2,400%, respectively. The consensus mark for the 2023 bottom line has improved from a loss of 8 cents per share to a profit of 25 cents a share over the past 60 days. The company’s stock has gained nearly 74% year to date.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Nikola (NKLA) Gets $41.9M California Grant for Hydrogen Power
Nikola Corporation (NKLA - Free Report) , a clean energy vehicle maker, recently secured a $41.9 million grant from the California Transportation Commission (CTC). The grant was awarded under the Trade Corridor Enhancement Program to help build six heavy-duty hydrogen refueling stations across Southern California, in partnership with the California Department of Transportation (Caltrans).
This award not only highlights Nikola's influence in the zero-emission vehicle sector but also signifies a leap forward for California's commitment to a cleaner, more sustainable future. This funding is expected to spur the development and adoption of zero-emission vehicle freight technology across the state. It aligns with California's Statewide Truck Parking Study, providing a safe place for truck drivers to park.
Located strategically along California freight corridors, the hydrogen refueling stations will significantly improve air quality in the South Coast Air Quality Management District, San Diego County Air Pollution Control District and Mojave Desert Air Quality Management District. Each refueling station is designed to scale up as the demand for heavy-duty hydrogen refueling increases over time, thereby addressing both current and future needs.
"We're thrilled to receive this grant from the CTC," said Carey Mendes, president of Nikola Energy. "This award, in collaboration with Caltrans, will allow us to accelerate the deployment of zero-emission hydrogen refueling infrastructure, which is vital for the successful launch our hydrogen fuel cell electric trucks in July."
Apart from fostering environmental health, this project aims to reduce local noise pollution, facilitate refueling for approximately 80 to 100 trucks per station per day and establish Nikola’s zero-emission infrastructure ahead of the anticipated surge in the adoption of hydrogen fuel-cell electric vehicles.
Nikola is focused on promoting hydrogen fuel cell electric vehicles trucks as a sustainable alternative for heavy-duty transportation, prioritizing open-access stations. With the increasing adoption of this technology, Nikola is well-positioned to lead in the hydrogen fuel cell sector. Investors should closely monitor Nikola for potential significant growth.
NKLA currently holds a Zacks Rank #2 (Buy).
The company is actively focusing on business optimization efforts. The company expects its annual cash usage to decrease to under $400 million by 2024 through the reorganization of its workforce and the elimination of non-essential spending.
In order to optimize operations, Nikola is realigning its cost structure, localizing the supply chain, and prioritizing a capital-efficient approach for its HYLA hydrogen energy infrastructure business. The company has also formed a strategic partnership with Voltera to develop up to 50 hydrogen stations over the next five years.
Furthermore, Nikola is streamlining its organizational structure and reducing its headcount, which is expected to decrease personnel-related cash spend by over $50 million annually. These measures are aimed at creating a sustainable structure that aligns with the company's focus areas and positions it for future growth.
Other Top-Ranked Players From the Auto Space
A few other top-ranked stocks in the auto space include Honda (HMC - Free Report) , Subaru Corp (FUJHY - Free Report) and Li Auto (LI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HMC’s current fiscal year sales and EPS estimates implies year-over-year growth of 16.5% and 30.7%, respectively. The fiscal 2024 EPS estimate has been revised upward by 9 cents in the past 30 days. The fiscal 2025 estimate is pegged at $4.16 per share, suggesting year-over-year growth of 5.1%. The stock has gained around 34% year to date.
The Zacks Consensus Estimate for FUJHY’s fiscal 2024 EPS is pegged at $1.29 per share, implying an uptick of 33% year over year. The consensus mark for fiscal 2024 EPS has been revised upward by a penny in the past 30 days. The Zacks Consensus Estimate for fiscal 2025 EPS is pegged at $1.41 a share, implying 10% growth year over year. The stock has gained roughly 22% year to date.
The Zacks Consensus Estimate for LI’s current-year sales and EPS estimates implies year-over-year growth of 131% and 2,400%, respectively. The consensus mark for the 2023 bottom line has improved from a loss of 8 cents per share to a profit of 25 cents a share over the past 60 days. The company’s stock has gained nearly 74% year to date.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.