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Benzinga

Business

Shivani Kumaresan

Nikola Inks Battery Supply Agreement With Proterra

Nikola Proterra NKLA Mark Russell Nikola Corp

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.

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