NIKOLA AND FORTESCUE FUTURE INDUSTRIES COMMIT TO CREATING AMERICAN GREEN ENERGY JOBS WITH ACQUISITION OF NIKOLA'S PHOENIX HYDROGEN HUB

• Fortescue Future Industries to acquire Nikola's Phoenix Hydrogen Hub project for the purpose of constructing an electrolysis-based hydrogen production facility
• Nikola and Fortescue Future Industries are working towards a hydrogen supply agreement to support Nikola's hydrogen fuel cell electric trucks

PHOENIX, July 19, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, and Fortescue Future Industries (FFI), a global green energy and metals company committed to leading the world in stepping beyond fossil fuels by developing green electrons, green hydrogen and green technology at scale, today announced FFI will acquire Nikola's Phoenix Hydrogen Hub (PHH) project. FFI will bring the capital and resources required to fully develop the project and the parties are working towards a hydrogen supply agreement to support Nikola's Class 8 zero-emission trucks.

This agreement is fully aligned with Nikola's capital efficient energy strategy to collaborate with partners interested in the hydrogen energy ecosystem that Nikola is pioneering.

The PHH is a fast-to-market, green hydrogen project located near Phoenix, in the city of Buckeye, Ariz., and is expected to be built in phases to scale alongside demand. The project is expected to progress towards its first hydrogen production by the middle of this decade.

"Nikola's priority is to see more zero-emission trucks on the road and this acquisition by FFI will greatly strengthen one of the country's first and most important hydrogen hubs," said Nikola Corporation President and CEO, Michael Lohscheller. "FFI's acquisition of this project is a significant milestone as we work to create an all-important local connective infrastructure to accelerate the use of hydrogen to fuel zero-emission vehicles."

PHH marks the first project announced as part of the Memorandum of Understanding signed in January 2023 between the two companies to collaborate on and evaluate the co-development of large-scale U.S. green hydrogen production facilities.

"FFI is actively expanding its U.S. presence and strengthening its position as a leading global developer of green energy production and technology. We are committed to helping turn North America into a world-leading global green energy producer," said FFI CEO, Mark Hutchinson. "This is an exciting opportunity to work towards a fast-moving project that will lead the way in the U.S., creating new green industrial jobs for Americans, while also helping to reduce emissions once production begins."

FFI and Nikola are working towards a hydrogen supply agreement to support Nikola's hydrogen fuel cell electric vehicle demand. The large-scale deployment of hydrogen as a zero-emission fuel into the transportation sector, is expected to benefit from both the hydrogen tax credit in the federal Inflation Reduction Act and state level incentives such as the Low Carbon Fuel Standard in Calif.    

"This investment by FFI will greatly strengthen one of the country's first and most important hydrogen ecosystems and it is a significant milestone in creating the all-important local connective infrastructure to accelerate the use of green hydrogen," said Mr. Hutchinson. "This demonstrates FFI's commitment to decarbonizing hard-to-abate sectors like transport and moving the world beyond fossil fuels."

Buckeye Mayor Eric Osborn said, "Buckeye is committed to attracting clean energy businesses to the city, especially near the Sustainable Valley area. This facility adds to our 'green' portfolio, making Buckeye the perfect location for similar technologies to expand and grow in our community."

The PHH project is currently going through the final stages of its permitting process, and the procurement of long-lead equipment is well underway.

ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. For more information, visit www.nikolamotor.com.

ABOUT FORTESCUE FUTURE INDUSTRIES
Fortescue Future Industries (FFI) is a global green energy company committed to producing green hydrogen, containing zero carbon, from 100 percent renewable sources. FFI is leading the green industrial revolution, developing technology solutions for hard-to-decarbonise industries, while building a global portfolio of renewable green hydrogen and green ammonia projects. FFI is also developing and acquiring the technology and energy supply to help decarbonise the iron ore operations of one of the world's largest producers of iron, Fortescue Metals Group, by 2030 (Scope 1 and 2 terrestrial emissions).

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to the Company's goals and strategy; the Company's expectations related to the potential benefits of the PHH project and potential future collaborations with Fortescue Future Industries (FFI); any benefits potentially derived from Production Tax Credits of the federal Inflation Reduction Act; the Company's expectations regarding the production of hydrogen fuel cell electric trucks; PHH's ability to provide sufficient volumes of hydrogen to support Nikola's hydrogen fuel cell electric vehicle demand. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company's trucks; the execution and terms of definitive agreements; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company's business and milestones and the timing of expected business milestones; the availability of and need for capital; and the factors, risks and uncertainties regarding the Company's business described in the "Risk Factors" section of the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to the Company's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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