Nikola (NASDAQ:NKLA) stock is rising higher on Tuesday after the company announced $16.3 million in new funding for its hydrogen refueling stations.
This funding is a grant from California and will assist the company in operating seven open-network hydrogen refueling stations. The company notes this builds on a strategic collaboration with Voltera to set up 50 refueling stations across North America in the next five years.
Carey Mendes, President of Nikola Energy, said the following about the funding:
“The California grant awards and government funding demonstrate the strong support for the Nikola hydrogen infrastructure brand HYLA’s mission of establishing a comprehensive zero-emission transportation solution to help fleets achieve climate goals and improve air quality in the most impacted communities.”
NKLA Stock Climbs on Funding
This isn’t the only recent funding that Nikola has received over the last month. According to the company, it’s obtained a total of $58.2 in funding over the last 30 days. Among that amount is a $41.9 million grant from the Trade Corridor Enhancement Program (TCEP).
All of this grant news has been a positive catalyst for NKLA stock. With that comes some 111 million shares of the company’s stock trading hands. That’s already well above its daily average trading volume of about 70 million shares.
NKLA stock is up 15% as of Tuesday morning and is up 38.2% since the start of the year.
Investors seeking even more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
