Nikola (NASDAQ:NKLA) stock is in the news Monday after the green fuel company opened its first hydrogen refueling station in Southern California.
Nikola’s newest location is designed to refuel Class 8 hydrogen trucks. The company notes that this facility can refuel up to 40 of these trucks per day. The company will also offer 24/7 support at the refueling station.
Investors will note that this is part of Nikola’s plan to open 60 of these refueling stations in the years to come. That includes having nine of them operating by the end of the second quarter of 2024. The company wants this to build on plans for the adoption of more hydrogen-powered vehicles.
Nikola President of Energy Ole Hoefelmann said this about the company’s hydrogen refueling station plans:
“Easing the transition to a zero-emission trucking future and prioritizing access to a hydrogen solution network is our top objective and we’re just getting started. Once the nine planned solutions are in place by mid-2024, Nikola will have established one of the world’s largest heavy-duty hydrogen refueling networks, providing customers accessibility at their current locations and along their planned routes.”
NKLA Stock Movement on Monday
Despite this positive news, shares of NKLA stock are down 4.9% as of Monday morning. That comes as some 7 million shares of the stock change hands. For comparison, the company’s daily average trading volume is closer to 96 million shares.
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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.
