'Strategic partners' | Billionaire Forrest's FFI teams up with US truck maker Nikola for green hydrogen projects and offtake
An initial focus of the collaboration will be the Phoenix Hydrogen Hub in Arizona
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“This MOU [memorandum of understanding] will establish the framework for future collaborations as strategic partners for the potential co-development of meaningful energy transition solutions, with a focus on the Phoenix Hydrogen Hub project being led by Nikola today,” said Nikola CEO Michael Lohscheller.
FFI CEO Mark Hutchinson added: “North America has the potential to become the world's leading green energy heartland… The incentives in the Inflation Reduction Act [ie, tax credits worth up to $3 per kilogram of hydrogen] also make the US one of the best places in the world to invest in green energy and create a pipeline of new jobs.”
The US battery and hydrogen truck maker Nikola has been through turbulent times in recent years, with former CEO Trevor Milton found guilty of securities fraud last October after lying to investors. Memorably, a video of its Nikola One semi-truck apparently travelling under its own power was actually showing it rolling down a hill. Nikola later admitted that it never managed to get that vehicle to fully function.