Nikola Invests in Midwestern Hydrogen Plant
[Stay on top of transportation news: Get TTNews in your inbox.]
Zero-emission truck builder Nikola Corp. has invested $50 million in cash and stock in Wabash Valley Resources in exchange for a 20% equity interest in the clean hydrogen production project WVR is developing in West Terre Haute, Ind.
Ground-breaking is expected to begin early next year and take about two years to complete.
WVR is converting a gasification plant it purchased in 2016 to use solid waste byproducts such as petroleum coke combined with biomass to produce sustainable hydrogen for transportation fuel and base-load electricity generation while capturing CO2 emissions for permanent underground sequestration.
“WVR is developing a multiproduct facility, where the hydrogen can be combusted in a turbine to produce clean base-load power,” Chairman Simon Greenshields said. “The recent spate of power outages serves as a reminder that the market has a pressing need for a nonintermittent source of clean energy. We also look forward to working with Nikola to bring zero-emission transportation solutions to the Midwest,”
The completed facility is expected to produce up to 336 tons of hydrogen per day, enough to generate approximately 285 megawatts of clean electricity. The project is expected to require 125 full-time employees and may support 750 construction jobs.
“We intend this project to produce clean, low-cost hydrogen in a critical geography for commercial transportation,” Pablo Koziner, Nikola president of energy and commercial, said in a release.
On May 25, five people pleaded guilty to staging two accidents in New Orleans with tractor-trailers in 2017, while obtaining fraudulent financial settlements totaling more than $282,000. Is the situation surrounding fraudulent settlements getting worse or better in 2021? Host Michael Freeze talks with TT's Eric Miller and Eleanor Lamb. Hear a snippet above, and get the full program by going to RoadSigns.TTNews.com.
“The Wabash solution can generate electricity as well as hydrogen transportation fuel, which should provide the flexibility to support future truck sales and hydrogen station rollout in the region,” he said.
Nikola expects the project will allow its bundled truck lease — including fuel, service and maintenance — to compete favorably with diesel, Koziner said. Those trucks are readying for testing next year and production in 2023.
WVR is an affiliate of Phibro — a commodity merchant company that engages in physical trading and develops related assets. — Transport Topics
Want more news? Listen to today's daily briefing below or go here for more info: