Nikola Corporation (NKLA) Stock Rally After Entering Strategic Relationship with Plug Power (PLUG)

Nikola Corporation (NKLA) has seen a surge in its stock prices due to an announcement that they have entered into a strategic relationship with Plug Power (PLUG). The agreement will see Plug Power providing 125 tons of green hydrogen per day to Nikola, with 80% of the volume under a take-or-pay contract. Additionally, Plug Power will provide one 30 TPD hydrogen liquefaction system for Nikola’s Arizona hydrogen hub, which could potentially scale up to 150 TPD. Nikola’s stock rally is particularly noteworthy given the recent selloff of Tesla and other EV stocks.

In summary, Nikola Corporation has seen an increase in their stock prices due to a new agreement with Plug Power which will provide them with green hydrogen and a hydrogen liquefaction system for their Arizona hub. This comes at an interesting time considering the recent dip in EV stocks.

The Rise of EV Stocks

Electric vehicle stocks have seen a surge in popularity over the past few years, as more and more investors recognize the potential for growth in this sector. As governments around the world continue to introduce incentives and regulations to promote a shift towards electric vehicles, companies that specialize in electric vehicle production and technology are expected to benefit from increased demand. Companies such as Tesla, NIO, and BYD have seen their stock prices skyrocket over the past year as investor enthusiasm for these stocks continues to grow. With the rise of electric vehicles, it is no surprise that EV stocks have become an attractive investment option for many investors.
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Picture source: Richard Horvath