Nikola launches hydrogen fueling station in Alberta, Canada

Nikola Corp (NASDAQ: NKLA) is up more than 10% on Thursday after announcing plans of a hydrogen refueling station in Canada.

Alberta to get its first hydrogen fueling station

HYLA – a subsidiary of the electric vehicles company based out of Phoenix, Arizona will set up a new hydrogen fueling station in Alberta.

The announcement, as per its press release this morning, is a “beginning of an expanded hydrogen fueling network across Western Canada”.

Note that the first hydrogen refueling station of $NKLA went live in Ontario, California in February as Invezz reported here. At the time, the EV firm said it’s committed to building eight more before the back half of 2024.

Nikola stock is now up roughly 70% versus its year-to-date low.

Why else is Nikola stock up on Thursday?

Nikola Corp is focusing on hydrogen fueling infrastructure because it’s expected to help boost its Class 8 truck sales. The Nasdaq-listed firm wants to have up to 60 such stations operational by the end of 2026.

Shares of the Trevor Milton founded company are climbing today also because Air Liquide said it will showcase hydrogen fueling stations this summer at the Paris Olympics.

In February, $NKLA said its revenue more than doubled to $11.53 million in the fourth quarter. The EV firm reported narrower than expected loss for Q4 as well (find out more).

Wall Street currently has a consensus “hold” rating on Nikola shares which do not pay a dividend yield at writing.