On Wednesday, Nikola stepped up its efforts to regain investor support with a lengthy statement defending its business model and technology. The Phoenix-based company, which won’t generate meaningful revenue until 2022, reported about $699 million of cash at … Nikola Corp Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a deal with an energy partner, and he defended the company's technology and strategy against a short-seller's fraud allegations, sending shares up as much as 12per cent. While industrial hydrogen is typically sourced from natural gas, new methods for generating “green” hydrogen from water and electricity from solar or wind farms have made the fuel much more compelling to environmental regulators in California, Europe, Japan, South Korea and China. Nikola Motor’s wild first week of trading–marked by Monday’s 104% surge, followed by a 24% drop over two days–boosted the fortune of founder Trevor Milton and has created another billionaire at the hydrogen truck startup: new CEO Mark Russell. Building hydrogen stations for its trucks, which will make the clean fuel from water and renewable electricity, will run to nearly $1 billion from 2022 through 2024. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. We do not update, supplement or delete outdated information contained in our website, and we disclaim any obligation to do so. JP Morgan analyst Paul Coster said in a research note Nikola is trying to "re-establish control of the narrative around the company." PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. Nikola CEO Mark Russell. Nikola said it still expects to break ground on its first commercial hydrogen station in the second quarter of 2021. Russell, who was president and COO at Midwestern industrial conglomerate Worthington Industries before joining Nikola in February 2019, held stock and options in … "We've talked to all of those folks and those discussions are continuing," he said in an interview. A seasoned executive, Russell specializes in building successful manufacturing companies. "Downstream revenue is more profitable and less cyclical. Girsky, who joined Russell in the interview, said Nikola will be as much a service provider, generating revenue from refueling and other after-sale businesses, as a manufacturer of vehicles. BX The company estimates sales will jump from $150 million in 2021 to $3.2 billion by 2024 as production ramps up. He said closing the GM deal is the most important near-term catalyst and Nikola's strategy remains compelling although execution risks remain. It also has virtually no revenue to show yet. "We needed the best. There have been reports this week that Nikola's talks with energy firms, including BP Plc , had stalled. Short-seller Hindenburg Research released a scathing report on Sept. 10 that called Nikola a "fraud" and said Nikola founder and former Executive Chairman Trevor Milton had made false claims about Nikola's proprietary technology. All content was current only as of the date originally presented. The shares rose 5.8% to $64 in Nasdaq (For more, see “Behind New Billionaire Trevor Milton’s $3 Billion Push To Make America Run On Hydrogen” from the September 30, 2019 issue of Forbes magazine.).
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