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Nikola Corporation has posted its Q1 2024 financial report ahead of a call with investors this morning, and the numbers detail a commercial vehicle developer growing amid setbacks that arose last year. Today’s update mainly focuses on hydrogen as Nikola looks to execute deliveries while making good on issues with its BEV trucks.

It’s been an eventual twelve months for Nikola Corporation ($NKLA). During its Q1 2023 financial report, the American commercial vehicle manufacturer hinted at a weaning down of staff and company spending to optimize hydrogen and BEV truck production.

By Q2 2023, however, Nikola was presented with a significant issue as the Romeo Power battery packs in its BEV trucks started catching fire. The fire was not an isolated incident either; it warranted an investigation from the local fire department amid multiple fires, eventually leading to the automaker’s fourth CEO stepping down while Nikola’s stock tanked.

Nikola had to recall all 209 BEV trucks in operation while it simultaneously worked to expand its lineup of hydrogen trucks. That process is going much more smoothly as Nikola delivered its first HFCEV this past February.

As such, much of Nikola’s Q1 2024 financial report mostly focuses on the progress of its hydrogen fuel cell technology, although there is an update to the BEV recall.

Nikola Q1 2024
Nikola’s BV truck / Source: Nikola Corporation

Nikola stresses ‘execution’ amid lower Q1 2024 numbers

Based on the development hurdles mentioned above, it should come as little surprise that Nikola Corporation’s Q1 2024 report details a drop in production and revenue. The automaker wholesaler 40 FCEVs to end fleets in the first three months of the year and delivered each one.

Now, through two-quarters of hydrogen truck production, Nikola has sold 75 Tre FCEVs to date. Nikola trucks produced in Q1 2024 (43) are down compared to Q1 2023 (63), but the 40 deliveries are an Improvement, up from 31 trucks year-over-year. Revenue was down in Q1 at $7.5 million compared to $10.7 million in Q1 2023, and adjusted EBITDA was slightly up ($104 million in Q1 2024 compared to $103.7 million a year ago). See below:

Source: Nikola Corporation

Nikola’s focus on hydrogen FCEV deliveries is met by positive growth in the infrastructure to support it, as the company’s HYLA arm is not only on track in its “Hydrogen Highway Plan” but ahead of schedule. The automaker has previously committed to nine additional HYLA refueling stations in California by the end of 2024 but is now expecting to hit that milestone by mid-year and aiming to put 14 hydrogen refueling stations into operation by the end of the year. Nikola president and CEO Steve Girsky spoke:

We continue to move forward rapidly and execute our plans. And please keep that in mind – we are in the execution phase, not the planning or concepting phase. Last quarter, I talked about getting on the field with the first deliveries of our hydrogen fuel cell electric trucks. Today, we are executing plays, competing, and cultivating more green shoots as we expand upon current markets and enter new ones.

As for the Tre BEV trucks, Nikola appears to have put out the fires (literally and figuratively) and has begun reintroducing the trucks into the market. Nikola shared that it has completed the first delivery of its revamped “Tre 2.0” BEV in Q1 2024 and will continue to prioritize returning those trucks to customers and dealers throughout 2024. The automaker is admittedly not out of the woods yet, however. Per the release:

Our ability to sell Nikola’s on-hand inventory, however, will be dependent upon future battery supply; we now expect to opportunistically sell on-hand inventory for revenue in 2025. We’ve also taken this opportunity to ‘future proof’ the BEV 2.0, as it now shares significant software commonality with the battery and operating systems on the FCEV, allowing customers to receive next-generation upgrades seamlessly over-the-air as they are deployed.

Nikola will hold a call with investors this morning to discuss its Q1 2024 numbers, beginning at 7:30 AM PT. You can tune into the live webcast here.

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Caterpillar is putting MASSIVE 240-ton electric haul truck to work in Vale mine

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Caterpillar is putting MASSIVE 240-ton electric haul truck to work in Vale mine

Mining company Vale is turning to Caterpillar to provide this massive, 240-ton battery-electric haul truck in a bid to slash carbon emissions at its mines by 2030.

Caterpillar and Vale have signed an agreement that will see the Brazilian mining company test severe-duty battery electric mining trucks like the 793 BEV (above), as well as V2G/V2x energy transfer systems and alcohol-powered trucks. The test will help Vale make better equipment choices as it works to achieve its goals of reducing direct and indirect carbon emissions 33% by 2030 and eliminating 100% of its net emissions by 2050.

If that sounds weird, consider that most cars and trucks in Brazil run on either pure ethyl alcohol/ethanol (E100) or “gasohol” (E25).

“We are developing a portfolio of options to decarbonize Vale’s operations, including electrification and the use of alternative fuels in the mines. The most viable solutions will be adopted,” explains Ludmila Nascimento, energy and decarbonization director Vale. “We believe that ethanol has great potential to contribute to the 2030 target because it is a fuel that has already been adopted on a large scale in Brazil, with an established supply network, and which requires an active partnership with manufacturers. We stand together to support them in this goal.”

Vale will test a 240-ton Cat 793 battery-electric haul truck at its operations in Minas Gerais, and put energy transfer solutions to a similar tests at Vale’s operations in Pará over the next two-three years. Caterpillar and Vale have also agreed to a joint study on the viability of a dual-fuel (ethanol/diesel) solution for existing ICE-powered assets.

Vale claims to be the world’s largest producer of iron ore and nickel, and says it’s committed to an investment of between $4 billion to $6 billion to meet its 2030 goal.

Cat 793 electric haul truck

During its debut in 2022, the Cat 793 haul truck was shown on a 4.3-mile test course at the company’s Tucson proving grounds. There, the 240-ton truck was able to achieve a top speed of over 37 mph (60 km/h) fully loaded. Further tests involved the loaded truck climbing a 10% grade for a full kilometer miles at 7.5 mph before unloading and turning around for the descent, using regenerative braking to put energy back into the battery on the way down.

Despite not giving out detailed specs, Caterpillar reps reported that the 793 still had enough charge in its batteries for to complete more testing cycles.

Electrek’s Take

Caterpillar-electric-mining-truck
Cat 793 EV at 2022 launch; via Caterpillar.

Electric equipment and mining to together like peanut butter and jelly. In confined spaces, the carbon emissions and ear-splitting noise of conventional mining equipment can create dangerous circumstances for miners and operators, and that can lead to injury or long-term disability that’s just going to exacerbate a mining operation’s ability to keep people working and minerals coming out of the ground.

By working with companies like Vale to prove that forward-looking electric equipment can do the job as well as well as (if not better than) their internal combustion counterparts, Caterpillar will go a long way towards converting the ICE faithful.

SOURCES | IMAGES: Caterpillar, Construction Equipment, and E&MJ.

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Argonne Nat’l Lab is spending big bucks to study BIG hydrogen vehicles

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Argonne Nat'l Lab is spending big bucks to study BIG hydrogen vehicles

Argonne National Laboratory is building a new research and development facility to independently test large-scale hydrogen fuel cell systems for heavy-duty and off-road applications with funding from the US Department of Energy.

The US Department of Energy (DOE) is hoping Argonne Nat’l Lab’s extensive fuel cell research experience, which dates back to 1996, will give it unique insights as it evaluates new polymer electrolyte membrane (PEM) fuel cell systems ranging from 150 to 600 kilowatts for use in industrial vehicle and stationary power generation applications.

The new Argonne test facility will help prove (or, it should be said, disprove) the validity of hydrogen as a viable fuel for transportation applications including heavy trucks, railroad locomotives, marine vessels, and heavy machines used in the agriculture, construction, and mining industries.

“The facility will serve as a national resource for analysis and testing of heavy-duty fuel cell systems for developers, technology integrators and end-users in heavy-duty transportation applications including [OTR] trucks, railroad locomotives, marine vessels, aircraft and vehicles used in the agriculture, construction and mining industries,” explains Ted Krause, laboratory relationship manager for Argonne’s hydrogen and fuel cell programs. “The testing infrastructure will help advance fuel cell performance and pave the way toward integrating the technology into all of these transportation applications.”

The Hydrogen and Fuel Cell Technologies Office (HFTO) of DOE’s Office of Energy Efficiency and Renewable Energy is dedicating about $4 million to help build the new Argonne facility, which is set to come online next fall.

Electrek’s Take

Medium-sized Hydrogen FC excavator concept; via Komatsu.

It’s going to be hard to convince me that the concentrated push for a technology as inefficient as hydrogen fuel cells has more to do with any real consumer or climate benefit than it does keeping the throngs of people it will take to manufacture, capture, transport, store, house, and effectively dispense hydrogen gainfully employed through the next election cycle.

As such, while case studies like the hydrogen combustion-powered heavy trucks that have been trialed at Anglo American’s Mogalakwena mine since 2021 (at top) and fuel cell-powered concepts like Komatsu’s medium-sized excavator (above) have proven that hydrogen as a fuel can definitely work on a job site level while producing far fewer harmful emissions than diesel, I think swappable batteries like the ones being shown off by Moog Construction and Firstgreen have a far brighter future.

Speaking of Moog, we talked to some of the engineers being their ZQuip modular battery systems on a HEP-isode of The Heavy Equipment Podcast a few months back. I’ve included it, below, in case that’s something you’d like to check out.

SOURCES | IMAGES: ANL, Komatsu, and NPROXX.

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Velocity truck rental adds 47 high-speed truck chargers to California dealer network

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Velocity truck rental adds 47 high-speed truck chargers to California dealer network

Velocity truck rental is doing its part to help commercial fleets electrify by energizing 47 high-powered charging stations at four strategic dealer locations across Southern California. And they’re doing it now.

The new Velocity Truck Rental & Leasing (VTRL) charging network isn’t some far-off goal being announced for PR purposes. The company says its new chargers are already in the ground, and set to be fully online and energized by the end of this month at at VTRL facilities in Rancho Dominguez (17), Fontana (14), the City of Industry (14), and San Diego (2).

45 120 kW Detroit e-Fill chargers make up the bulk of VTRL’s infrastructure project, while two DCFC stations from ChargePoint get them to 47. All of the chargers, however, where chosen specifically to cater to the needs of medium and heavy-duty battery electric work trucks.

The company says it chose the Detroit e-Fill commercial-grade chargers because they’ve already proven themselves in Daimler-heavy fleets with their ability to bring Class 8 Freightliner eCascadias, Class 6 and 7 Freightliner eM2 box trucks, and RIZON Class 4 and 5 cabover trucks, “to 80% state of charge in just 90 minutes or less.”

At Velocity, we are not just reacting to the shift towards electric mobility; we are at the forefront with our customers and actively shaping it. By integrating high-powered, commercial-grade charging solutions along key transit corridors, we are ensuring that our customers have the support they need today. This charging infrastructure investment is a testament to our commitment to helping our customers transition smoothly to electromobility solutions and to prepare for compliance with the Advanced Clean Fleets (ACF) regulations.

David Deon, velocity president

Velocity plans to offer flexible charging options to accommodate the needs of different fleets, including both managed, “charging as a service” subscription plans and self-managed/opportunity charging during daily routes. While trucks are charging, drivers and operators will be able to relax in comfortable break rooms equipped with WIFI, television, snacks, water, and restrooms.

Electrek’s Take

Image via DTNA.

While it feels a bit underwhelming to write about trucking companies simply following the letter of the law in California, the rollout of an all-electric, zero-emission commercial trucking fleet remains something that, I think, should be celebrated.

As such, I’m celebrating it. I hope you are, too.

SOURCE | IMAGES: Global Newswire; Daimler Trucks.

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