Nikola’s Coolidge, Ariz. manufacturing facility is scheduled to come online in 2022 and will be capable of building up to 35,000 trucks per year at full production. Fuel cell technology, which makes electricity in a chemical reaction involving hydrogen and oxygen with only water vapor as a byproduct, has been around since the 1960s, but earlier iterations were far too costly and not durable enough for heavy daily use. TSLA Nikola said it still expects to break ground on its first commercial hydrogen station in the second quarter of 2021. Russell said Nikola's success did not depend on partners, but they "increase the odds of succeeding.". Russell said talks continue to finalize an alliance with GM but declined further comment. Hindenburg officials declined to comment. Russell told Reuters he is confident Nikola will still announce by year-end a collaboration to build hydrogen-refueling stations. On Wednesday, Nikola stepped up its efforts to regain investor support with a lengthy statement defending its business model and technology. DETROIT: Nikola Corp Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a … All content was current only as of the date originally presented. DETROIT: 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 almost 21per cent at one point. It may also issue debt in 2023 and 2024 totaling $500 million. Nikola had previously said it expected to finalize terms prior to Sept. 30. Mark A Russell is President/CEO at Nikola Corp. See Mark A Russell's compensation, career history, education, & memberships. 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 CEO Mark Russell. Those statements, estimates and projections are subject to certain risks and uncertainties that could cause actual results to differ materially. The shares rose 5.8% to $64 in Nasdaq The information on Nikola’s website, inclusive of presentations, press releases, earnings call transcripts, reports, and all other information, may contain forward-looking statements, estimates or projections based on expectations as of the original date of those materials. We needed a seasoned manufacturing executive to join the Nikola team. Most recently, Russell served as president and chief operating officer of Worthington Industries (NYSE: WOR) from 2012 to 2018, and prior to that served as president of WOR subsidiary Worthington Steel since 2007. 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. Milton said in an interview that he needed an experienced hand to help build out and run his startup and recruited Russell to be Nikola’s president last year. Request processing. Mark's background and experience match well with the challenge to ramp up production of the extraordinary vehicles we will unveil at Nikola World on April 16 and 17," said Trevor Milton, founder and CEO of Nikola. Nikola currently has over four years of production committed with pre-order reservations. This service is not intended for persons residing in the EU. , Nikola’s speedy listing on Nasdaq this month (via a reverse merger with VectoIQ) is the most audacious Wall Street debut for a high-tech transportation startup since Tesla Russell, who was president and COO at Midwestern industrial conglomerate Worthington Industries before joining Nikola in February 2019, held stock and options in the Phoenix-based company worth a little over $1.3 billion as June 12, Forbes estimates. We do not update, supplement or delete outdated information contained in our website, and we disclaim any obligation to do so. That’s changed dramatically in the past decade, with costs for the materials and fuel tanks dropping steadily as the technology matured. (Reporting by Ben Klayman and Joseph White; Editing by Chizu Nomiyama and Lisa Shumaker). Copyright© Mediacorp 2020. He retains that title in addition to being CEO. ABOUT NIKOLA MOTOR COMPANY The Nikola Two semi is powered by hydrogen fuel cells. Nikola has truck orders worth $10 billion from companies led by Anheuser-Busch, which wants 800 of its non-polluting behemoths. 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. Backed by investors that include private equity heavyweight Blackstone Group It reaffirmed its timetable for launching vehicles and announcing partnerships. Milton resigned and left the company on Sept. 21 and was replaced by Steve Girsky, whose firm took Nikola public earlier this year through a reverse merger. "We're confident that we're still going to hit the milestones laid out there of announcing a partner by the end of the year and getting stations going starting next year.". 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. ’s a decade ago. NDAQ "We've talked to all of those folks and those discussions are continuing," he said in an interview. MEDIA CONTACT: Colleen Robar, firstname.lastname@example.org, 313-207-5960. Nikola has said it has discussed Hindenburg Research's charges with the Securities and Exchange Commission and will "fully cooperate" with the agency's inquiry. A potential competitor to Elon Musk’s Tesla in electric trucks (which it’s suing for design infringement), Nikola raised about $600 million prior to its Nasdaq listing to get its hydrogen semis into production at a plant in Coolidge, Arizona. BX The company may raise an additional $700 million between late 2021 and early 2022, according to the filing. “I’m thrilled to be joining the Nikola team at this critical time and look forward to assisting its growth into production and beyond,” Russell said. Russell has also been a business mentor to brash 38-year-old entrepreneur Milton. , ValueAct and European commercial vehicle maker CNH Industrial Nikola’s founder, who left college in his freshman year, briefly worked for Russell at Worthington, which provided early-stage funding for Nikola. GM also affirmed Wednesday that the talks with Nikola continue. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. Russell has been building and managing companies in the manufacturing industry for over 20 years, helping them grow profitably while building significant value for investors. You may opt-out by, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change. 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. There have been reports this week that Nikola's talks with energy firms, including BP Plc , had stalled. View Mark Russell’s profile on LinkedIn, the world's largest professional community. Nikola shares rose as high as US$21.59 and were still up 17.5per cent at US$21.02 in afternoon trading. Russell, 56, joins Nikola at a time when the company is poised to start production of several groundbreaking zero-emission vehicles. Russell, 56, joins Nikola at a time when the company is poised to start production of several groundbreaking zero … “I had grand dreams of turning Trevor into a corporate executive–which lasted about as long as he did in college,” Russell told Forbes in a 2019 interview. Find me on Twitter at @alanohnsman, © 2020 Forbes Media LLC. It’s also preparing to announce a separate production alliance with an unnamed automotive company to manufacture its Badger fuel cell pickup. Nikola Corp. CNHI Russell became CEO of Nikola this month, after the reverse merger with VectoIQ, while Milton shifted to the role of executive chairman. He said closing the GM deal is the most important near-term catalyst and Nikola's strategy remains compelling although execution risks remain. The company is privately-held. These risks and uncertainties are detailed in our reports filed with the Securities and Exchange Commission. A seasoned executive, Russell specializes in building successful manufacturing companies. It looks like the email address you entered is not valid. "We needed the best. Milton, who is Nikola’s biggest shareholder, ended the week with a net worth of $7 billion. Nikola CEO Mark Russell talks about the company going public in a reverse merger, signing a big hydrogen deal and raising $700 million. Initially, the company will source battery-electric Nikola Tre semis built in partnership with CNH’s Iveco unit in Germany for sale in Europe and the U.S. in 2021. The Phoenix-based company, which won’t generate meaningful revenue until 2022, reported about $699 million of cash at … From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around. It also has virtually no revenue to show yet. To be able to capture that revenue is pretty powerful to us," Girsky said. The company estimates sales will jump from $150 million in 2021 to $3.2 billion by 2024 as production ramps up. Russell and Girsky on Wednesday declined to comment on probes by securities regulators or the Department of Justice. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. "Downstream revenue is more profitable and less cyclical. For more information, visit nikolamotor.com or Twitter: @nikolamotor. In 2024, Nikola expects to sell or lease 7,000 battery-powered units and 5,000 hydrogen fuel cell trucks, according to an SEC filing. (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.). Nikola is led by its visionary CEO Trevor Milton (Twitter: @nikolatrevor), who has assembled one of the most talented teams in the country to bring the Nikola products to market. The company anticipates billions of dollars of revenue from selling and leasing futuristic 18-wheelers and pickups that emit no tailpipe pollution. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. trading on Friday. Mediacorp Pte Ltd. All rights reserved. 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 Rights Reserved, This is a BETA experience. Find, From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around. Mark has 9 jobs listed on their profile. Nikola's shares have lost more than half their value since announcing on Sept. 8 a prospective alliance with General Motors Co to produce an electric pickup and fuel cell commercial trucks. Nikola Corporation designs and manufactures electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains. All website content is the property of Nikola Corporation and any use, dissemination or republication is prohibited without the written consent of Nikola.