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July 19, 2023

King & Spalding advises Nikola Corporation on its Sale of the Phoenix Hydrogen Hub to Fortescue Future Industries

King & Spalding advised Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, on the sale of Nikola’s Phoenix Hydrogen Hub (PHH) project to Fortescue Future Industries (FFI), a global green energy and metals company committed to leading the world in stepping beyond fossil fuels by developing green electrons, green hydrogen and green technology at scale. FFI will bring the capital and resources required to fully develop the project and the parties are working towards a hydrogen supply agreement to support Nikola’s Class 8 zero-emission trucks.

The sale of the PHH project to FFI is fully aligned with Nikola’s capital efficient energy strategy to collaborate with partners interested in the hydrogen energy ecosystem that Nikola is pioneering.

The PHH is a fast-to-market, green hydrogen project located near Phoenix, in the city of Buckeye, Arizona, and is expected to be built in phases to scale alongside demand. The project is expected to progress towards its first hydrogen production by the middle of this decade.

More details can be found on Nikola’s press release here

The King & Spalding team advising Nikola was led by Brandon Dalling, Jonathan Melmed, Adam Hankiss, Brendan Downey, Ted Markson and David Lang.