MEDIA CONTACT: Colleen Robar, crobar@robarpr.com, 313-207-5960. The company anticipates billions of dollars of revenue from selling and leasing futuristic 18-wheelers and pickups that emit no tailpipe pollution. The company estimates sales will jump from $150 million in 2021 to $3.2 billion by 2024 as production ramps up. 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. Russell and Girsky on Wednesday declined to comment on probes by securities regulators or the Department of Justice. 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. CNHI 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. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. A seasoned executive, Russell specializes in building successful manufacturing companies. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. 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. ABOUT NIKOLA MOTOR COMPANY Nikola had previously said it expected to finalize terms prior to Sept. 30. 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. 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. This service is not intended for persons residing in the EU. Nikola shares rose as high as US$21.59 and were still up 17.5per cent at US$21.02 in afternoon trading. All content was current only as of the date originally presented. 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. Russell said Nikola's success did not depend on partners, but they "increase the odds of succeeding.". These risks and uncertainties are detailed in our reports filed with the Securities and Exchange Commission. “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. BX "We needed the best. 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. 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. 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. Copyright© Mediacorp 2020. 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. 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. 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. All website content is the property of Nikola Corporation and any use, dissemination or republication is prohibited without the written consent of Nikola. , ValueAct and European commercial vehicle maker CNH Industrial 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. Russell has also been a business mentor to brash 38-year-old entrepreneur Milton. All Rights Reserved, This is a BETA experience. That’s changed dramatically in the past decade, with costs for the materials and fuel tanks dropping steadily as the technology matured. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. 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. It reaffirmed its timetable for launching vehicles and announcing partnerships. He retains that title in addition to being CEO. JP Morgan analyst Paul Coster said in a research note Nikola is trying to "re-establish control of the narrative around the company." It looks like the email address you entered is not valid. Find me on Twitter at @alanohnsman, © 2020 Forbes Media LLC. The company is privately-held. Russell, who was president and COO at Midwestern industrial conglomerate Worthington Industries before joining Nikola in February 2019, held stock and options in … Russell said talks continue to finalize an alliance with GM but declined further comment. Hindenburg officials declined to comment. Nikola said it still expects to break ground on its first commercial hydrogen station in the second quarter of 2021. 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. (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’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 To be able to capture that revenue is pretty powerful to us," Girsky said. The company may raise an additional $700 million between late 2021 and early 2022, according to the filing. The Nikola Two semi is powered by hydrogen fuel cells. View Mark Russell’s profile on LinkedIn, the world's largest professional community. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president.
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