PHOENIX — Nikola Corp. has secured competitive pricing for electricity provided by Arizona Public Service Company, a key step on the way to efficiently producing hydrogen fuel.
The application for this special pricing arrangement was originally filed with the Arizona Corporation Commission last year on Dec. 11, and the proposal was approved by unanimous vote on Tuesday, Jan. 12.
Phoenix-based Nikola (Nasdaq: NKLA) strives to both create vehicles that run on hydrogen fuel cells and sell the hydrogen fuel itself, but producing this fuel of the future isn’t cheap.
The process, known as hydrogen electrolysis, requires large amounts of electricity to split water into oxygen and hydrogen. Despite the large consumption, the company says its facilities will respond to the needs of the rest of the grid and, for example, draw down its usage during heatwaves.
Real the full article at Phoenix Business Journal.