Nel, Nikola realign previous agreement

Nel (NLLSF) and Nikola (NKLA) have realigned their previous agreement, and at the same time Nel will become Fortescue’s supplier for their 80 MW electrolyser, for a total consideration of about $20M. In 2018, Nel entered into a supply agreement with Nikola, followed by a firm purchase order for 85 MW of electrolyser equipment in 2020 that has been delivered. The two parties have now agreed to cancel the old supply agreement and will agree to a new agreement for 110 alkaline stacks and related Balance of Stack equipment only. As a compensation for the changed scope Nel will receive about $9M.