NIKOLA AND ENGS COMMERCIAL FINANCE CO. SIGN AGREEMENT TO PROVIDE FINANCING FOR ZERO-EMISSION SEMI-TRUCK SALES | News
PHOENIX, March 29, 2022 /PRNewswire/ — Nikola Company (Nasdaq: NKLA), a global leader in zero-emissions transportation and electricity infrastructure options, and ENGS Business Finance Co. (“ENGS”), a member of Mitsubishi HC Cash Group (“MHC”) and a market place main professional finance organization, today announced a signed agreement to facilitate profits of Course 8 Nikola Tre battery-electric motor vehicles (BEVs) and Nikola Tre hydrogen fuel-mobile electric powered automobiles (FCEVs).
Operating instantly by means of the Nikola vendor community, ENGS will give client finance options for the invest in of Nikola autos, charging property and infrastructure specifications to supply a broad selection of monetary remedies to Nikola customers. The agreement furthers Nikola’s determination to secure partnerships with properly-founded transportation finance experts to offer tailored financing alternatives for Nikola dealers and consumers. ENGS will also help Nikola and its dealers facilitate sales by providing floorplan funding options to the sellers, elements and assistance funding and other related money necessities.
“Our partnership with ENGS will bolster our means to help even a lot more fleets changeover to zero-emissions by supplying a selection of revolutionary remedies for all those shoppers that need alternate financing alternatives,” stated Nikola Chief Money Officer Kim Brady.
Get started of production of the Tre BEVs commenced very last 7 days at Nikola’s Coolidge, Arizona manufacturing facility. The Nikola Tre FCEV deliveries are predicted in 2023.
“ENGS is very excited to associate with Nikola. We share lots of of the identical goals on sustainability and know-how,” stated Jim Freund, ENGS Government Vice President & Chief Marketing Officer. “We search forward to doing the job closely with Nikola and their dealer network to offer the very best purchaser finance goods in the marketplace to assistance advertise the sale of Nikola vehicles.” Tom Canepa, ENGS VP Sustainable Growth Options, extra, “Doing the job with providers that encourage Sustainable Growth Aims initiatives is pretty essential to us, and we are proud to lover with Nikola and its sellers.”
ENGS is a know-how-enabled industrial finance firm specializing in transportation, industrial and development equipment leasing and funding, and working money and insurance policies goods. With more than $1.6 billion in belongings underneath administration, ENGS is a person of the longest-tenured and premier lenders in the transportation phase with over 70 years’ knowledge funding trucks and trailers for small, medium and massive fleets.
ABOUT NIKOLA Corporation:
Nikola Corporation is globally reworking the transportation industry. As a designer and manufacturer of zero-emission battery-electric powered and hydrogen-electrical autos, electrical motor vehicle drivetrains, vehicle factors, energy storage units, and hydrogen station infrastructure, Nikola is pushed to revolutionize the financial and environmental influence of commerce as we know it today. Established in 2015, Nikola Company is headquartered in Phoenix, Arizona. For a lot more details, visit www.nikolamotor.com or Twitter @nikolamotor.
ABOUT ENGS Commercial FINANCE:
ENGS Industrial Finance Co. (“ENGS”), is a member of Mitsubishi HC Capital Group (“MHC”), just one of the biggest and most revered brands in the entire world. ENGS delivers very best-in-course, know-how-enabled funding methods to sellers and consumers of commercial gear, supplying a 100% digital finance and provider answer for larger efficiency and streamlined customer experience. By ENGS Industrial Capital LLC, ENGS offers main Functioning Cash items, and insurance plan items through ENGS Insurance policy Company. ENGS is dedicated to supporting MHC’s world social objectives by delivering funding choices in the renewable and different electricity marketplaces.
Forward Searching STATEMENTS
Certain statements incorporated in this press release that are not historical info are ahead-looking statements. Forward-wanting statements usually are accompanied by phrases these as “believe,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “hope,” “should really,” “would,” “prepare,” “forecast,” “prospective,” “feel,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future situations or traits or that are not statements of historic issues. These forward-on the lookout statements contain, but are not confined to, statements pertaining to the predicted gains of the arrangement with ENGS. These statements are centered on various assumptions, no matter whether or not discovered in this press launch, and on the current anticipations of Nikola’s administration. We are unable to guarantee you that ahead seeking statements will be reached and ahead-on the lookout statements are not predictions of true functionality. Forward-looking statements are subject to hazards and uncertainties that could lead to precise success to vary materially from the ahead-looking statements, together with but not minimal to, the failure to realize the anticipated rewards of the arrangement design and manufacturing alterations, challenges and delays economic, economic, legal, offer chain, regulatory, political and enterprise circumstances and changes in domestic and foreign marketplaces the likely consequences of COVID-19 the possible effects on world-wide markets from the war in Ukraine the outcome of authorized, regulatory and judicial proceedings to which Nikola is, or could become a occasion demand for and buyer acceptance of Nikola’s vans risks related with development and screening of gasoline mobile ability modules and hydrogen storage methods hazards relevant to the rollout of Nikola’s business and the timing of expected business enterprise milestones, together with shipping and delivery of trucks for sale the results of competition on Nikola’s potential company the availability of funds threats involved with variations in accounting cure or accounting requirements and the other dangers specific from time to time in Nikola’s experiences submitted with the Securities and Trade Commission, such as its yearly report on Form 10-K for the yr finished December 30, 2021 and other documents Nikola documents with the SEC. If any of these pitfalls materialize or our assumptions demonstrate incorrect, true success could vary materially from the final results implied by these forward-seeking statements. These forward-wanting statements talk only as of the day hereof and Nikola especially disclaims any obligation to update these ahead-seeking statements.
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Source Nikola Company
