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NIKOLA AND ENGS COMMERCIAL FINANCE CO. SIGN AGREEMENT TO PROVIDE FINANCING FOR ZERO-EMISSION SEMI-TRUCK SALES | News

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PHOENIX, March 29, 2022 /PRNewswire/ — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and vitality infrastructure options, and ENGS Commercial Finance Co. (“ENGS”), a member of Mitsubishi HC Money Team (“MHC”) and a industry top professional finance organization, these days announced a signed settlement to facilitate sales of Course 8 Nikola Tre battery-electric powered autos (BEVs) and Nikola Tre hydrogen fuel-cell electrical motor vehicles (FCEVs).

Operating directly by means of the Nikola dealer network, ENGS will offer purchaser finance methods for the buy of Nikola autos, charging belongings and infrastructure demands to offer you a broad array of economic answers to Nikola prospects. The settlement furthers Nikola’s determination to protected partnerships with nicely-founded transportation finance professionals to present customized financing methods for Nikola sellers and shoppers. ENGS will also support Nikola and its dealers aid revenue by providing floorplan funding solutions to the sellers, elements and service financing and other connected cash prerequisites.

“Our partnership with ENGS will bolster our capacity to help even far more fleets transition to zero-emissions by giving a range of ground breaking options for those people customers that require alternative funding solutions,” stated Nikola Main Financial Officer Kim Brady.

Commence of creation of the Tre BEVs started previous 7 days at Nikola’s Coolidge, Arizona production facility.  The Nikola Tre FCEV deliveries are predicted in 2023.

“ENGS is quite enthusiastic to associate with Nikola.  We share numerous of the very same ambitions on sustainability and engineering,” said Jim Freund, ENGS Executive Vice President & Main Internet marketing Officer. “We glimpse forward to doing the job carefully with Nikola and their supplier network to give the best consumer finance solutions in the current market to assistance promote the sale of Nikola vans.”  Tom Canepa, ENGS VP Sustainable Enhancement Alternatives, additional, “Operating with corporations that promote Sustainable Enhancement Goals initiatives is really essential to us, and we are very pleased to companion with Nikola and its sellers.”

ENGS is a technological innovation-enabled industrial finance firm specializing in transportation, industrial and construction equipment leasing and financing, and doing the job cash and insurance coverage goods. With above $1.6 billion in property less than management, ENGS is just one of the longest-tenured and biggest loan companies in the transportation phase with about 70 years’ working experience funding vans and trailers for smaller, medium and huge fleets.

ABOUT NIKOLA Company:­

Nikola Corporation is globally reworking the transportation field. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric cars, electric powered car or truck drivetrains, car or truck parts, power storage systems, and hydrogen station infrastructure, Nikola is pushed to revolutionize the economic and environmental impression of commerce as we know it now. Launched in 2015, Nikola Company is headquartered in Phoenix, Arizona. For much more information, visit www.nikolamotor.com or Twitter @nikolamotor.

ABOUT ENGS Commercial FINANCE:­ 

ENGS Industrial Finance Co. (“ENGS”), is a member of Mitsubishi HC Money Group (“MHC”), 1 of the largest and most revered brand names in the entire world.  ENGS provides best-in-class, technological know-how-enabled financing methods to sellers and potential buyers of business tools, providing a 100% digital finance and company remedy for increased effectiveness and streamlined customer knowledge.  By means of ENGS Business Cash LLC, ENGS offers leading Working Capital merchandise, and insurance policies items as a result of ENGS Insurance policies Company.  ENGS is committed to supporting MHC’s world social targets by delivering funding offerings in the renewable and choice electricity markets.

Forward On the lookout STATEMENTS 

Specified statements incorporated in this push launch that are not historic information are forward-hunting statements. Forward-seeking statements commonly are accompanied by words and phrases these as “feel,” “may,” “will,” “estimate,” “proceed,” “anticipate,” “intend,” “assume,” “should really,” “would,” “prepare,” “predict,” “opportunity,” “seem,” “look for,” “upcoming,” “outlook,” and equivalent expressions that predict or show potential situations or traits or that are not statements of historic matters. These forward-wanting statements incorporate, but are not restricted to, statements relating to the predicted advantages of the agreement with ENGS. These statements are primarily based on several assumptions, no matter if or not determined in this push release, and on the present expectations of Nikola’s management. We can’t guarantee you that ahead seeking statements will be obtained and forward-looking statements are not predictions of genuine effectiveness. Ahead-on the lookout statements are topic to risks and uncertainties that could trigger true final results to vary materially from the ahead-searching statements, which include but not limited to, the failure to comprehend the expected rewards of the agreement design and producing adjustments, issues and delays economic, monetary, lawful, provide chain, regulatory, political and organization problems and improvements in domestic and overseas marketplaces the probable outcomes of COVID-19 the likely effects on worldwide markets from the war in Ukraine the consequence of legal, regulatory and judicial proceedings to which Nikola is, or may possibly turn out to be a occasion need for and customer acceptance of Nikola’s vans hazards associated with growth and testing of gas cell power modules and hydrogen storage techniques risks related to the rollout of Nikola’s company and the timing of envisioned company milestones, like delivery of vehicles for sale the effects of competition on Nikola’s potential organization the availability of money hazards associated with adjustments in accounting cure or accounting standards and the other pitfalls detailed from time to time in Nikola’s stories submitted with the Securities and Exchange Commission, which includes its yearly report on Variety 10-K for the 12 months finished December 30, 2021 and other documents Nikola documents with the SEC. If any of these challenges materialize or our assumptions confirm incorrect, genuine effects could differ materially from the success implied by these ahead-hunting statements. These ahead-seeking statements discuss only as of the day hereof and Nikola especially disclaims any obligation to update these ahead-looking statements.

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