OLE HOEFELMANN APPOINTED AS PRESIDENT OF NIKOLA ENERGY

International energy executive with 30-plus years’ experience takes HYLA reins

PHOENIX, Feb. 2, 2024 /PRNewswire/ — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via its HYLA brand, announced the appointment of Ole Hoefelmann as President of the Nikola Energy division, effective February 5, 2024.

A 30-plus year veteran of the hydrogen business, including decades in executive positions at Air Liquide and a stint at Plug Power, Hoefelmann most recently served as Nikola’s Global Head of Infrastructure Operations, where he led the reorganization of the HYLA-brand hydrogen refueling infrastructure.

Hoefelmann will continue to expand this work as President of Nikola Energy, where he will oversee the company’s energy business, including supply strategy, technology, dispensing, and development.

“Ole is a highly regarded international executive from the energy sector with an impeccable resume. In a few short months, he has helped the company make considerable strides in creating its hydrogen highway, starting in California, with plans to expand across the U.S. and Canada,” said Nikola President and CEO, Steve Girsky. “As our hydrogen fuel cell electric truck sales increase in 2024, it’s important that our energy efforts are commensurate. We are confident that our customers will benefit from Ole’s expertise and service-oriented mentality.”

Joe Cappello, a leader in the hydrogen space for several years, most recently as President of Nikola Energy, will be departing from the organization and assisting over the next few weeks to ensure a smooth transition. “We wish Joe all the best as he continues to champion energy transitions and support the growth and use of hydrogen on a global scale,” said Girsky.

ABOUT OLE HOEFELMANN

Originally from Munich, Germany, Hoefelmann’s depth of experience in the hydrogen economy is significant, with 30 years’ tenure at Air Liquide S.A. in positions that took him from the U.S. to Europe, with local and global responsibilities. Starting in 1991 in a variety of foundational roles, Hoefelmann’s tenure at Air Liquide resulted in him leading up to 3,000 employees, holding titles such as CEO for Air Liquide in Iberia, COO Industrial Customers U.S., Chairman of Air Liquide Advanced Materials, CEO Advanced Technologies U.S., Vice President Hydrogen Energy Americas, Vice President Markets, Strategy, Innovation, Strategic Accounts, and Communication for the World Business Line Industrial Merchant.

Accomplishments with Air Liquide include development of commercialization strategies to scale hydrogen energy, influencing safety education and protocol, and accelerating growth in new markets, including transportation, where he collaborated with some of the largest vehicle companies in the world to set up hydrogen refueling networks and production.

Hoefelmann joined Plug Power in 2021 as General Manager of their Electrolyzer business, responsible for sales, product management, development and business strategy. He also was an operating partner for Hy24, a clean hydrogen infrastructure investment platform, and is former chair and vice-chair for the California Fuel Cell Partnership (CaFCP) and vice chair of Fuel Cell and Hydrogen Energy Association (FCHEA).

Hoefelmann is fluent in German, English, Spanish and French and earned a Bachelor of Science in Mathematics and a Master of Business Administration in International Business from St. Mary’s College of California.

ABOUT NIKOLA CORPORATION

Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

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FORWARD LOOKING STATEMENT

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to: the Company’s beliefs regarding the potential benefits of Mr. Hoefelmann joining the Company’s executive management team; Mr. Hoefelmann’s ability to underscore the Company’s vision and potential; Mr. Hoefelmann’s ability to advance the Company’s hydrogen highway initiatives and build hydrogen stations; and expectations relating to the hydrogen highway expanding into the rest of the U.S. and Canada. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2023 filed with the Securities and Exchange Commission (the “SEC”), in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.