Shares of Nikola Corp. $(NKLA)$ jumped 5.31% in premarket trading Wednesday, after the battery-electric and hydrogen-electric vehicle maker announced a collaboration agreement with CNH Industrial N.V.'s IVECO and OGE to establish a business structure for the transportation of hydrogen.
OGE operates a natural gas pipeline network in Germany. CNH shares slipped 0.6% ahead of the open. The collaboration is for transporting hydrogen through from production sources through a pipeline network to hydrogen fueling stations that support fuel-cell elective vehicles (FCEV). "We believe this collaboration, in particular, presents a very compelling long-term fueling distribution solution that we expect to advance industry and overall market adoption of FCEV technologies," said Pablo Koziner, Nikola's president of energy and commercial. Nikola shares have dropped 21.0% year to date, while CNH's stock has rallied 22.0% and the S&P 500 has gained 10.3%.
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