NIKOLA AND ENGS COMMERCIAL FINANCE CO. SIGN AGREEMENT TO PROVIDE FINANCING FOR ZERO-EMISSION SEMI-TRUCK SALES | News
PHOENIX, March 29, 2022 /PRNewswire/ — Nikola Corporation (Nasdaq: NKLA), a world chief in zero-emissions transportation and energy infrastructure methods, and ENGS Commercial Finance Co. (“ENGS”), a member of Mitsubishi HC Capital Group (“MHC”) and a current market top business finance company, currently introduced a signed arrangement to facilitate sales of Class 8 Nikola Tre battery-electric powered automobiles (BEVs) and Nikola Tre hydrogen gasoline-mobile electric powered motor vehicles (FCEVs).
Doing work straight via the Nikola supplier network, ENGS will offer you shopper finance alternatives for the buy of Nikola cars, charging assets and infrastructure needs to provide a broad array of fiscal methods to Nikola clients. The arrangement furthers Nikola’s commitment to safe partnerships with nicely-proven transportation finance professionals to give customized financing answers for Nikola dealers and prospects. ENGS will also support Nikola and its dealers aid sales by supplying floorplan funding options to the sellers, components and services financing and other related capital necessities.
“Our partnership with ENGS will bolster our ability to support even much more fleets changeover to zero-emissions by featuring a variety of impressive options for individuals prospects that call for different financing possibilities,” explained Nikola Main Money Officer Kim Brady.
Commence of output of the Tre BEVs commenced very last 7 days at Nikola’s Coolidge, Arizona producing facility. The Nikola Tre FCEV deliveries are predicted in 2023.
“ENGS is pretty energized to spouse with Nikola. We share many of the exact objectives on sustainability and engineering,” said Jim Freund, ENGS Government Vice President & Main Promoting Officer. “We appear ahead to doing work carefully with Nikola and their seller community to provide the very best client finance products in the current market to help promote the sale of Nikola vans.” Tom Canepa, ENGS VP Sustainable Growth Options, additional, “Doing the job with firms that endorse Sustainable Growth Ambitions initiatives is incredibly significant to us, and we are very pleased to partner with Nikola and its dealers.”
ENGS is a technological innovation-enabled business finance corporation specializing in transportation, industrial and building tools leasing and funding, and operating capital and coverage merchandise. With around $1.6 billion in belongings beneath management, ENGS is one of the longest-tenured and largest lenders in the transportation segment with around 70 years’ expertise financing vehicles and trailers for tiny, medium and large fleets.
ABOUT NIKOLA Corporation:
Nikola Corporation is globally reworking the transportation sector. As a designer and manufacturer of zero-emission battery-electric powered and hydrogen-electric cars, electric vehicle drivetrains, automobile components, electricity storage devices, and hydrogen station infrastructure, Nikola is driven to revolutionize the financial and environmental influence of commerce as we know it right now. Launched in 2015, Nikola Company is headquartered in Phoenix, Arizona. For far more details, go to www.nikolamotor.com or Twitter @nikolamotor.
ABOUT ENGS Business FINANCE:
ENGS Professional Finance Co. (“ENGS”), is a member of Mitsubishi HC Funds Team (“MHC”), one of the premier and most revered brands in the world. ENGS provides greatest-in-class, technologies-enabled funding alternatives to sellers and customers of commercial equipment, providing a 100% electronic finance and provider resolution for increased performance and streamlined client knowledge. As a result of ENGS Professional Cash LLC, ENGS supplies main Functioning Capital merchandise, and insurance policy products by ENGS Insurance Agency. ENGS is fully commited to supporting MHC’s world social goals by offering financing choices in the renewable and substitute energy markets.
Forward Hunting STATEMENTS
Particular statements involved in this press release that are not historical details are ahead-on the lookout statements. Ahead-hunting statements commonly are accompanied by words and phrases this kind of as “believe,” “might,” “will,” “estimate,” “continue,” “foresee,” “intend,” “expect,” “ought to,” “would,” “approach,” “forecast,” “opportunity,” “seem,” “seek,” “future,” “outlook,” and related expressions that predict or indicate future gatherings or developments or that are not statements of historic issues. These forward-seeking statements contain, but are not confined to, statements relating to the predicted gains of the arrangement with ENGS. These statements are primarily based on different assumptions, no matter whether or not identified in this press launch, and on the recent anticipations of Nikola’s administration. We cannot assure you that ahead on the lookout statements will be accomplished and forward-seeking statements are not predictions of precise performance. Ahead-searching statements are subject matter to challenges and uncertainties that could bring about true effects to vary materially from the forward-hunting statements, such as but not confined to, the failure to comprehend the expected benefits of the settlement style and design and manufacturing improvements, troubles and delays economic, financial, legal, offer chain, regulatory, political and business enterprise ailments and improvements in domestic and overseas marketplaces the opportunity effects of COVID-19 the prospective consequences on world marketplaces from the war in Ukraine the end result of lawful, regulatory and judicial proceedings to which Nikola is, or may possibly grow to be a social gathering demand from customers for and purchaser acceptance of Nikola’s trucks challenges related with advancement and testing of fuel cell electric power modules and hydrogen storage programs pitfalls related to the rollout of Nikola’s enterprise and the timing of expected enterprise milestones, including supply of vehicles for sale the results of competitors on Nikola’s long run enterprise the availability of capital challenges linked with changes in accounting treatment or accounting expectations and the other risks thorough from time to time in Nikola’s reviews filed with the Securities and Exchange Fee, together with its yearly report on Kind 10-K for the year finished December 30, 2021 and other files Nikola information with the SEC. If any of these risks materialize or our assumptions show incorrect, precise benefits could differ materially from the effects implied by these forward-seeking statements. These ahead-seeking statements discuss only as of the day hereof and Nikola especially disclaims any obligation to update these ahead-wanting statements.
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