Nikola (NKLA) is turning around, plans for truck battery and hydrogen fuel development

Nikola (NKLA), the one company whose former CEO has defrauded millions in investor funds is making an astounding comeback. Shares of NKLA skyrocketed 17% on news that the company is starting truck battery development and a hydrogen fuel collaboration with Travel Centers of America.

The company has reconfirmed previous production targets with a plan of installing hydrogen fuel ports for heavy duty trucks in two partner locations in California. In the agreement both companies plan to explore mutual development of a nationwide hydrogen fuel network.

Some good news is that the first SEMI, Nikola Tre is expected to begin production in Europe in the fourth quarter of 2021, with a production plant expected in 2022.

According to a press release, the relationship between Nikola and TravelCenters of America is subject to discussions and implementation of a final agreement decided upon by both companies.