Why Nikola Stock Is Soaring Today

shares Nikola (NASDAQ:NKLA) It surged more than 15% on Thursday morning. The stock was boosted by some company-specific news and new publicity about hydrogen as a transportation fuel.

Nikola shares were still up 10.6% as of 11:10 a.m. ET today, helping the stock break above the $1 level, which is crucial to staying listed on the stock exchange.

Hydrogen and the Olympics

yesterday, Nikola announces plans HYLA Energy brand will build a new hydrogen refueling station in Western Canada. The new hydrogen refueling station will be the first commercial hydrogen refueling station in Alberta and the first in a hydrogen refueling network that Nikola and its partners plan to build to support the use of hydrogen-fueled heavy-duty trucks.

This comes after the company announced last week the opening of its first HYLA hydrogen refueling station in Southern California. The station began operations last month and is capable of fueling up to 40 Nikola hydrogen fuel cell electric trucks per day. The company plans to fuel a total of 40 Nikola hydrogen fuel cell electric trucks. 14 gas stations will be put into operation before the end of the year.

These gas stations are necessary infrastructure to support Nikola‚Äôs sales growth Hydrogen Class 8 TruckBut investors today are likely to react more to news from commercial gas companies air liquid group The company will demonstrate hydrogen fueling stations at this summer’s Paris Olympics. As an official supporter of hydrogen fuel, the company highlighted a network of refueling stations capable of refueling 500 hydrogen-powered vehicles at the Olympics.

Investors may view this support as a legitimate sign of Nikola and its plans to increase the use of hydrogen trucks in North America. The company and its shareholders certainly welcome the high-profile use of hydrogen announced today by Air Liquide.

Should you invest $1,000 in Nikola right now?

Before you buy Nikola stock, consider the following factors:

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Howard Smith Hold Nikola’s position. The Motley Fool has no position in any of the stocks mentioned. Motley Fool owned disclosure policy.

Why Nikola Stock Is Soaring Today Originally published by The Motley Fool

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