Hydrogen and electric vehicle company Nikola Corporation NKLA announced the launch of a new brand and provided several company updates after market close. Here are the highlights.

What Happened: Nikola announced the launch of a new hydrogen energy brand called “HYLA” during a live event in Phoenix, Arizona, on Wednesday.

The new brand was said to “encompass the company’s energy products for producing, distributing and dispensing hydrogen to fuel its zero-emission trucks.”

The company said more than 300 people were on site for Nikola’s announcement, including media representatives, government officials, fleet and supplier and energy company representatives.

“Nikola is the only company that is successfully integrating a revolutionary new product, the hydrogen fuel cell truck, and the full hydrogen energy infrastructure supply chain under one roof,” Nikola CEO Michael Lohscheller.

Nikola Energy President Carey Mendes called hydrogen energy the “catalyst for the HYLA brand” and said the new brand represented the company’s focus on supporting its own fuel cell electric vehicles and other OEMs.

Under the HYLA brand, Nikola would develop access to up to 300 metric tons of hydrogen per day, covering previously announced projects by the company. The Phoenix Hydrogen Hub would launch with 30 metric tons per day and expand to 150 metric tons in further stages. Construction of the first phase was expected to be completed in the second half of 2024.

Nikola plans on having 60 hydrogen stations in place by 2026 under the HYLA brand with California and Ontario among the first locations.

The Nikola Tre FCEV was on hand at the live event and demonstrated to attendees. The vehicle comes with a range of 500 miles, which is expected to be one of the longest ranges of commercially available zero tailpipe emission Class 8 vehicles. It also comes with weight savings to battery-powered electric Class 8 trucks.

Related Link: Allison Transmission Partners With Nikola For EV Testing 

Why It’s Important: The launch of a new hydrogen brand could be important for Nikola as it could expand opportunities to partner with other companies. It also shouldn’t be lost on investors that the Nikola brand could still be associated with Trevor Milton and the past shortcomings of its founder and former CEO.

“The unveiling of our Nikola Tre fuel cell truck and flexible mobile fueling trailer demonstrates a real and sustainable competitive advantage for our customers and are significant proof points that we are accomplishing what we set out to achieve,” Lohscheller said.

Hosting an in-person event that showcased the new brand and highlighted the Nikola Tre FCEV could increase analyst coverage and call-outs on upcoming catalysts and growth projections for the company.

NKLA Price Action: Nikola shares closed up 2.30% to $2.67 on Wednesday versus a 52-week price range of $2.01 to $11.87.

Read Next: Nikola To Move Battery Production From California To Arizona: What Does It Mean

Photo: Courtesy Nikola