“I’m thrilled to be joining the Nikola team at this critical time and look forward to assisting its growth into production and beyond,” Russell said. To be able to capture that revenue is pretty powerful to us," Girsky said. While industrial hydrogen is typically sourced from natural gas, new methods for generating “green” hydrogen from water and electricity from solar or wind farms have made the fuel much more compelling to environmental regulators in California, Europe, Japan, South Korea and China. “I had grand dreams of turning Trevor into a corporate executive–which lasted about as long as he did in college,” Russell told Forbes in a 2019 interview. The information on Nikola’s website, inclusive of presentations, press releases, earnings call transcripts, reports, and all other information, may contain forward-looking statements, estimates or projections based on expectations as of the original date of those materials. It looks like the email address you entered is not valid. That’s changed dramatically in the past decade, with costs for the materials and fuel tanks dropping steadily as the technology matured. Russell and Girsky on Wednesday declined to comment on probes by securities regulators or the Department of Justice. All Rights Reserved, This is a BETA experience. Russell, 56, joins Nikola at a time when the company is poised to start production of several groundbreaking zero … From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around. Nikola Motor’s wild first week of trading–marked by Monday’s 104% surge, followed by a 24% drop over two days–boosted the fortune of founder Trevor Milton and has created another billionaire at the hydrogen truck startup: new CEO Mark Russell. Nikola shares rose as high as US$21.59 and were still up 17.5per cent at US$21.02 in afternoon trading. Mark's background and experience match well with the challenge to ramp up production of the extraordinary vehicles we will unveil at Nikola World on April 16 and 17," said Trevor Milton, founder and CEO of Nikola. Nikola Corp Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a deal with an energy partner, and he defended the company's technology and strategy against a short-seller's fraud allegations, sending shares up as much as 12per cent. Find me on Twitter at @alanohnsman, © 2020 Forbes Media LLC. Nikola's shares have lost more than half their value since announcing on Sept. 8 a prospective alliance with General Motors Co to produce an electric pickup and fuel cell commercial trucks. For more information, visit nikolamotor.com or Twitter: @nikolamotor. Most recently, Russell served as president and chief operating officer of Worthington Industries (NYSE: WOR) from 2012 to 2018, and prior to that served as president of WOR subsidiary Worthington Steel since 2007. "Downstream revenue is more profitable and less cyclical. It reaffirmed its timetable for launching vehicles and announcing partnerships. Nikola currently has over four years of production committed with pre-order reservations. All website content is the property of Nikola Corporation and any use, dissemination or republication is prohibited without the written consent of Nikola. It’s also preparing to announce a separate production alliance with an unnamed automotive company to manufacture its Badger fuel cell pickup. He retains that title in addition to being CEO. Milton resigned and left the company on Sept. 21 and was replaced by Steve Girsky, whose firm took Nikola public earlier this year through a reverse merger. NDAQ The Nikola Two semi is powered by hydrogen fuel cells. We do not update, supplement or delete outdated information contained in our website, and we disclaim any obligation to do so. He said closing the GM deal is the most important near-term catalyst and Nikola's strategy remains compelling although execution risks remain. Nikola is led by its visionary CEO Trevor Milton (Twitter: @nikolatrevor), who has assembled one of the most talented teams in the country to bring the Nikola products to market. "We're confident that we're still going to hit the milestones laid out there of announcing a partner by the end of the year and getting stations going starting next year.". trading on Friday. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. Hindenburg officials declined to comment. The shares rose 5.8% to $64 in Nasdaq Girsky, who joined Russell in the interview, said Nikola will be as much a service provider, generating revenue from refueling and other after-sale businesses, as a manufacturer of vehicles. Mark has 9 jobs listed on their profile. There have been reports this week that Nikola's talks with energy firms, including BP Plc , had stalled. DETROIT: Nikola Corp Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a … Russell has also been a business mentor to brash 38-year-old entrepreneur Milton. We needed a seasoned manufacturing executive to join the Nikola team. TSLA The company is privately-held. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. The company estimates sales will jump from $150 million in 2021 to $3.2 billion by 2024 as production ramps up. A seasoned executive, Russell specializes in building successful manufacturing companies. Backed by investors that include private equity heavyweight Blackstone Group Nikola CEO Mark Russell. Nikola CEO Mark Russell talks about the company going public in a reverse merger, signing a big hydrogen deal and raising $700 million. Nikola Corporation designs and manufactures electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains. Initially, the company will source battery-electric Nikola Tre semis built in partnership with CNH’s Iveco unit in Germany for sale in Europe and the U.S. in 2021. Copyright© Mediacorp 2020. View Mark Russell’s profile on LinkedIn, the world's largest professional community. In 2024, Nikola expects to sell or lease 7,000 battery-powered units and 5,000 hydrogen fuel cell trucks, according to an SEC filing. Nikola’s founder, who left college in his freshman year, briefly worked for Russell at Worthington, which provided early-stage funding for Nikola. Mark A Russell is President/CEO at Nikola Corp. See Mark A Russell's compensation, career history, education, & memberships. Nikola has truck orders worth $10 billion from companies led by Anheuser-Busch, which wants 800 of its non-polluting behemoths. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. On Wednesday, Nikola stepped up its efforts to regain investor support with a lengthy statement defending its business model and technology. JP Morgan analyst Paul Coster said in a research note Nikola is trying to "re-establish control of the narrative around the company." , ValueAct and European commercial vehicle maker CNH Industrial Milton, who is Nikola’s biggest shareholder, ended the week with a net worth of $7 billion. Find, From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around.
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