Alta Equipment Group Signs Dealer Agreement with Nikola Corporation
August 10 2021 - 8:00AM
Business Wire
Dealership Agreement Marks Alta’s Entrance
into the Class 8 Semi-Truck Market
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) or (The company)
today announced that it has entered into a dealer agreement with
Nikola Corporation (NASDAQ: NKLA) (“Nikola”), a designer and
manufacturer of heavy-duty commercial battery-electric vehicles
(BEV) and fuel-cell electric vehicles (FCEV). This agreement names
Alta as the authorized dealer to sell and service Nikola medium and
long-haul Class 8 EV/FCEV trucks in the NY, NJ, eastern PA and New
England markets.
Alta is a leading distributor partner with their current OEMs in
migrating customers to electric vehicles in the construction and
material handling segments. The company sells and supports hydrogen
fuel-cells in material handling applications along with hydrogen
generation and storage and has a long history in the sales and
support of electric industrial fleets. This agreement marks Alta’s
expansion into the Class 8 commercial vehicle/equipment segment and
builds upon its eMobility strategy.
“We are excited to sign this agreement with Nikola and become
the authorized dealer in the northeast US territory. We view our
entry to this growth market as a natural extension of the
operational expertise we have built in the heavy equipment,
material handling and construction markets,” said Ryan Greenawalt,
Chief Executive Officer of Alta. “We believe the commercial vehicle
market provides a strong long-term growth opportunity for Alta as
we look to leverage our existing footprint and knowledge in
electro-mobility to meet the growing demand for electric vehicles
and deliver world-class service to Nikola customers.”
“The northeastern region of the United States has quickly become
a crucial territory for Nikola as states move forward with setting
goals in reducing greenhouse gases related to transportation,” said
Nikola President, Energy and Commercial Pablo Koziner. “Alta
Equipment and their leadership team have demonstrated a strong
desire to participate in the transition to zero-emission Class 8
trucks with their eMobility strategy. We are extremely excited
about this new partnership.”
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment
dealership platforms in the U.S. Through its branch network, the
Company sells, rents, and provides parts and service support for
several categories of specialized equipment, including lift trucks
and aerial work platforms, cranes, earthmoving equipment and other
industrial and construction equipment. Alta has operated as an
equipment dealership for 37 years and has developed a branch
network that includes 55 total locations across Michigan, Illinois,
Indiana, New England, New York, Virginia and Florida. Alta offers
its customers a one-stop-shop for most of their equipment needs by
providing sales, parts, service, and rental functions under one
roof. More information can be found at www.altg.com.
About Nikola Corporation
Nikola Corporation is globally transforming the transportation
industry. As a designer and manufacturer of zero-emission
battery-electric and hydrogen-electric vehicles, electric vehicle
drivetrains, vehicle components, energy storage systems, and
hydrogen station infrastructure, Nikola is driven to revolutionize
the economic and environmental impact of commerce as we know it
today. Founded in 2015, Nikola Corporation is headquartered in
Phoenix, Arizona. For more information, visit www.nikolamotor.com
or Twitter @nikolamotor.
Forward Looking Statements
This presentation includes certain statements that may
constitute “forward-looking statements” for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about: our future
financial performance; our plans for expansion and acquisitions;
and changes in our strategy, future operations, financial position,
estimated revenues, and losses, projected costs, prospects, plans
and objectives of management. These forward-looking statements are
based on information available as of the date of this presentation,
and current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties. Accordingly,
forward-looking statements should not be relied upon as
representing the parties’ views as of any subsequent date, and we
do not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. You should not place undue reliance on these forward-looking
statements. As a result of a number of known and unknown risks and
uncertainties, actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to differ
include, but are not limited to: (1) the outcome of any legal
proceedings that may be instituted against us relating to the
business combination and related transactions; (2) the ability to
maintain our listing of shares of common stock on the New York
Stock Exchange; (3) the risk that integrating our acquisitions
disrupts our current plans and operations; (4) the ability to
recognize the anticipated benefits of our business combination and
acquisitions, which may be affected by, among other things,
competition, our ability to grow and manage growth profitably, our
ability to maintain relationships with customers and suppliers and
retain our management and key employees; (5) changes in applicable
laws or regulations; (6) the possibility that we may be adversely
affected by other economic, business, and/or competitive factors;
(7) disruptions in the political, regulatory, economic and social
conditions domestically or internationally; (8) major public health
issues, such as an outbreak of a pandemic or epidemic (such as the
novel coronavirus COVID-19), which could cause disruptions in our
operations, supply chain, or workforce; and (9) and other risks and
uncertainties identified in this presentation or indicated from
time to time in the section entitled “Risk Factors” in our annual
report on Form 10-K and other filings with the U.S. Securities and
Exchange Commission (the “SEC”). The company cautions that the
foregoing list of factors is not exclusive, and readers should not
place undue reliance upon any forward-looking statements, which
speak only as of the date made. We do not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20210810005279/en/
Investors: Bob Jones / Taylor Krafchik Ellipsis
IR@altaequipment.com (646) 776-0886
Media: Glenn Moore Alta Equipment
glenn.moore@altaequipment.com (248) 305-2134
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