Nikola Corporation (NKLA) has captured investor’s attention like no other stock this year. The company, which has yet to produce or sell a product, has made headlines on a number of fronts. 

NKLA received some unwanted attention last month, when the company was one of several public companies to file for funds under the Cares Act. Founder Trevor Milton took to the airwaves, appearing on CNBC, and defending NKLA’s actions. 

To be fair, the company was going public via a SPAC (special purpose acquisition company) structure, and had not actually closed the deal at that point, meaning Nikola was technically not a public company when it applied for Cares Act money. 

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But all of that news was water under the bridge, when Nikola, which plans to make hydrogen fueled and electric transfer trailer trucks, finally debuted last week. 

Drawing parallels between Nikola and red hot Tesla (TSLA), (both stocks share the name of inventor Nikola Tesla, but are not affiliated with each other), investors pushed the stock from the mid-$30s to over $90 in the course of two days.

Nikola expects to start recognizing revenue in 2021 when it plans on selling its Badger pickup truck, and Nikola One, its first generation transfer trailer. Unlike Tesla, which has gone the electric vehicle route alone, Nikola is working with a number of truck manufacturers to craft it’s new line of transfer trailers. 

Kim Brady, Nikola CFO, in a recent interview, said the company is not only innovative in the field of carbon reduction, but has a new approach to the transportation market. NKLA will sell its electric vehicles outright to customers, but will use a lease model for its hydrogen fueled trucks.

Under the leasing model Nikola is pursuing, a customer will lease a Nikola transfer trailer for approximately $100,000 per year over a period of seven years. 

The lease will cover mileage, maintenance, and refueling of the truck over the seven year lease. In combination with building and maintaining the fleet, Nikola is also building out a nationwide network of hydrogen refueling stations to service its customers. Milton has said Nikola is “building the largest hydrogen network in the world.” 

Now all that is left for the company to do is execute the strategy it has laid out. As Milton stated, “The future of clean transportation is here, and fleets are lining up to be part of the transition with Nikola.”

Steven Adams’s personal position in Nikola Corporation: none.