Fortescue Future Industries (FFI) said it would buy Nikola’s Phoenix Hydrogen Hub (PHH) project.

The buyer will provide capital and resources to complete the project.

PHH would be developed in phases to match demand and should be producing hydrogen by mid-decade.

FFI and Nikola signed a memorandum of understanding last January to develop large US green hydrogen production projects.

The pair are working on a hydrogen supply agreement as demand grows for Nikola’s hydrogen fuel cell EVs.

Such projects are expected to benefit from the federal Inflation Reduction Act hydrogen tax credit plus state level incentives like California’s Low Carbon Fuel Standard.

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The Phoenix project is in the final stages of the permit process and equipment is being ordered.