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Covenant Logistics Group, Inc. Signs Letter of Intent for 50 Nikola Tre BEVs and FCEVs

| January 11, 2022

Leading North American logistics provider to incorporate zero-emission Class 8 trucks into fleet operation to support more sustainable future

 Nikola Corporation zero-emissions transportation and energy infrastructure solutions, and Covenant Logistics Group, Inc. (Nasdaq: CVLG), a premier total logistics provider based in Chattanooga, Tenn., announced a collaboration that will further Covenant’s sustainability objectives by adding 50 zero-emission vehicles to their fleet.

This collaboration includes a Letter of Intent (LOI) for 10 Nikola Tre battery-electric vehicles (BEVs) and 40 Nikola Tre fuel cell electric vehicles (FCEVs), following the satisfactory completion of a Nikola Tre BEV and Nikola Tre FCEV demonstration program. Delivery to Covenant of the first Tre BEV truck and mobile charging trailer for testing is anticipated to occur in Q2 2022, with the Tre FCEV testing expected to follow in 2023.

“The Tre BEV and FCEV trucks are both uniquely equipped to offer zero-emissions service to Covenant’s wide range of customer applications,” said Pablo Koziner, president of Nikola’s Energy and Commercial division. “While the Tre BEV is ideally suited for short-haul, metro-regional applications, the Nikola Tre FCEV has an anticipated range of up to 500 miles and is expected to be a valuable addition to their highway regional operation. We are excited to partner with a strong national operation like Covenant supported by our dealer network.”

Beginning in 1986, Covenant has grown its portfolio of logistics and transportation solutions to help customers engineer value-driven supply chains to get products where they are needed quickly, cost effectively and seamlessly. Covenant is a respected and industry leading company with primary capabilities in expedited, dedicated, warehousing, and managed freight transportation.

“Nikola’s battery-electric and hydrogen roadmap fits perfectly with Covenant’s approach to sustainability as we increasingly work with customers to minimize their scope three emissions and meet their ESG initiatives. Adoption of BEV and FCEV technologies are an important part of Covenant’s long term commitment to the decarbonization of freight and we are excited about this opportunity to partner with Nikola to meet these goals,” said Matt McLelland, Covenant’s VP of Sustainability and Innovation.

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