The stocks of several names that could benefit from infrastructure spending are rising today, including-electric vehicle start-up Nikola (NKLA 2.09%). As of 3:45 p.m. EDT, Nikola shares were up almost 3%, after having risen 5% higher earlier in the day.
Though no company-specific news was released today, President Biden has planned a meeting with Republican Sen. Shelley Moore Capito of West Virginia on Wednesday to discuss a potential infrastructure compromise. Though the two sides remain far apart in negotiations, investors were bidding renewable energy stocks higher today, in hopes that at least some of Biden's funds earmarked for renewable infrastructure will eventually be approved.
Nikola is counting on growing the hydrogen economy to support its planned hydrogen fuel cell electric vehicles (FCEVs). In its first-quarter 2021 financial release in early May, Nikola said it has been making progress on that front. It reiterated some developments, including an agreement to work on accelerating the deployment of hydrogen infrastructure and fueling solutions throughout Germany, where the company's prototype trucks are being built.
But with its Arizona manufacturing facility construction progressing, it also said it intends to begin construction on its first domestic commercial hydrogen station this year, in addition to announcing additional "hydrogen infrastructure/ecosystem" partnerships.
Sen. Capito has led her party's talks on the infrastructure plans. Another meeting with the president this week is a promising sign that the two sides may be nearing agreement after several proposals and counter-proposals. Any spending to help bolster renewable energy infrastructure will be good for Nikola, as it also plans to offer battery electric vehicle.