What happened

Battery- and hydrogen-powered electric truck maker Nikola (NKLA -2.41%) released a slew of new developments this week, including an important partnership today. But the stock has still dropped by more than 34% in the last month. That includes a 3% drop today as of 2:50 p.m. ET. 

So what

In just the past three days, Nikola has announced a partnership to expand the use of electric Class 8 heavy truck fleets, the 100th sales order for its Tre hydrogen fuel trucks, and today the intent to purchase hydrogen production equipment for those fleets from Chart Industries. 

But investors are still in wait-and-see mode before investing in this speculative company. Further uncertainty was added to start the week when Nikola said its CFO was retiring effective next week. Investors hate uncertainty, and an unexpected change in the C-suite certainly qualifies. The company has announced that its current vice president and corporate controller will become the new CFO. 

Nikola Class 8 heavy truck driving down scenic highway.

Image source: Nikola.

Now what

Today, Nikola announced it has signed purchase orders for "multiple liquid hydrogen storage tanks, mobile and modular refueling stations, and liquid hydrogen transport trailers" from Chart Industries. The equipment will support the Nikola Tre hydrogen electric vehicles that are expected to be delivered starting in the fourth quarter of this year. 

Nikola has created the HYLA brand to support the deployment of its upcoming hydrogen-powered trucks. With HYLA, Nikola has partnered with green hydrogen producer Plug Power, and now Chart Industries for the equipment needed for production and storage of its own hydrogen production. 

But investors know that a successful rollout of hydrogen production and related transportation infrastructure is not guaranteed. An investment in Nikola is a bet that customers will adopt the technology and that there will be ample supply and availability of clean hydrogen fuel. Until the company starts reporting the expanding use of those trucks, however, there likely won't be much of a catalyst for the stock.