Nikola aims to develop hydrogen-electric technology for heavy duty vehicles
Nel has invested US$5 million into Nikola Motor Company as part of their C-round financing.
On August 6, 2018, Nikola announced that they had secured a US$100-million investment (pre-money valuation of US$1.1 billion) in the current C-round and that the process to raise more than US$200 million was progressing well.
This US$5-million investment is in line with earlier communications from Nel and further strengthens the partnership and collaboration between Nel and Nikola.
“We fully support Nikola in their exciting journey to revolutionise the heavy-duty trucking industry and look forward to strengthening our collaboration even further with this equity investment. Nikola intends to build a US nationwide network of hydrogen stations for zero-emission truck and passenger vehicles, and they are front runners in a massive transportation technology shift. On August 22, Nel announced the construction of the world’s largest electrolyser manufacturing plant, which will fully support Nikola’s ambitions to outcompete fossil alternatives,” says Nel CEO Jon André Løkke.
Nikola Motor Company is pioneering hydrogen-electric renewable technology within heavy-duty transportation.
Nikola has an ambition to build a network of 700 hydrogen fuelling stations across North America by 2028 and has been awarded an 800-truck order commitment from Anheuser-Busch, the total number of truck pre-orders is currently exceeding 11,000.
Nikola and Nel announced earlier this year a partnership where Nel will deliver 448 electrolysers and associated hydrogen production equipment for the fuelling network.
“To say we have come a long way in 2018 is an understatement. Nikola’s business model has been vetted, and the investment world is taking notice. The C-round financing is progressing well and we are proud to have Nel as part of the new equity owners as they already hold an integrated role in our story. Together, Nikola and Nel pave the way for an emissions-free future,” said CEO of Nikola Trevor Milton.