Nikola Motor Company raises US$100m in first week of funding round

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Nikola Motor Company has raised US$100m of funding in the first week of the company’s financing sweep.

“Nikola’s business model has been vetted, and the investment world is taking notice,” says CEO Trevor Milton. “So far this year we have kicked-off plans to build the largest hydrogen network in the world with NEL; secured a massive 800-truck order commitment from Anheuser-Busch; developed the most energy dense battery system on the market with almost 400Wh per liter; engineered a 240kW fuel cell; kicked-off electric vehicle stability controls and electric ABS with Wabco; designed a thermo-management and HVAC system with Mahle; finalized the most advanced class-8 independent suspension on the market with Meritor; relocated our company to Arizona to build our new 150,000ft² headquarters; and now closed on US$100m.”

Milton also added that the company will soon announce a 2019 event in Phoenix, where customers, suppliers, media and industry insiders will be able to see all the latest Nikola products unveiled and in action.

By 2028, Nikola is planning on having more than 700 hydrogen stations across the USA and Canada. The first 14 stations will be up and running by 2021.

For more on the company’s plans for its hydrogen-electric trucks, you can read E&H Vehicle’s interview with Jesse Schneider, vice president of hydrogen and fuel cell technologies, available in the current issue of the magazine.

About Author

mm

Matt joined UKi Media & Events in 2014 after seven years of living and working in Dubai. He has been a journalist for over a decade and has worked for a wide range of publications, including Rolling Stone, Time Out, iQ and Loaded. After starting out on the automotive team as deputy editor of Engine Technology International, Electric & Hybrid Vehicle Technology International and Transmissions Technology International, he began editing Electric & Hybrid Vehicle Technology International in 2016, and took over as editor of Tire Technology International in 2018.

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