Nikola raises $100m in August
The future of emission-free hydrogen-fuelled trucks is looking very bright, according to Nikola’s chief executive officer Trevor Milton
With the company into its $200 million C round of fundraising, the business says it looks likely investors will provide more money than originally sought, with more than $100 million raised in August alone.
"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 400 watt hours per litre, 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, finalised the most advanced class-8 independent suspension on the market with Meritor, relocated our company to Arizona to build our new 150,000 sq. ft headquarters, and now closed on $100,000,000," Trevor says.
The Nikola CEO 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.
Nikola Motor Company says their trucks will be able to travel between 500 and 1200 miles (800 and 1900km), can be refilled within 20 minutes, and will be part of fleets beginning in 2020 and in full production by 2021. The company has nearly $11 billion in pre-order reservations.
By 2028, Nikola is planning to have more than 700 hydrogen stations across the US and Canada. The first 14 stations will be up and running by 2021.
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