Nikola raises $230m from Bosch and Hanwha

September 06, 2019 //By Christoph Hammerschmidt
Hydrogen-electric truck technology company Nikola has raised an additional $230m from strategic investors Bosch and Hanwha.
Hydrogen-electric truck technology company Nikola has raised an additional $230m from strategic investors Bosch and Hanwha.

Earlier this week, Nikola announced the lead investor, CNH Industrial , as part of its $1 billion Series D fundraising plan.  The European company invested $250 million in the Phoenix-based electric truck maker.

Bosch has been an instrumental partner for Nikola in the development of its state-of-the-art heavy-duty vehicle fuel cell system and battery technology.  Bosch’s investment confirms its commitment to the development of hydrogen technology and hydrogen infrastructure.

Hanwha is regarded as a world leader in renewable energy and solar panel manufacturing and is partnering with Nikola to assist in obtaining clean energy for its hydrogen fueling network.  Hanwha is Nikola’s exclusive solar panel provider (QCELL), generating the clean electricity that is critical to the production of renewable hydrogen.

Nikola CEO Trevor Milton said that Bosch can help Nikola to commercialize very complex vehicle components while Hanwha can provide clean energy at the required locations. 

With Bosch’s and Hanwha’s investment, Nikola is driving fuel-cell technology and a fueling ecosystem that meets or beats the economics of fossil fuels.  Nikola is in the process of building a renewable energy ecosystem in the US and Europe, targeting 100% being produced from renewable sources. The company has built and is operating the largest hydrogen fueling station in the US, able to dispense and store over 1,000 kg a day. Future Nikola stations will produce and dispense 8,000 kg or more per day and will be the largest stations in the world.

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