Hydrogen-electric truck maker Nikola Motor Co. announced it has quickly raised $100 million of a planned $200 million in C-round funding as it accelerates the scale of its operations.
Nikola Founder and CEO Trevor Milton said accomplishments were piling up as the company prepares to launch a hydrogen-electric Class 8 truck in 2019 for field tests.
“Nikola’s business model has been vetted, and the investment world is taking notice,” Milton said. “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 liter, engineered a 240 kW 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 150,000-square-foot headquarters and now closed on $100 million.”