Nikola cashes up with next decade in mind

Hydrogen propulsion and other plans attract investors

Nikola cashes up with next decade in mind
Nikola Two


Nascent US alternative truck propulsion firm Nikola Motor Company is preparing a war chest for development and expansion in the 2020s.

Privately held Nikola, which is aiming to compete with Tesla’s Semi on the alternative truck front, is seeking US$200 million (A$270 million) and states that its pitch is likely to be oversubscribed, with more than $100 million already raised and funded this month.

"Nikola’s business model has been vetted, and the investment world is taking notice," CEO Trevor Milton says.

"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 240 kW fuel cell, kicked-off electric vehicle stability controls and electric ABS with Wabco, designed a thermo-management and HVAC [heating, ventilation, and air conditioning] 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 sq ft [13,935 sq m] headquarters and now closed on $100,000,000."

 Read how Uber fell out of the automated truck race here

Already having launched its second iteration of its prime mover, the Nikola Two daycab that follows the Nikola One sleeper, Milton adds that the company will soon announce a 2019 showing of all the latest Nikola products in action.

Nikola’s focus is on renewable hydrogen-electric technology.  

It promises its zero-emission trucks — with a range of 500-1,200 miles (800-1,900km) and able to be refilled within 20 minutes — will be in certain US fleets in 2020 and in full production by 2021.

The company claims pre-order reservations totalling US$11 billion.

By 2028, Nikola is planning on having more than 700 hydrogen stations across the US and Canada.

The first 14 stations are to be working by 2021.

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