Nikola raises more than $100 million in August

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Updated Aug 9, 2018

Nikola Motor Company says it is has already raised in August more than half of a planned $200 million C-round of funding the company will use to scale its operation.

“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 [and] relocated our company to Arizona to build our new 150,000 sq.-ft. headquarers,” says Nikola CEO Trevor Milton.

Milton 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 in action.

Nikola’s zero-emission trucks — which the company says will be able to travel between 500 and 1,200 miles refilled with hydrogen within 20 minutes — will be part of fleets beginning in 2020 and enter full production by 2021.

To date, the company says it has nearly eleven billion dollars in pre-order reservations.

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.