Nikola nabs investments from Bosch, Hanwha

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Updated Sep 9, 2019

Nikola Corporation Thursday announced investments totaling $230 million from strategic partners 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 innovative Phoenix hydrogen-electric truck maker.

Bosch has been a partner for Nikola in the development of its heavy-duty vehicle fuel cell system and battery technology. Hanwha, a leader in renewable energy and solar panel manufacturing, is partnering with Nikola to assist in obtaining clean energy for its hydrogen fueling network.  Hanwha is Nikola’s exclusive solar panel provider (Q CELLS), generating the clean electricity that is critical to the production of renewable hydrogen.

“I’m excited to finally share two of our strategic investors to date. Bosch can help us commercialize very complex vehicle components and Hanwha can provide us with clean energy at hydrogen locations where possible. Everyone wins because together we’re helping make zero emissions a reality. Rather than going at this alone like many startups do, my goal was to build the most powerful network of partners in the world, and I believe we have done a pretty good job at that with CNHI, Bosch, Hanwha and others,” said Trevor Milton, chief executive officer, Nikola.

Nikola says it is in the process of building a renewable hydrogen ecosystem in the U.S. and Europe, targeting 100% being produced from renewable sources. The Phoenix-based company already has built and is operating the largest hydrogen fueling station in the U.S. at its headquarters – able to dispense and store over 1,000 kg of hydrogen a day. Future Nikola stations will produce and dispense 8,000 kg or more of hydrogen per day and will be the largest stations in the world.