Bosch, Hanwha invested $230 million in Nikola
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 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 hydrogen locations where possible.
With Bosch’s and Hanwha’s investment, Nikola is driving fuel-cell technology and a hydrogen fueling ecosystem that meets or beats the economics of fossil fuels. Nikola is in the process of building a renewable hydrogen ecosystem in the US and Europe, targeting 100% being produced from renewable sources. The Phoenix, Ariz.based company has built and is operating the largest hydrogen fueling station in the United States, 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.
Nikola Corporation designs and manufactures hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen stations.
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