Nikola raises $100 million in August for new plans
Nikola Motor Company has a $1.1 billion pre-money valuation, and CEO Trevor Milton announced that he anticipates the $200 million C round will 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. 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 $100,000,000," said Milton.
Milton also added that the company will soon announce a 2019 event in Phoenix where customers, suppliers, media, and industry insiders will be able to see the latest Nikola products in action.
Nikola Motor Company's zero-emission trucks—which will reportedly be able to travel between 500 and 1200 miles before refueling and be refilled within 20 minutes—are expected to be part of fleets beginning in 2020 and in full production by 2021. To date, the company has nearly $11 billion in pre-order reservations.
By 2028, Nikola is planning on having more than 700 hydrogen stations across the U.S. and Canada. The company says that the first 14 stations will be up and running by 2021.