Nikola Motors secures $100M funding for producing EVs and hydrogen fuel cell trucks

Nikola Motors secures $100M funding for producing EVs and hydrogen fuel cell trucks

In an announcement made via a recent press release this week, Utah-based startup Nikola Motors -- which develops electric vehicles (EVs) and hydrogen fuel cell trucks -- said that it has secured a new funding of $100 million for bringing its vehicles to the market.

The $100-million funding secured by Nikola Motors is part of a $200-million Series C funding round which will likely be closed by the startup this month.

With Nikola Motors having revealed in a 2017 announcement that it is relocating to Arizona where it would be building its new 150,000 sq. ft. headquarters and a manufacturing plant for producing its vehicles, the new funding will apparently be used by the company to proceed with that project.

In announcing that Nikola Motors has “now closed on $100,000,000,” the startup’s CEO Trevor Milton said in the recent press release that “Nikola’s business model has been vetted, and the investment world is taking notice.”

Milton said that other than securing the new funding and relocating to Arizona, Nikola Motors has also initiated plans for building the world’s biggest hydrogen network with NEL, and has finalized the most advanced class-8 independent suspension on the market with Meritor. In addition, the startup has also bagged a massive order commitment for 800 trucks from Anheuser-Busch, and developed the most energy-dense battery system on the market.