US-based new energy vehicle developer Nikola Corporation has increased a series C round featuring hydrogen energy storage technology provider Nel Hydrogen to $210m, it said yesterday.
The company had raised $100m at a $1.1bn pre-funding valuation in August this year, before Nel added $5m the following month. It has now received a further $105m from unnamed investors to close the round, which had a $200m initial target.
Nikola provides electric powersports vehicles and energy storage systems but its lead product is set to be a hydrogen semi truck called Tre, with a prototype to be unveiled at an event called Nikola World in April 2019. It claims to have received more than $380m of orders for Tre.
In addition to being an investor in Nikola, Nel is also an equipment supplier, collaborating on the construction of a 16-strong network of hydrogen charging stations that will span some 3,200 kilometres in the US.
Nikola’s other investors include auto parts producer Wabco, which paid $10m for a 1% stake in the company in December 2017, following $520,000 in convertible debt financing in March 2017 and $230,000 of equity funding the following month according to securities filings.
Trevor Milton, chief executive of Nikola, said: “Now that we are funded and oversubscribed, we are kicking it into high gear and preparing for Nikola World 2019.
“At Nikola World, you will see the USA Nikola Two prototype in action and be able to step foot in our European Nikola Tre. We also have a few surprises for the show from our powersports division and other new product announcements.”
Image courtesy of Nikola Corporation.
