Nikola has completed its previously-announced combination with VectoIQ Acquisition and Nikola’s listing on the Nasdaq Global Select Market.
The transaction proceeds are expected to accelerate vehicle production, allow Nikola to break ground on its manufacturing facility in Coolidge, Arizona and continue its hydrogen station infrastructure roll out.
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“This is a significant endorsement in fuel-cell and battery-electric technology,” said Nikola founder and executive chairman, Trevor Milton.
“Since Nikola launched its first fuel-cell semi-truck, you have seen the world rally behind hydrogen and follow our lead. What was once considered the fuel of the future is now accepted as today’s solution.
“With our Nikola Iveco joint venture and over US$10bn in pre-order reservations, Nikola is positioned to be a story of how one company can literally change the world.”
The company expects to generate revenue by 2021 with the roll out of its Nikola Tre Class 8 BEV, followed by the Nikola Two Class 8 FCEV starting in 2023. The build out of hydrogen fuelling stations will serve Nikola customers’ fleets, such as Anheuser-Busch.
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By GlobalData
