With a $1.1 billion pre-money valuation, Nikola Motor Company’s Chief Executive Officer, 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,” Milton said as he rattled off Nikola accomplishments, including: Developed plans to build the largest hydrogen network in the world with NEL; secured an 800-truck order commitment from Anheuser-Busch; developed an energy dense battery system 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; and finalized the most advanced class-8 independent suspension on the market with Meritor.
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 all the latest Nikola products in action.
Nikola Motor Co. is developing a hydrogen-electric renewable technology. The zero-emission trucks — which will be able to travel between 500 and 1,200 miles and be refilled within 20 minutes —will be part of fleets beginning in 2020 and in full production by 2021. To date, the company has nearly eleven billion dollars in pre-order reservations.
By 2028, Nikola is planning on having more than 700 hydrogen stations across the USA and Canada. The first 14 stations will be up and running by 2021.