Bosch And Hanwha Invest $230 Million In Nikola Corporation

With significant investments secured, Nikola will be able to move from the development phase to the commercialization phase.

Nikola hydrogen facility

Mark Kane

By: Mark Kane

Sep 12, 2019 at 8:03am ET

Add InsideEVs as a preferred source in Google

Comment

Just days after a bold announcement about a $250 million investment from CNH Industrial, Nikola Corporation welcomes on-board two new strategic investors - Bosch and Hanwha, which comes with $230 million (at least $100 million each).

Bosch already was "an instrumental partner for Nikola", engaged in both - hydrogen fuel cell systems and battery systems tech. Hanwha on the other hand, as a solar panel manufacturer, is responsible for the generation of renewable electricity at hydrogen refueling stations.

"Bosch has been an instrumental partner for Nikola in the development of its state-of-the-art heavy-duty vehicle fuel cell system and battery technology. Bosch’s investment confirms its commitment to the development of hydrogen technology and hydrogen infrastructure.

Hanwha is a world leader in renewable energy and solar panel manufacturing and is partnering with Nikola to assist in obtaining clean energy for its hydrogen fueling network. Hanwha is Nikola’s exclusive solar panel provider (Q CELLS), generating the clean electricity that is critical to the production of renewable hydrogen."

As we can see, Nikola Corporation quickly progresses in its ongoing fundraising effort, as many partners already involved in the project seem to be tempted by more than 14,000 FCV trucks on preorder.

Is the prospect for hydrogen trucks better than all-electric trucks? We doubt it, but soon everything will be verified in practice.

More from Nikola

CNH Industrial To Invest $250 Million In Nikola Corporation

Nikola already installed at its headquarters the U.S.' largest hydrogen fueling station, reportedly ready to dispense and store over 1,000 kg of hydrogen a day.

The commercial stations are envisioned for 8,000 kg or more of hydrogen per day.

What do you think?

View

Comments

Trevor Milton, chief executive officer, Nikola said:

“I’m excited to finally share two of our strategic investors to date. Bosch can help us commercialize very complex vehicle components and Hanwha can provide us with clean energy at hydrogen locations where possible. Everyone wins because together we’re helping make zero emissions a reality. Rather than going at this alone like many startups do, my goal was to build the most powerful network of partners in the world, and I believe we have done a pretty good job at that with CNHI, Bosch, Hanwha and others,”.

We want your opinion!

What would you like to see on Insideevs.com?

Take our 3 minute survey.

- The InsideEVs team

Share this Story

GO TO COMMENTS

(

)

Got a tip for us? Email: tips@insideevs.com

Hide press release Show press release

Bosch and Hanwha Have Invested Over $230 Million in Nikola

Published September 05, 2019

PHOENIX, AZ (September 5, 2019) -- As part of its ongoing fundraising effort, Nikola Corporation (NEE-KO-LA) is proud to announce two strategic investors from its prior funding rounds. Bosch and Hanwha have each invested at least $100 million, totaling $230 million.

Earlier this week, Nikola announced the lead investor, CNH Industrial, as part of its $1 billion Series D fundraising plan. The European company invested $250 million in the innovative Phoenix hydrogen-electric truck maker.

Bosch has been an instrumental partner for Nikola in the development of its state-of-the-art heavy-duty vehicle fuel cell system and battery technology. Bosch’s investment confirms its commitment to the development of hydrogen technology and hydrogen infrastructure.

Hanwha is a world leader in renewable energy and solar panel manufacturing and is partnering with Nikola to assist in obtaining clean energy for its hydrogen fueling network. Hanwha is Nikola’s exclusive solar panel provider (Q CELLS), generating the clean electricity that is critical to the production of renewable hydrogen.

“I’m excited to finally share two of our strategic investors to date. Bosch can help us commercialize very complex vehicle components and Hanwha can provide us with clean energy at hydrogen locations where possible. Everyone wins because together we’re helping make zero emissions a reality. Rather than going at this alone like many startups do, my goal was to build the most powerful network of partners in the world, and I believe we have done a pretty good job at that with CNHI, Bosch, Hanwha and others,” said Trevor Milton, chief executive officer, Nikola.

With Bosch’s and Hanwha’s investment, Nikola is driving fuel-cell technology and a hydrogen fueling ecosystem that meets or beats the economics of fossil fuels. Nikola is in the process of building a renewable hydrogen ecosystem in the United States and Europe, targeting 100% being produced from renewable sources. The Phoenix-based company already has built and is operating the largest hydrogen fueling station in the United States at its headquarters – able to dispense and store over 1,000 kg of hydrogen a day. Future Nikola stations will produce and dispense 8,000 kg or more of hydrogen per day and will be the largest stations in the world.

View all comments ( )

Trending

Kia EV3 Lease Deals Are Here, And It’s Cheaper Than The Chevy Bolt And Nissan Leaf

I Let Android Auto Plan My EV Roadtrip. Here’s How It Worked

This Chevy Bolt Has 470,000 Miles. Here’s How Much A New Battery Was

Here's What It's Like To Take Delivery Of A Rivian R2