Nel invests $5m in Nikola C round financing


Nel ASA has invested $5m into fuel cell truck developer Nikola Motor Company as part of its C-round financing.

Last month, Nikola announced it had secured $100m worth of investment (pre-money valuation of $1.1bn) in the current C-round and that the process to raise more than $200m was progressing well. This $5m investment is in line with earlier communications from Nel and further strengthens the partnership and collaboration between Nel and Nikola.

“We fully support Nikola in their exciting journey to revolutionise the heavy-duty trucking industry and look forward to strengthening our collaboration even further with this equity investment,” Nel’s CEO Jon André Løkke explained.

“Together, Nikola and Nel will pave the way for an emissions-free future.”

Trevor Milton, CEO of Nikola

“Nikola intends to build a US nationwide network of hydrogen (H2) stations for zero-emission truck and passenger vehicles, and they are front runners in a massive transportation technology shift. On 22nd August, Nel announced the construction of the world’s largest electrolyser manufacturing plant, which will fully support Nikola’s ambitions to outcompete fossil alternatives.”

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