CNH Industrial has entered into a strategic and exclusive heavy-duty truck partnership with Nikola Corporation, based in Phoenix, Arizona.
CNH Industrial will take a $250m strategic stake in Nikola as the lead Series D investor. Pre-money valuation was set a $3bn. Nikola anticipates raising over $1nm in the D round, granting approximately 25% ownership to new investors and business partners, including CNHI.
The partnership will accelerate industry transformation towards emission neutrality of Class 8 / heavy duty trucks in North America and Europe through the adoption of fuel cell technology. Nikola’s heavy-duty trucks, powered by hydrogen fuel cell and battery technology, will be the first-to-production.
IVECO and FPT Industrial, the commercial vehicle and powertrain brands of CNH Industrial respectively, will assist in engineering and manufacturing expertise to industrialise Nikola’s fuel cell and battery electric trucks.
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