CNH Industrial to take $250M strategic stake in Nikola
CNH Industrial announced its intention to enter into a strategic and exclusive Heavy-Duty Truck partnership with Nikola, based in Phoenix, Arizona, U.S.A., to 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 zero-emission Heavy Duty Trucks, powered by proprietary hydrogen fuel cell and battery technology, will be the first-to-production. CNH Industrial will take a $250M strategic stake in Nikola as the lead Series D investor, comprising $100M cash and $150M in services, such as product development, manufacturing engineering, and other technical assistance, as well as supply of certain key components to accelerate the production timeline of the Nikola TWO and Nikola TRE. Pre-money valuation was set at $3B. Nikola anticipates raising over $1B in the D round, granting approximately 25% ownership to new investors and business partners, including CNH Industrial.