Hydrogen Truck Startup Nikola's Valuation Jumps To $3 Billion With Investment From CNH Industrial

of 500 miles or more, matching the driving range and refueling time of traditional diesel trucks. Although most of the orders it’s taken so far are for hydrogen-powered models, the company is also offering battery-only trucks for shorter routes with range of up to 300 miles.

Previous investors include hedge fund ValueAct Capital, metals manufacturer Worthington Industries and technical partner NEL. Trevor Milton, Nikola’s founder and CEO, is its biggest stakeholder. Nikola will also supply technology for a new European joint venture with CNH, including for fuel cells and hydrogen tanks, electronic axles and inverters and over-the-air wireless software updates.

“The time has come to finally provide a zero-emission solution to the heavy-duty truck market,” Milton said in a statement. “Nikola has the technology but needs a partner with a European network to achieve it in a timely manner. With CNH Industrial’s investment and partnership, we can now bring zero-emission trucks to Europe.”

Fuel-cell and battery-powered vehicles are both electric, sharing the same motors and many other components. The key difference is that batteries store electricity and fuel cells produce it onboard as needed in an electrochemical process that extracts electrons from hydrogen forced through fuel-cell membranes. Aside from the electricity, the only byproduct is water vapor, rather than harmful diesel exhaust.

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Why name your HYDROGEN truck startup after Tesla?

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