Nikola merger with VectoIQ will finance EV production, hydrogen stations

In a two-yr search for a partner, Stephen Girsky and his VectoIQ Acquisition Corp. created a merger offer with Nikola Corp. — energizing Nikola’s options for battery-electric powered and hydrogen gasoline mobile EVs alongside with a hydrogen fueling station infrastructure.

The two firms are merging below the identify Nikola Corp. and will be stated on the Nasdaq below the new ticker symbol NKLA. The offer is expected to close throughout the second quarter, in accordance to a assertion launched Tuesday.

Girsky, VectoIQ’s CEO and a previous Typical Motors vice chairman, was seeking for the right enterprise with the potential to increase,

“Nikola was the distinct winner,” Girsky claimed in the assertion. “Nikola’s vision of a zero-emission long term and potential to execute were crucial motorists in our selection.”

Nikola CEO and founder Trevor Milton advised Automotive News that Nikola was the ideal enterprise for VectoIQ as a total zero-emission truck manufacturer.

“We are on a roll,” Milton claimed in the assertion. “You couldn’t check with for much better information for the energy and tech field.”

Nikola has “far more than 14,000 pre-orders representing far more than $10 billion in prospective revenue and two-and-a-half many years of manufacturing,” the assertion claimed.

The enterprise expects to make revenue by 2021 with the rollout of its BEV truck. The enterprise previous thirty day period unveiled its Badger EV pickup, which is expected to have a variety of 600 miles.

Gas mobile truck gross sales are to get started in 2023. The hydrogen stations will provide commercial customers’ fleets, this kind of as Anheuser-Busch.The mission of the merger is to develop a enterprise focused on the enhancement of the upcoming technology of smart transportation, in accordance to the assertion.