Bosch and Hanwha have each invested in Nikola Corporation. The two companies each invested at least $100m in the Arizona-based company, the combined investment totalled at $230m.
Bosch has been an instrumental partner for Nikola in the development of its heavy-duty vehicle fuel cell system and battery technology. Hanwha will partner with Nikola to assist in obtaining clean energy for its hydrogen fuelling network.
Hanwha is Nikola’s exclusive solar panel provider (QCELL), generating the clean electricity that is critical to the production of renewable hydrogen.
The two investments are part of Nikola’s ongoing fundraising efforts and come just days after the $250m investment from CNH Industrial.
“I’m excited to finally share two of our strategic investors to date. Bosch can help us commercialise very complex vehicle components and Hanwha can provide us with clean energy at hydrogen locations where possible,” said Trevor Milton, CEO at Nikola.
“Everyone wins because together we’re helping make zero emissions a reality. Rather than going at this alone like many start-ups do, my goal was to build the post powerful network of partners in the world, and I believe we have done a pretty good job at that with CNHI, Bosch, Hanwha and others.”