A European industrial giant will invest $250 million in Phoenix-based Nikola Motor Co. as part of a larger strategic partnership to accelerate adoption of fuel-cell technology.
London-based CNH Industrial will lead Nikola's Series D round with its multi-million-dollar investment, the companies announced Tuesday.
Also part of the funding deal is a partnership to spur adoption of Nikola's hydrogen-electric technology throughout North America and Europe.
Nikola, which intends to build a $1 billion factory southeast of Phoenix in Coolidge, will work with a pair of CNH Industrial brands — Iveco and FPT Industrial — to industrialize its hydrogen-electric semi-trucks.
