Hydrogen truck: Nikola goes public through merger


The US electric truck developer Nikola is to be listed on the NASDAQ in the first half of the year. Instead of carrying out a classic IPO with the public sale of own shares, Nikola merges with an already listed shell company called VectoIQ. You don't have to remember this name.

The company was only founded to help a company that was not yet known on the stock exchange. Accordingly, it has not developed any significant business activity. VectoIQ brings $ 237 million in cash. Its previous shareholders will hold a good seven percent of the future Nikola-Aktiengesellschaft.

Another 13 percent go to a group of financial investors who are contributing $ 525 million. From this, a company valuation of over 3.3 billion US dollars can be derived. Existing Nikola shareholders will receive $ 70 million and nearly 80 percent of the shares in the new Nikola company. After deducting $ 50 million in expenses, approximately $ 640 million will flow into Nikola's till.

Nikola can use the money well. The company wants to bring electric vehicles to the market in both Europe and North America: semi-trailers, pickups, quad bikes and jet skis. The electricity is said to come from fuel cells, batteries or a combination thereof. According to her own statements, Nikola has already taken pre-orders for 14,000 articulated lorries. The largest prospective customer is the US brewer Anheuseur-Busch.

Nikola does not want to sell his trucks at all, but rather leases them for seven years or 700,000 miles (1.126 million kilometers). A total price will include maintenance, repair, and hydrogen. The bottom line is that the customer should save around 2 US cents per mile compared to diesel trucks.

Nikola Tre

(Image: Nikola Motors)

The first 600 battery-powered Nikola semitrailers are expected to roll off the assembly line next year. Iveco will build the trucks in Ulm. The following year, Nikola would like to start up its own factory in Arizona, thereby doubling its annual production. Another year later, in 2023, the first 2,000 hydrogen trucks and another 3,500 battery-electric trucks are to be delivered. And in 2024, the company wants to create positive earnings before interest, taxes, depreciation and amortization (EBITDA) for the first time.

The advantages of hydrogen trucks are their lower weight and thus higher payload than with batteries, and a range comparable to that of diesel vehicles (800 to 1200 km). The latter could still carry a few tons more.

Unfortunately, there are only a few hydrogen filling stations. Nikola therefore promises to operate its own hydrogen filling stations at its customers' locations and along their routes. Around 1,200 locations are planned.

The hydrogen should always be produced on site using green electricity. The system is supplied by NEL. Nikola expects investment costs of $ 16.6 million per gas station. One location is supposed to supply 210 hydrogen trucks and will be depreciated over 21 years.


. (TagsToTranslate) electromobility (t) Iveco (t) truck (t) NASDAQ (t) Nikola (t) traffic (t) USA (t) traffic (t) hydrogen