Dutch commercial vehicle maker CNH Industrial plans to form an exclusive partnership with Nikola, an Arizona manufacturer of Class 8 heavy-duty trucks powered by hydrogen fuel cell and battery technology.
CNH Industrial will take a $250-million strategic stake in Nikola as the lead Series D investor. CNH will provide $100 million cash and $150 million in services, such as product development, manufacturing, engineering, and other technical assistance, as well as components to accelerate the production timeline of the Nikola TWO and Nikola TRE.
IVECO and FPT Industrial, the commercial vehicle and powertrain brands of CNH Industrial respectively, will provide engineering and manufacturing assistance to industrialize Nikola’s fuel cell and electric trucks. The partners will commercialize the Nikola TWO fuel cell-powered Class 8 truck for the North American market and integrate IVECO’s S-Way truck technology into the battery-electric Nikola TRE cab-over model for both the North American and European markets.
The partners plan to launch a European joint venture by Q4 2022, which will cover both battery and fuel cell electric vehicles. Nikola will contribute technologies including e-axles, inverters and on-board hydrogen fuel storage, as well as access to a hydrogen fueling network. It plans to leverage IVECO’s European sales, service and warranty channels to accelerate access to the European market.
“While other OEMs believe zero-emission solutions cannot happen in the timeframe regulators have mandated, Nikola, FPT Industrial and IVECO are proving that these timelines are not unreasonable,” said Nikola CEO Trevor Milton. “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. By bringing CNH Industrial on board, we now have access to manufacturing know-how, purchasing power, validated truck parts, plant engineering and much more.”
Source: CNH Industrial