Nikola Motor Company announced it has raised and funded more than $100 million in August and expects to double it by the end of C-round funding.
Series C funding is typically one of the final rounds of funding that a company goes through and is used to scale a business up.
Nikola’s hydrogen fuel cell electric Class 8 trucks were first announced in 2016 and the company has taken large pre-orders from fleets like Anheuser-Busch, with expectations to deliver the first vehicles by 2020. Full production is slated for 2021 and the company says it has received 10,000 orders so far.
Depending on the spec, the Class 8 Nikola One claims a range of between 500 and 1,200 miles. The electric motor has an output of up to 1,000 horsepower and 2,000 lbs.-ft. of torque
The company plans to build a 1 million square-foot manufacturing facility near Phoenix, Ariz., and expects to open a research and development facility in the same region later this year. Nikola expects to have more than 700 hydrogen fueling stations in the U.S. and Canada by 2028.