CNH Industrial has announced it will take a $250 million strategic stake in the U.S. zero-emissions truck company Nikola Corporation. The investment is part of a strategic partnership with Nikola to accelerate industry transformation towards emission neutrality through the adoption of fuel-cell technology.
Nikola will also contribute technologies for a European joint venture with CNH Industrial that will include fuel-cell expertise, on-board hydrogen fuel storage, over-the-air software update functionality, infotainment and access to a hydrogen fuelling network.
IVECO and FPT Industrial, the commercial vehicle and powertrain brands of CNH Industrial respectively, will assist in engineering and manufacturing expertise to industrialize Nikola’s fuel-cell and battery electric trucks.
Hubertus Mühlhäuser, Chief Executive Officer, CNH Industrial, says: “The increasing focus on the recognition that there needs to be fundamental reductions in automotive emissions is driving our industry to rapidly seek advanced technological solutions. IVECO is now ideally placed to offer customers an even wider range of transport solutions including natural gas, electric and fuel-cell powered vehicles.”
Trevor Milton, Chief Executive Officer, Nikola Corporation, adds: “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. It is exciting to see IVECO taking the lead in providing zero-emission solutions in Europe through its partnership with Nikola. By bringing CNH Industrial on board, we now have access to manufacturing know-how, purchasing power, validated truck parts, plant engineering and much more. Few will doubt our ability to commercialize a truck now.”
Nikola is privately-held and headquartered in Arizona, USA.