Nikola, a maker of hydrogen and battery-powered semis, is set to trade shares on Nasdaq this week after investors approved its reverse merger with VectoIQ
While the company has yet to deliver trucks to commercial customers, there’s been a steady uptick in interest in hydrogen for heavy-duty trucks, particularly long-haul vehicles, as fuel cell power systems are much lighter than batteries and can be refueled about as fast as diesel and gasoline models. Along with Iveco, Nikola also counts Bosch, Meritor, South Korean solar panel maker Hanwha and Norway’s Nel as key industrial partners helping get it sci-fi-styled semis on the road and fueled up.
Fuel cell technology, which makes electricity in a chemical reaction involving hydrogen and oxygen with only water vapor as a byproduct, has been around since the 1960s, but earlier iterations were far too costly and not durable enough for heavy daily use. That’s changed dramatically in the past decade, with costs for the materials and fuel tanks dropping steadily as the technology matured.
“What I love about Nikola is we've shown how to disrupt the entire industry. At every group in the world now hydrogen is the hottest topic. And guess who did that?” says Milton, who like Musk, isn’t shy about boasting what his company can do. “It was majority caused by Nikola–and a lot of other great people have been working on this for decades.”
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