Nikola Corporation and VectoIQ Acquisition Corp., a publicly traded special purpose acquisition company, have entered into an agreement to create a company focused on the development of next generation smart transportation. Once the transaction is finalised, the combined company will be named Nikola Corporation and is expected to remain NASDAQ-listed under the new ticker symbol ‘NKLA‘.

Nikola is a global leader in zero-emissions heavy-duty trucks and hydrogen infrastructure. More than US$10 billion in pre-order leases to date and the joint venture with European industrial vehicle manufacturer Iveco make Nikola a formidable competitor to other OEMs. Nikola‘s business model uniquely supplies both the truck and hydrogen fuelling infrastructure, solving the fleets‘ concerns of where to refuel with green hydrogen at competitive pricing to diesel. The transaction proceeds will accelerate production, allow Nikola to break ground on its state-of-the-art manufacturing facility in Coolidge, Arizona, and begin its hydrogen station infrastructure roll-out. The company expects to generate revenue by 2021 with the roll- out of its BEV truck, followed by FCEV truck sales starting in 2023 and the initial build out of hydrogen fuelling stations to serve Nikola customers‘ fleets, such as Anheuser-Busch.

“We are on a roll,” said Nikola founder and CEO Trevor Milton. “You couldn‘t ask for better news for the energy and tech industry. The world is transitioning to zero emission platforms and Nikola is the leader for heavy-duty vehicles. We believe we have a differentiated business model built on economics, not government subsidies. We now need to double down and speed up the timelines and get to market. We couldn‘t be happier to have Steve Girsky join our board.”

Girsky, VectoIQ CEO and former vice chairman of General Motors Corporation, said in the company‘s two-year quest to find a partner that was a proven technology leader and focused on making a global difference, Nikola was the clear winner.

“Nikola‘s vision of a zero-emission future and ability to execute were key drivers in our decision.”

Milton will serve as executive chairman of the combined company, continuing to lead the vision and forward-looking strategy.

The announcement is fully supported by CNH Industrial N.V., which entered into a strategic and exclusive Heavy-Duty Truck partnership with Nikola in September 2019 as the lead Series D investor, with a US$250 million stake.

“This is exciting news and another key milestone for our joint project to deliver zero emission heavy-duty trucks and hydrogen infrastructure through a unique business model,” said Hubertus Mu¨hlhäuser, CEO of CNH Industrial. “Nikola‘s NASDAQ listing gives further impetus to the ambitious targets we have set ourselves, to be at the forefront of scalable clean technology investments transforming our businesses and environment alike.”