Commercial vehicle supplier Wabco Holdings Inc. announced it has made a $10 million strategic investment in Nikola Motor Co., which is developing hydrogen-electric Class 8 trucks and other vehicles, vehicle components, energy storage systems and electric vehicle drivetrains.
Wabco’s investment provides it with a 1% equity stake in Nikola, according to Brussels-based Wabco.
“We are excited to invest in Nikola Motor Co. to help the industry realize our joint vision of electrified and autonomous trucks, buses, trailers and off-highway vehicles,” Wabco Chairman and CEO Jacques Esculier said in a statement.
BREAKING: @WABCO acquires 1% stake in @nikolamotor at 1b valuation. Nikola has attracted the best partners in the world. This investment accelerates production & technology timeline. https://t.co/l1b1jSlEpx— Nikola Motor Company (@nikolamotor) December 20, 2017
In addition to the strategic investment, Wabco and Salt Lake City-based Nikola signed an agreement to accelerate the development of safety technologies specifically designed for electric commercial vehicles, including electronic braking systems, as well as traction and stability control technologies.
“Wabco continues to stay at the vanguard of technology and innovation. Here at Nikola, we are driving a paradigm shift in the transportation industry by creating the most advanced semi-truck ever built,” Nikola’s founder and CEO Trevor Milton said in a statement.
Previously, Nikola named Stuttgart, Germany-based Bosch Group and PowerCell AB as the primary suppliers of the truck’s fuel cells, key elements of the truck’s powertrain. Bosch also will supply Nikola with its eAxle, which has a motor, power electronics and transmission in one unit.