Beleaguered electrical truck developer Nikola Corp. has inked a brand new settlement with Bosch for its hydrogen gas cell modules. The modules will likely be used to energy two of Nikola’s hydrogen-fueled semi-trucks, the short-haul Nikola Tre and Nikola Two sleeper.
“This announcement is the results of a multi-year working relationship with Bosch,” Nikola CEO Mark Russell stated in a press release. “After in depth evaluation of one of the best choices on the market, we’re proud to enter into this strategic relationship with Bosch.”
The information is a constructive signal for the connection between the 2 corporations, which has not at all times been clean. Bosch invested a minimum of $100 million within the hydrogen truck startup in 2019 however diminished its shares within the firm the next yr. Bosch additionally stated final yr it will provide gas cells for Nikola’s European operations.
Nikola declined to share the monetary phrases of the deal or particulars relating to gas cell system quantity. Nikola will assemble the hydrogen gas cell energy modules at its facility in Coolidge, Arizona. Bosch may also provide totally assembled energy modules, the corporate stated in a press release Thursday. To assist energy module meeting, Nikola stated it should broaden the Arizona facility by 50,000 sq. toes and as much as 50 new staff by 2023. The truck maker can be planning to broaden its engineering and testing amenities at its headquarters in close by Phoenix.
A Nikola spokesperson stated the brand new settlement doesn’t have an effect on the corporate’s relationships with different corporations for gas cell programs and parts, together with a non-binding MOU with Common Motors for the automaker’s Hydrotec gas cell system that was introduced in November final yr.
Nikola went public through a merger with blank-check agency VectoIQ Acquisition Corp. At the start of this month, the corporate instructed buyers that it was slicing its supply outlook for electrical semis from 50 to 100 items to simply 25 to 50. Nevertheless, firm executives did say that it had constructed 14 pre-production automobiles, together with 5 alpha and 9 beta prototypes.
In the meantime, Nikola’s former CEO and founder, Trevor Milton, promised a legal court docket that he would reside at his Utah ranch till he will be tried for securities fraud and deceptive buyers.