CNH Industrial will take a strategic $250 million stake in Nikola as the primary Series D investor, which includes $100 million in cash and $150 million in services such as product development, manufacturing engineering and other technical support, as well as the supply of certain key components. These components will accelerate the production timeline of Nikola TWO and Nikola TRE. Nikola expects to raise over $1 billion in the D round, giving new investors and business partners, including CNH Industrial, an approximate 25 percent stake.

IVECO and FPT Industrial, the commercial vehicle and powertrain brand of CNH Industrial, will help develop and manufacture expertise to industrialize Nikola's fuel cell and battery electric vehicles. The following vehicles will benefit from this partnership: the Nikola ONE, a NAFTA-compliant Class 8 sleeper truck; the Nikola TWO, a NAFTA-compliant Class 8 day cab truck; and the Nikola TRE, a European-compliant heavy-duty truck.

Nikola will contribute technologies for a European joint venture with CNH Industrial, including world-class fuel cell know-how, e-axles, inverters, independent suspension, on-board hydrogen storage technology, software updates over the air, infotainment, vehicle control, vehicle-to-center communication, power electronics and access to a hydrogen refueling network.

Fuel cell technology is the logical next step for engines powered by liquefied natural gas (LNG), as it builds on existing refueling networks and enables local hydrogen production on site. FPT Industrial has been a pioneer in alternative drive solutions for over two decades and has produced around 50,000 methane-powered engines to date. IVECO is the absolute European market leader in natural gas vehicles with around 28,000 trucks and buses powered by FPT engines.

FPT Industrial and IVECO have contributed to the development and expansion of the European natural gas tank network and successfully introduced new drive technologies. In a similar vein, Nikola is actively working with partners to develop the necessary hydrogen refueling infrastructure in North America and Europe.

The next strategic milestones of the project include the industrialization of Nikola TWO's Class 8 fuel cell truck for the North American market and the integration of IVECO S-Way truck technology into the Nikola TRE battery electric front-wheel drive model for both the North American and European markets. In the long term, a European joint venture will cover both battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV), which will be launched by the fourth quarter of 2022. Nikola plans to utilize IVECO's sales and service channels in Europe to accelerate access to the European market.

"The increasing focus and realization of the need to fundamentally reduce vehicle emissions is driving our industry to rapidly seek advanced technological solutions. IVECO is ideally positioned to offer its customers an even broader range of transportation solutions, including natural gas, electric and fuel cell powered vehicles," said Hubertus Mühlhäuser, CEO of CNH Industrial. "Nikola's choice of IVECO as a strategic partner is a testament to our internationally recognized excellence in heavy-duty trucks and alternative drive technologies."

"It is time to finally offer a zero-emission solution to the heavy-duty truck market. While other OEMs believe that zero-emission solutions are not possible in the timeframes set by regulators, Nikola, FPT Industrial and IVECO are proving that these timelines are not unreasonable," said Trevor Milton, Chief Executive Officer of Nikola Corporation. "Nikola has the technology, but needs a partner with a European network to implement 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. With the involvement of CNH Industrial, we now have access to manufacturing expertise, purchasing strategies, proven truck parts, factory and plant engineering and much more. Few will doubt that we can now commercialize a truly innovative truck. "

"Global climate change, geopolitical conflicts, future fossil fuel availability and an inevitable circular economy require a fundamental change in the way we operate," added Gerrit Marx, President of Commercial and Specialty Vehicles at CNH Industrial. "While today LNG delivers significantly lower emissions from a well-to-wheel perspective, fuel cell and BEV technologies will be the ultimate goal of zero-emission trucking in the medium to long term. With our LNG technology, we have proven to be European disruptors and are leading the changes in the industry, including fuel infrastructure and life cycle. "

A European press conference and fleet day will be co-hosted by Nikola Corporation, FPT Industrial and IVECO later this year to further explain the partnership.