A big bang for hydrogen truckmaker Nikola as its stock surge boosted the founder’s fortune to $8 billion
’s $30 billion market cap at Monday’s close. The company is also seeing an increase in investment in the shares by European-based funds, which didn’t initially show up last week, and purchases by investors who took a short position and needed to cover it today, Milton said.
“That caused them to have to go buy shares on the market. And it was a really bad time to be short, that's for sure.”... [+]Nikola has secured truck orders worth $10 billion from companies led by Anheuser-Busch, which wants 800 of its nonpolluting semis. So far, Nikola hasn’t generated much revenue but estimated in an SEC filing that sales will jump from $150 million in 2021 to $3.2 billion by 2024 as it ramps up productions.
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 commercial vehicle maker CNH/Iveco, Bosch and Meritor, Nikola also counts South Korean solar panel maker Hanwha and Norway’s Nel as key industrial partners that 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BTS and Their Label, Big Hit Entertainment, Donated $1 Million to Black Lives Matter EffortsBTS and their label, Big Hit Entertainment, are donating $1 million to Black Lives Matter (BLM), a representative for Big Hit Entertainment told Variety.
Read more »
CBS Eyeing All-Star Returnees for ’Big Brother’ This SummerCBS has been reaching out to former players to participate in a potential all-star season this summer, multiple sources exclusively reveal to Us Weekly — details
Read more »
Pandemic triggers big swings in prescription drug useAs most of the nation hunkered down amid the coronavirus pandemic, visits to doctor offices and outpatient clinics plunged. That's helping cause major swings in prescription drug use.
Read more »
Callers to City Hall demand big cuts from the LAPDAn L.A. City Council panel heard from members of the public who demanded sharp cuts in the LAPD budget in the wake of George Floyd's death.
Read more »