College dropout Trevor Milton is fixated on eliminating diesel pollution and has an audacious plan to shake up the trucking world with Nikola's hydrogen semis and fuel stations. The company's funding push has also turned him into a billionaire.
From a Phoenix headquarters that will also build prototype semis, Milton has raised more than $500 million from such investors as European heavy-duty vehicle maker CNH Industrial, manufacturing and tech giant Bosch, hedge fund ValueAct, South Korea’s solar powerhouse Hanwha, Norwegian energy company Nel Hydrogen and Worthington Industries, a metals manufacturer.
Elon Musk, whose battery-powered Teslas have done much to wean American drivers off gasoline , derides “For one thing, a growing surplus of solar energy in the Southwest opens the possibility of siphoning off excess power at midday to make hydrogen fuel cheaply out of water. For another, batteries aren’t suited to long-haul trucking. They take a while to recharge, and they’re heavy.
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