By Rofida Khairalla | Pinal Central
A European capital goods company announced Tuesday morning that it plans to invest $250 million in Nikola Motor Company.
The news means that Dutch company CNH Industrial NV will now have a significant stake in the start-up as the lead Series D investor.
Earlier this year, Nikola reported that it plans to raise $1 billion in the D round of investments. The funding round would grant new investors and business partners, including CNH Industrial, 25% ownership in Nikola.
The investment made by CNH Industrial is part of a heavy-duty truck partnership the company will be entering into with Nikola to energize the production of Nikola’s line of electric and hydrogen electric semi-trucks for both North America and Europe.