General Motors receives a stake in start-up company Nikola worth two billiopn dollars. In exchange, Nikola will use GM’s battery-system and fuel cell technology.
The system Nikola is going to use to power its newly developed Badger pick-up truck is the Ultium batterysystem. Also Nikola can use the Hydrotec fuel cell of the company. In exchange, General Motors receives 11 percent ownership of Nikola and right to nominate one director. Nikola will get hold of newly issued common stock for the in-kind services and access to General Motors’ global safety-tested and validated parts and components. General Motors will be subject to a staged lock-up provision beginning in one year and ending in June 2025. General Motors will engineer, homologate, validate and manufacture the Nikola Badger battery electric and fuel cell versions.