Nikola Corporation
Acquisitions
3
Major Deals Covered
$3.4B
Disclosed Deal Value
Nikola's largest disclosed acquisition here is VectoIQ Acquisition Corp. (Reverse Merger) for $3.3B in 2020. This page covers 3 major deals from 2017 to 2022, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Romeo Power | 2022 | $144.0M | All-stock purchase of Nikola's battery-pack supplier. |
| Free Form Factory | 2017 | Undisclosed | Acquired proprietary composite component manufacturer Free Form Factory to leverage patented thermoforming manufacturing for powersports and vehicle components. |
| VectoIQ Acquisition Corp. (Reverse Merger) | 2020 | $3.3B | Completed reverse merger with Steve Girsky's special purpose acquisition company (SPAC) VectoIQ Acquisition Corp. to take Nikola public on the Nasdaq. |
2022
$144M
All-stock purchase of Nikola's battery-pack supplier.
Brought battery pack production in-house, but Romeo's packs were later linked to the 2023 battery-electric truck recall.
Romeo was wound down and deconsolidated in 2023, and Nikola reported its losses as discontinued operations.
2020
$3.3B
Completed reverse merger with Steve Girsky's special purpose acquisition company (SPAC) VectoIQ Acquisition Corp. to take Nikola public on the Nasdaq.
Injected over $700 million in gross cash proceeds to finance Coolidge, Arizona factory buildout and hydrogen truck prototypes.
Listed on Nasdaq under ticker NKLA on June 4, 2020.
2017
Acquired proprietary composite component manufacturer Free Form Factory to leverage patented thermoforming manufacturing for powersports and vehicle components.
Gave Nikola lightweight composite engineering and formed the basis of early off-road concept vehicles (Nikola NZT).
Integrated composite manufacturing team into Nikola's Phoenix facilities.
Under CEO Steve Girsky (2023-2025), Nikola dropped side projects, put hydrogen fuel cell trucks first, built modular HYLA fueling in California and leaned on state incentives such as California's HVIP voucher program to win fleet orders. It also looked for a strategic partner or buyer. When none committed enough capital, the company turned to a court-supervised sale and liquidation in 2025.
Nikola sold and leased Class 8 trucks, mainly the Tre BEV and Tre FCEV, through heavy-duty dealers, and through its HYLA brand it sold hydrogen fuel at its own stations and mobile fuelers. In 2023 truck sales brought in $30.1 million and service and other revenue $5.8 million. Each truck cost far more to build than it sold for (2023 gross loss: $214.1 million), so the company ran on repeated stock sales and convertible debt until the cash ran out in early 2025. Nikola no longer operates or earns revenue. The liquidating estate's job is to turn the remaining assets into cash for creditors.
In August 2022, Nikola acquired battery manufacturer Romeo Power for approximately $144 million in an all-stock transaction to bring battery pack engineering and manufacturing in-house at its Cypress, California facility.
Following battery safety issues, high operational costs, and a pivot to third-party battery cell suppliers, Nikola liquidated Romeo Power's assets under California Assignment for the Benefit of Creditors (ABC) in 2023, refocusing corporate capital exclusively on vehicle assembly in Coolidge, Arizona.
In 2023 Nikola sold its stake in the Ulm, Germany joint venture to Iveco. It recorded a $70.8 million gain on the divestiture in its 2023 results and focused on North America.
In May 2023, Nikola and zero-emission infrastructure developer Voltera entered a 10-year strategic partnership to develop up to 50 commercial HYLA hydrogen fueling stations, with Voltera providing capital development and site construction while Nikola supplies fuel customers.
Lucid Group acquired Nikola's Coolidge, Arizona factory, Phoenix headquarters lease and equipment for about $30 million in April 2025. The remaining assets, including truck inventory and hydrogen equipment, were sold separately during the liquidation.
In August 2022, Nikola acquired battery pack supplier Romeo Power for $144 million to secure battery module production. However, Romeo Power's battery packs suffered from internal coolant leaks that caused high-profile truck fires in 2023, forcing Nikola to recall hundreds of electric trucks and liquidate Romeo Power's assets.
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