Nikola Corporation
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Acquisitions
1
Total Acquisitions
$144M
Disclosed Deal Value
2022
$144M
Acquired energy storage and battery pack manufacturer to secure internal battery supply.
Brought battery module manufacturing in-house before Nikola reorganized its battery supply chain in 2023.
Integrated and restructured into Coolidge manufacturing operations.
Nikola's multi-year corporate expansion strategy focuses on four core operational pillars: First, aggressive commercial fleet delivery expansion across California and Western US freight corridors, leveraging California HVIP and IRA incentives to maximize operator adoption. Second, scaling the HYLA hydrogen refueling network, establishing modular mobile fuelers and permanent commercial hydrogen stations along Interstate 10, Interstate 5, and port corridors in Long Beach and Oakland. Third, continuous supply chain cost reductions, localizing fuel cell assembly and optimizing vehicle bill of materials (BOM) to achieve positive vehicle gross margins. Fourth, international technology partnerships, collaborating with European and global industrial partners to license zero-emission chassis and fuel cell technology.
Nikola operates a dual-revenue business model combining capital commercial vehicle sales with recurring clean energy infrastructure services. Its revenue engine spans two core divisions: First, Commercial Truck Sales & Leasing, monetizing the Nikola Tre Hydrogen Fuel Cell (FCEV) and Battery Electric (BEV) Class 8 trucks to commercial freight fleets, supported by generous government clean vehicle incentives (such as California HVIP vouchers offering up to $288,000 per truck and federal IRA clean commercial vehicle credits). Second, Energy & HYLA Hydrogen Distribution, selling wholesale and retail hydrogen fuel via modular mobile fuelers, permanent HYLA commercial stations, and bundled 'Truck-as-a-Service' (TaaS) contracts that combine vehicle lease, scheduled maintenance, and hydrogen dispensing at a predictable per-mile rate.
Nikola Corporation has completed approximately 1 corporate acquisitions on record.
When evaluating M&A targets, Nikola Corporation prioritizes complementary technology, specialized engineering talent, and immediate synergies that support workflow automation.
Acquisitions enable Nikola Corporation to absorb critical capabilities faster than building in-house, accelerating its time-to-market across Zero-Emission Commercial Class 8 Semi-Trucks, Hydrogen Fuel Cell Electric Vehicles (FCEV) & Clean Energy Infrastructure (HYLA).