Belgium-based technology company, Wabco, has invested €8.4 million in US-based hydrogen-electric vehicle manufacturer, Nikola Motor Company.
Wabco has said in a statement that this transaction further demonstrates its commitment to advance the development of electric and highly automated commercial vehicles in North America and around the globe.
In addition to the strategic investment, Wabco and Nikola reportedly signed an agreement to accelerate the development of industry-leading safety technologies specifically designed for electric commercial vehicles, including Electronic Braking Systems (EBS), as well as traction and stability control technologies.
“As vehicles become increasingly autonomous, electric and connected, Wabco continues to be at the forefront of breakthrough technology innovation,” said Wabco Chairman and Chief Executive Officer, Jacques Esculier.
“We are excited to invest in Nikola Motor Company to help the industry realise our joint vision of electrified and autonomous trucks, buses, trailers and off-highway vehicles. Wabco’s technologies, notably industry-leading braking, traction and stability control systems, continue to advance the transportation industry,” he said.
Nikola Founder and Chief Executive Officer, Trevor Milton, has said that Wabco continues to stay at the vanguard of technology and innovation.
“Here at Nikola, we are driving a paradigm shift in the transportation industry by creating the most advanced semi-truck ever built,” said Milton.
“Wabco is a vital business partner to enable autonomous driving, electronic braking, and stability control for trucks and trailers.
“Wabco is recognised as a global leader in safety and efficiency technologies for next-generation commercial vehicles. We have added a world-class supplier to the Nikola truck family and are looking forward to our collaboration to bring Nikola’s zero emission trucks to market,” he said.
Nikola reportedly plans to begin testing its zero emission trucks with commercial vehicle fleets in late 2018 and launch full production in 2021.