Hanwha-Invested Nikola Motor Makes Successful NASDAQ Debut
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Hanwha-Invested Nikola Motor Makes Successful NASDAQ Debut
Hanwha Group secures foothold to enter U.S. hydrogen ecosystem business

28(Sun), Jun, 2020




Hanwha Group Executive Vice President Kim Dong-kwan. (Photos: Hanwha Group)





Hanwha Group has secured a foothold to enter the U.S. hydrogen business. The successful listing of Nikola Motor, a U.S. hydrogen truck producer in which Hanwha Energy and Hanwha General Chemical Co. invested, may raise the chances of Hanwha joining the U.S. hydrogen truck business.


Hanwha Energy and Hanwha General Chemical Co. each invested $50 million for a combined 6.13 percent stake in Nikola Motor in 2018. Hanwha said the value of Hanwha¡¯s stake in Nikola Motor has soared a 7-fold to $750 million (about 900 billion won) as the U.S. hydrogen truck producer was listed with the NASDAQ on June 4.


Nikola Motor shares closed at $33.75 per share and the capitalization of the stock surged to $12.2 billion based on the closing price of the IPO.


Nikola Motor, dubbed as ¡°2ND Tesla,¡± is a hydrogen/EV truck development startup. The company received investments from Hanwha, Bosch of German and CNH Industrial of Italy at an early stage. Nikola Motor is now developing a hydrogen fuel cell electric vehicle (FECV) truck capable of running 1,200 miles (1,920 km) per charge and a battery electric vehicle targeting European markets. Nikola Motor said the company has received preorders of more than 14,000 hydrogen FECV trucks.





An image shot of a hydrogen truck, produced by Nikola Motor in which Hanwha Energy and Hanwha General Chemical Co. acquire a stake.





Hanwha Group¡¯s subsidiaries are now considering entering the U.S. hydrogen ecosystem following the IPO of Nikola Motor.


Hanwha Energy has the right to supply power generated from solar panels of Nikola Motor¡¯s hydrogen, while Hanwha General Chemical owns the right to operate hydrogen charging stations.


As Hanwha Energy and Hanwha General Chemical are collaborating in the hydrogen business with Nikola Motor, Hanwha Q Cells and Hanwha Solution/Advanced Materials are predicted to supply photovoltaic panels to hydrogen charging stations and tanks for hydrogen charging stations and hydrogen tanks for trucks, respectively, a Hanwha official said.


Hanwha Solution/Chemical is now developing its own water electrolysis hydrogen production technology, he said.


As a task force on U.S. venture investments issued a report on the necessity of investments into Nikola Motor, Hanwha began to mull investments in the U.S. hydrogen truck producer.


Hanwha Energy, seeking to expand new/renewal energy businesses in North America, and Hanwha General Chemical, venturing into overseas eco-friendly and convergence businesses, shared the view on joint investments into Nikola Motor.


Meanwhile, Hanwha System acquired Phasor Solutions, a UK company of phased array antenna for satellite communications. Hanwha Systems announced June 8 that it closed a deal to acquire Phasor Solutions¡¯ business and assets for an undisclosed sum. The acquisition was finalized June 5.





A view of Hanwha Group Headquarters in Seoul.



   
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