Nikola, a manufacturer of battery-electric and hydrogen-electric vehicles, EV powertrains, energy storage systems, and hydrogen fueling infrastructure, made its debut via an acquisition by VectoIQ, a blank check company led by former General Motors Company executives.
VectoIQ, which was formed to invest in smart transportation industry, went public in May 2018 by offering 20 million units at $10 each. The units were listed on the Nasdaq under the ticker symbol VTIQU.
With the completion of its business combination with VectoIQ on June 2, Nikola was listed on the Nasdaq under the ticker symbol NKLA June 4.
In its debut session Thursday, Nikola stock opened at $37.55 and rose to a high of $38.88 before pulling back and settling at $33.97. The stock added an incremental 6.6% Friday before ending at $35.97.
On Monday, the stock skyrocketed 103.70% to $73.27, and the stock is trading higher yet again Tuesday.
Monday’s closing price of $73.27 puts the market cap of Nikola at $26.38 billion, based on 360 million outstanding shares, as reported by Forbes.
The EV startup, based in Phoenix, Arizona,was founded in 2014 by Trevor Milton, who is currently serving as executive chairman.
The company is a pioneer in electric heavy-duty vehicles. It provides both pure electric and hydrogen electric powertrains to cover class eight transportation. Class eight trucks are heavy trucks weighing over 14,969 kgs.
“As compared to passenger cars, the EV adoption curve has progressed more rapidly in the bus market. Electric trucks are the logical next step. Similar to buses, trucks typically drive a fixed route and thus do not face “range anxiety,” Raymond James analyst Pavel Molchanov said in a recent note.
The company is also focused on hydrogen fuel cell vehicles, which confer the same advantage as EVs but eliminate many problems. Some of their advantages include fast fueling, longer range, less weight, and renewable zero emissions.
“With our Nikola IVECO joint venture and over $10 billion in pre-order reservations, Nikola is positioned to be a wonderful story of how one company can literally change the world,” Milton said in a release.
Nikola counts among its customers brewer Anheuser Busch Inbev NV, which has placed orders with the company.
Nikola expects to generate revenues by 2021, with the rollout of its Nikola Tre Class 8 BEV followed by the Nikola Two CLASS 8 FCEV, starting in 2023. The company also plans to build out hydrogen fueling stations that will serve its customers’ fleets.
The company is on the cusp of capitalizing on a vast market opportunity. The global total addressable market of both the green-to-wheel vehicle and energy supply is over $600 billion, Nikola said in a pre-listing road show presentation.
This opportunity is underlined by the environmental need to tighten global emissions standards.
Parallels are often drawn between Nikola and EV pioneer Tesla, which saw its shares surge to a record level Monday.
At last check, Nikola shares were surging 5.65% to $77.41.
This story originally appeared on Benzinga.
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