December 3, 2022

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Nikola Wins Research Grant From DOE

Scandal-plagued electric powered truck maker Nikola announced Thursday that it received a $2 million grant from the U.S. Electricity Department to develop hydrogen refueling systems.

The grant was formally awarded July 7 — three weeks before Nikola founder Trevor Milton was indicted on three counts of legal fraud for lying about “nearly all elements of the business” to improve the startup’s inventory product sales.

“Even before the indictment, the looming lawful issues were being properly known as the business disclosed it had been given subpoenas from each the Justice Department and the Securities and Exchange Commission,” CNN mentioned.

Nikola reported the grant was for advancing its research into autonomous refueling systems for long term hydrogen fueling stations. Some of the electric powered trucks Nikola is creating would be run by weighty duty hydrogen gas cells.

“This funding is necessary to advance critical hydrogen fueling systems that can make improvements to the total efficiency of gas-cell business cars, though sustaining the protection and trustworthiness criteria necessary,” Pablo Koziner, who sales opportunities Nikola’s hydrogen fueling organization, reported in a news launch.

Milton was forced to resign as Nikola’s govt chairman in September 2020 following short-seller Hindenburg Investigate alleged the business was “an intricate fraud crafted on dozens of lies more than the class of [Milton’s] occupation.” Nikola admitted in a filing previously this 12 months that an inside investigation confirmed Milton had deceived traders.

In response to the grant award, Hindenburg mentioned that Milton’s indictment quoted him as indicating that “Nikola was manufacturing hydrogen and was undertaking so at a lowered cost, when [he] realized that in truth no hydrogen was getting created at all by Nikola, at any cost.”

The short-seller included that it doubts “a $2 million grant will aid transform that lie into a fact.”

According to The Verge, the grant arrives at a time when the Electricity Department “is receiving prepared to ramp up funding activity to aid advance the United States’ growth of clear energy systems — a precedence below President Biden.”

The office “makes funding awards centered on a rigorous, benefit-centered critique process that contains many technology industry experts reviewing programs,” it reported Thursday.

Department of Electricity, electric powered trucks, grants, hydrogen refueling, Nikola, Trevor Milton