Nikola VectoIQ
The Nikola Tre will launch first in Europe through a joint venture with Nikola and IVECO. Credit: PRNewsfoto/ Nikola Corporation.

Zero-emission vehicle developer Nikola has completed its previously announced merger with VectoIQ, a special purpose acquisition company.

The transaction closed around three months after the signing of the definitive agreement.

As a result, Nikola became a public company with the combined firm’s shares listed on Nasdaq under new ticker symbol ‘NKLA’.

VectoIQ Acquisition CEO Stephen Girsky said: “The VectoIQ team and I are proud to support Nikola in its transition to a public company. It’s an exciting time to be in the zero-emissions transportation space and Nikola is at the forefront of this technology.”

With the combination now complete, Girsky joins Nikola’s board of directors as a member.

Nikola has also raised more than $700m through the merger and private investment in public equity (PIPE).

The proceeds will be used to expedite the production of battery-electric (BEV) and hydrogen fuel-cell electric vehicles (FCEV).

In addition, it will help Nikola to start the construction of a manufacturing facility in Arizona and continue with the development of hydrogen station infrastructure.

Nikola founder and executive chairman Trevor Milton said: “Nikola is thrilled to complete the Nasdaq listing and be part of the ESG investment world. This is a significant endorsement in fuel-cell and battery-electric technology.

“Since Nikola launched its first fuel-cell semi-truck, you have seen the world rally behind hydrogen and follow our lead. What was once considered the fuel of the future is now accepted as today’s solution.”

The company is said to have pre-orders that can bring more than $10bn in potential revenue.