Law360 reports that the Phoenix-based company met a projection by CEO Trevor Milton that Nikola’s $200 million series C round would meet and exceed funding targets. Nikola at the time had already scooped up $100 million from investors for the fundraising and was valued at $1.1 billion.
Nikola, a designer and manufacturer of electric vehicles and components, energy storage units and electric vehicle drivetrains, plans to expand the reach of its hydrogen-powered truck lineup, which currently has $12 billion in preorders. The company is especially interested in taking its technologies to Europe, where Nikola recorded $380 million in orders for its Nikola Tre product over the first five days of availability.
The Pillsbury team was led by Corporate partner Stanley Pierson, along with Omar Bailony, Evan Storm and George Willman.