Zero-emission truck startup Nikola Motor Company was recently awarded a $2 million grant from the Department of Energy. The grant comes just weeks after Nikola founder Trevor Milton was indicted on charges of fraud.
Per a report from The Verge, the new grant was made through the DOE’s Energy Efficiency and Renewable Energy transportation office as part of the Hydrogen and Fuel Cells R&D program. The funding will be directed towards research into autonomous refueling technologies for hydrogen refilling stations.
The latest round of government funding for Nikola arrives as part of a broader initiative to develop clean energy technologies, a central focus of the Biden administration. In addition, a loan program aimed at similar goals has been revived after laying inactive since the first years of the Obama administration. The loan program previously provided funding for notorious failed clean energy startups, including solar cell company Solyndra and hybrid vehicle producer Fisker Automotive, as well as successful companies like Tesla.
“If you want to have the leading electric vehicle manufacturer in the world… you’ll have to make multiple bets,” said the head of the new loan program, Jigar Shah, back in March. “And some of those bets will lead to losses.”
In September of last year, Nikola came under scrutiny after a report from short-seller Hindenburg Research accused the startup of fraud. The accusations were published just a few days after announcement that Nikola was engaged in a new strategic partnership with General Motors, the latter of which would have resulted in GM engineering, validating, homologating, and building the new Nikola Badger electric pickup truck. In the wake of the Hindenberg report, GM abandoned its deal with Nikola, while Nikola founder Trevor Milton would resign shortly thereafter.
An internal investigation at Nikola later confirmed that Milton had indeed lied, while the Department of Justice and Securities and Exchange Commission opened subsequent investigations, levying charges again the former Nikola executive.
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Moving opposite to market trends.
With four model years recommended for purchase.
This example is a former NCRS award winner.
Many automakers oppose right-to-repair laws citing cybersecurity concerns.
Breaking out the spec sheets for a comparison.
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It's very easy for Jigar Shah to BET with the taxpayer's money. These people should not be in charge of anything.
Just handing 2 million to SPACs that are gonna go out of business. What could possibly go wrong? They won't pocket most of this money.
Can Interest rates rise please so the free money economy crap ends?
In the 1983 film “Deal of the Century” while discussing the sale of Military Aircraft to 2 newly oil rich native tribes, the lead character asks: Do they even know how to fly the planes?
The contractor answers: As far as we could tell they roll the planes down hill at each other.
Hmm sounds familiar like solyndra, hmm and seems to be under Democrat administration again. No surprise here. No tax payer money should be going to any business period for trying to create a product that is just a scam on the american tax payer and just making people rich just like Al Gore and Kerry. Tax payer money should only be used on actual product or service not studies for things the private sector can do on their own from donations or investments.
Stupid is as stupid does. This administration is proving they have no idea what they're doing. And we're powerless to stop the insanity displayed every day.
Wtf were they thinking?!?! The company has multiple accounts of fraud, it’s going out of business, and overall their product isn’t that good compared to other EV companies like Tesla, Rivian, GM and Ford. It’s just pure stupidity and I feel like they’re just going to take the money and run like they have in the past.
What government dumbass did that? I want my tax money back.