Electric truck maker Nikola said it was approved for a $2 million grant from the Energy Department — news that comes despite the fact that the company's founder and largest shareholder faces federal criminal charges for deceiving shareholders.
The grant is to help Nikola develop refueling technologies for its planned hydrogen fueling stations for the trucks it is planning to build."This funding is essential to advance key hydrogen fueling technologies that can improve the overall efficiency of fuel-cell commercial vehicles, while maintaining the safety and reliability standards required," said Pablo Koziner, president of Nikola's energy and commercial unit.
" The company applied for the grant after Milton resigned as executive chairman, and the grant was formally awarded July 7, three weeks before the indictment, though the company did not announce the grant until Thursday. But even before the indictment, the looming legal problems were well known as the company disclosed it had received subpoenas from both the Justice Department and the Securities and Exchange Commission.
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