Hanwha General Chemical-Hanwha Energy, Partial Sale of Nikola Shares

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Hanwha General Chemical and Hanwha Energy have sold part of their Nikola shares.

Green Nikola Holdings, established in the U.S. by Hanwha General Chemical and Hanwha Energy, announced on the 1st that it sold 2.9 million shares out of 22.13 million Nikola shares. The cumulative sales proceeds amounted to $53.67 million (approximately 60 billion KRW). Following the partial sale of shares, the stake in Nikola dropped from 5.6% to 4.86%.

Earlier, Green Nikola disclosed in March that it planned to sell up to 50% (11 million shares) of its 22.13 million Nikola shares held from June 9 to December 10 this year.

Hanwha General Chemical and Hanwha Energy decided to sell part of their Nikola shares to invest in new businesses such as hydrogen and energy transition projects.

Hanwha Group stated, "Separate from the share sale, the strategic partnership with Nikola will be maintained," adding, "We plan to strengthen the hydrogen industry value chain from hydrogen production to storage and transportation, including building an eco-friendly mobility ecosystem using hydrogen, an eco-friendly energy, in cooperation with Nikola."

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