Investors interested in next-generation electric vehicles will have the opportunity to purchase shares in Nikola Corp., as the Phoenix-based manufacturer of zero-emissions heavy trucks announced its stock will be listed on Nasdaq.

The company will bypass the traditional means of raising capital through an initial public offering of stock and instead will merge with investment company VectoIQ, which will provide capital.

The combined entity is expected to have a stock market value or capitalization of around $3.3 billion, which would place Nikola among the 20 or so most valuable corporations headquartered in Arizona. The deal is slated for completion during the second quarter of 2020.

The transaction will include money contributed by VectoIQ along with a $525 million investment in Nikola from institutions including Fidelity Management & Research, ValueAct Spring Fund and P. Schoenfeld Asset Management. Nikola will use the proceeds for purposes including the continued development of battery-electric and hydrogen fuel-cell electric vehicles featuring zero emissions.

Pinal County factory

Some of the vehicles will be built at a new factory slated for Coolidge in Pinal County. Nikola plans to hire 2,000 workers there, with production slated to begin in 2022. The fast-growing region south of metro Phoenix also has attracted Lucid Motors, a manufacturer of upscale electric vehicles that plans to produce cars selling for more than $100,000 each by the end of this year.

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Nikola, which is headquartered in Phoenix south of Sky Harbor International Airport, claims to have more than $10 billion worth of vehicle orders. The company also will use proceeds from the transaction to continue building a network of hydrogen-fueling stations around the country. Nikola's announced customers include Anheuser-Busch and US Xpress. Some funds also will be used to construct the Coolidge factory located several miles from the intersection of interstates 10 and 8.

Shares of VectoIQ trade on Nasdaq under the symbol VTIQ. Upon closing of the merger, the combined company will be named Nikola Corp., and the shares are expected to remain on Nasdaq under the new symbol of NKLA.

Management structure

Stephen Girsky, the current CEO of VectoIQ and a former General Motors vice chairman, will be added to Nikola's board. He said his company spent two years seeking a partner that is a "proven technology leader," calling Nikola "the clear winner."

Nikola late last year announced that it had developed a superior, high-performance battery that will allow heavy trucks and other vehicles to drive farther between charges.

Trevor Milton, Nikola's founder and CEO, will serve as executive chairman of the combined company. In a prepared statement, he said his company is "on a roll," calling Nikola the leader for heavy-duty, zero-emissions vehicles.

Nikola also plans to build smaller trucks, small watercraft and other vehicles using its zero-emissions technology.

The boards of both companies have approved the transaction.

Reach the reporter at russ.wiles@arizonarepublic.com or 602-444-8616.