http://on.forbes.com/6013E7GTt

From a Phoenix headquarters that will also build prototype semis, Milton has raised more than $500 million from such investors as European heavy-duty vehicle maker CNH Industrial, manufacturing and tech giant Bosch, hedge fund ValueAct, South Korea’s solar powerhouse Hanwha, Norwegian energy company Nel Hydrogen and Worthington Industries, a metals manufacturer. He needs at least $1 billion to build a factory in Coolidge, Arizona, put the first trucks on the road and open ten fueling stations in California and Arizona.

Milton aims to build 25 trucks next year and 400 in 2021. If all goes well, by 2022 he’ll be making eight tons of hydrogen daily from renewable electricity at each station, enough to keep 250 trucks running. He thinks he can get the cost of making a kilogram of compressed hydrogen gas, which provides the same amount of energy as a gallon of diesel, down to $2.50—far less than the California hydrogen retail price of $14. He wants to expand his fueling capacity from the West to a 700-station cross-country network by 2028.