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Hanwha Group plans to sell up to 11.1 million shares in US electric truck maker Nikola Corp or half of its stake over six months beginning June.
Hanwha holds a 5.65 percent share in Nikola worth about US$180 million as of Wednesday's closing price of $16.39 a share through its subsidiary in the US, Green Nikola Holdings.
According to a Hanwha Group spokesperson, the stake sale is for securing funds needed for new eco-friendly projects, including hydrogen. He added that Hanwha will remain as Nikola's strategic partner.
Hanwha Group, whose portfolio ranges from solar energy to aerospace, has been exploring ways to expand its renewable energy business.
Nikola is a promising hydrogen-powered truck developer. However, it is rocked by allegations of fraud spurred by a short-seller report that attracted regulators' attention.
Nikola's shares surged to a record high of $93.99 in just four days but dipped to $17.99 after the short-seller Hindenburg Research's fraud accusation in September.
