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Nikola’s Hydrogen Trucks Up for Auction
Nikola’s hydrogen trucks are officially up for auction, one of the company’s last big steps in unloading all of its assets after filing for bankruptcy in February.
Auction house Gordon Brothers reached an agreement with Nikola in Delaware bankruptcy court to purchase the hydrogen trucking assets late last week. Over the weekend, Gordon Brothers published the listing and a brochure detailing everything for sale.
The auction house says it has around $114 million worth of hydrogen trucks, raw material, and sub-assemblies. That includes 103 finished hydrogen fuel cell-powered trucks, along with spare batteries, tires, and other components. Gordon Brothers is also auctioning off Nikola’s hydrogen storage, refueling, and testing equipment, some of which is still brand new.
Hydrogen Technology Challenges
The hydrogen assets are hitting the market a little more than a month after EV startup Lucid Motors emerged as the surprise buyer of Nikola’s Arizona manufacturing facility and headquarters. Lucid also agreed to bring around 300 Nikola employees on board as part of that transaction, in exchange for roughly $30 million in cash and non-cash considerations.
Gordon Brothers will now look to auction these assets at a time when hydrogen as a fuel source has struggled to become a viable option. The technology also faces fresh headwinds. House Republicans are working to roll back financial support for hydrogen power signed into law by former President Biden as part of a larger attempt to dismantle his entire climate agenda.
