Nikola’s hydrogen-powered trucks land at auction amid financial pressures, marking a pivotal moment for the EV maker’s alternative fuel ambitions
One of the final significant stages in the company’s liquidation of its assets following its bankruptcy filing in February is the official auction of Nikola’s hydrogen trucks.
Gordon Brothers, an auction house, agreed with Nikola in Delaware bankruptcy court to acquire the hydrogen transportation assets late last week. The listing and a brochure that outlines all of the items for sale were published by Gordon Brothers over the weekend.
According to the auction house, it possesses approximately $114 million in hydrogen vehicles, raw materials, and sub-assemblies. This comprises 103 hydrogen fuel cell-powered vehicles that have been completed, as well as spare batteries, tires, and other components.
Gordon Brothers is also auctioning Nikola’s hydrogen storage, refueling, and testing apparatus, some of which are still in their original condition.
The hydrogen assets are being released to the market just over a month after Lucid Motors, an electric vehicle startup, unexpectedly acquired Nikola’s Arizona manufacturing facility and headquarters.
In exchange for approximately $30 million in cash and non-cash considerations, Lucid also consented to recruit approximately 300 Nikola employees as part of the transaction.
Gordon Brothers will now attempt to auction these assets at a time when hydrogen as a fuel source has encountered significant challenges in becoming a viable option. Fresh challenges are also confronting the technology.
As part of a broader effort to undermine former President Biden’s entire climate agenda, House Republicans are attempting to retract financial support for hydrogen power enacted into law.
