One of the final major stages for Nikola to liquidate all of its assets after declaring bankruptcy in February is the official sale of its hydrogen trucks.

Late last week, Nikola and auction firm Gordon Brothers came to an arrangement in Delaware bankruptcy court to buy the hydrogen transportation assets. Gordon Brothers released the listing and a brochure with all the items for sale over the weekend.

According to the auction company, it possesses hydrogen trucks, raw materials, and sub-assemblies valued at over $114 million. This contains 103 completed vehicles with hydrogen fuel cell propulsion, as well as additional tires, batteries, and other parts. Additionally, Nikola’s hydrogen testing, refueling, and storage equipment, some of which are still brand new, is up for auction by Gordon Brothers.

A little over a month after EV company Lucid Motors surprised everyone by purchasing Nikola’s headquarters and manufacturing plant in Arizona, the hydrogen assets are now on the market. In exchange for about $30 million in cash and non-monetary incentives, Lucid also consented to hire about 300 Nikola personnel as part of that deal.

Nikola’s Hydrogen-Powered Trucks Up for Auction

Nikola is selling over 100 electric trucks that run on hydrogen fuel cells. A larger asset liquidation plan under Chapter 11 bankruptcy proceedings includes these vehicles. Gordon Brothers, an asset sales company, is in charge of the auction, which is anticipated to draw interest from a range of parties, including rivals and financiers in the electric vehicle industry.

Details of the Asset Liquidation and Auction

In accordance with Section 363 of the U.S. Bankruptcy Code, Nikola’s bankruptcy procedures involve an auction and sale procedure. The business has around $47 million in cash on hand to cover operations through the end of March 2025, which includes carrying out some of the maintenance, repair, and fueling duties for trucks that are now in the field. However, at least one partner or buyer will need to step in if these services are to continue after March.

Effect on Industry and Stakeholders

The sale of Nikola’s hydrogen-powered trucks is a significant turning point in both the company’s history and the larger electric vehicle market. Although some financial relief may result from the sale of these assets, it also highlights the difficulties faced by new businesses in the zero-emission transportation industry. Competitors, potential investors, and industry analysts will be eagerly monitoring the auction’s conclusion.