With an investment of 3.85 million dollars, Hyroad Energy has secured at auction the assets relating to Nikola’s hydrogen-powered electric trucks, valued at over 150 million dollars, giving the company immediate access to an operational fleet and strategic infrastructure for zero-emission freight transport. The transaction marks Nikola’s definitive exit from the scene, a company that in 2020 reached a valuation of 30 billion dollars and briefly overtook Ford Motor on the stock exchange, but that in February 2025 was forced to file for Chapter 11 bankruptcy protection with just 47 million dollars in cash and liabilities of up to 10 billion. The downward trajectory, further exacerbated by scandals linked to founder Trevor Milton, came to a close in August with the auction of the assets, authorised by US judge Thomas Horan.
The auction, organised by Gordon Brothers and Nations Capital, brought to market a complex portfolio: 113 Nikola Tre Fcev hydrogen trucks (103 operational and 10 demonstrators), raw materials worth more than 55 million dollars, software and intellectual property, Hyla refuelling equipment and testing facilities. Despite an estimated value of over 150 million dollars, Hyroad paid a symbolic sum, effectively securing a 92% discount. Trevor Milton’s attempt to re-enter the game through his company Isso was dismissed by the court, which rejected his bid — 400,000 dollars higher than Hyroad’s — as nothing more than a publicity stunt.
Founded in 2022 by Dmitry Serov, a former Vitol and private equity executive, Hyroad Energy has assembled a team including several former Nikola managers, such as David Strcic and Brett Cook, and is now pursuing an innovative truck-as-a-service model. This approach allows customers to pay per kilometre travelled, avoiding the steep upfront investment of up to 750,000 dollars for a single hydrogen truck.
The offer combines vehicles, refuelling infrastructure, maintenance and risk management. The Nikola Tre Fcev fleet acquired by Hyroad boasts advanced technical features: a range of up to 800 kilometres, refuelling times under 20 minutes, continuous power of 400 kW and a payload capacity of up to 21 tonnes. Beyond the vehicles, Hyroad has secured a technology package that immediately provides a complete operational ecosystem.
Hyroad’s strategy is focused above all on California, where the Advanced Clean Trucks regulation requires that by 2035 three-quarters of all new heavy-duty trucks sold must be zero-emission. The state, responsible for 40% of US freight transport emissions, offers fertile ground for hydrogen solutions. Public incentives further reinforce the outlook: the 50 million dollar Clean Truck Fund is complemented by federal EnergIize financing and Texas’s Thive programme, where Hyroad plans to establish a hydrogen logistics corridor linking Houston, Dallas and San Antonio. Within this framework, the Port of Los Angeles Clean Truck Fund covers up to 90% of the cost of a fuel cell vehicle.
A strategic element of the acquisition is the commitment to provide service and spare parts to existing Nikola truck customers, ensuring that the collapse of the start-up does not undermine confidence in the hydrogen truck market. Hyroad will set up dedicated centres for maintenance and component supply, consolidating its role as a reliable partner. Looking ahead, the company intends to extend its model to municipal buses and other commercial vehicles, while on the competitive front it will be pitted against both traditional giants such as Daimler, Volvo and Navistar, and emerging players in battery-electric (Tesla, Byd) and hydrogen vehicles (Hyundai, Toyota).
