The bankruptcy of Nikola, the US-based company created to develop electric commercial vehicles, is reaching its final stage with the auction of its assets, managed by Gordon Brothers. Up for sale are items with an estimated total value of 114 million dollars, most notably 103 hydrogen-powered semi-trucks, along with storage and refuelling equipment. The auction does not include Nikola’s plant and office headquarters, which have already been acquired by Lucid Motors, a manufacturer of electric cars.
The auction’s main lot features the hydrogen trucks, which are fully operational and offer a range of up to 800 kilometres. These vehicles represent the peak of Nikola’s engineering efforts. In addition to the trucks, the auction includes 65 fully integrated hydrogen fuel cell stack modules, essential components for truck propulsion that could also be suitable for other applications in the hydrogen energy sector. The catalogue further includes a wide array of spare parts such as replacement batteries, tyres, axles, steering and brake components, air compressors and DC converters, providing a valuable inventory for commercial vehicle manufacturers, specialised workshops or refurbishment firms.
One of the more intriguing aspects of the auction is the specialised equipment for hydrogen production, storage and refuelling developed by Nikola. Among these is a fully equipped laboratory for fuel cell testing, a valuable resource for companies engaged in research and development in this emerging field. Gordon Brothers is also auctioning equipment for both stationary and mobile hydrogen refuelling stations, as well as various truck trailers specifically designed to transport hydrogen to these stations. These assets present an opportunity for companies aiming to enter the hydrogen market or expand their existing capacity, offering a chance to acquire ready-made infrastructure rather than having to develop it from scratch. It is worth noting that Nikola had launched its own hydrogen production and refuelling network under the Hyla brand, with the ambitious goal of building sixty stations by the end of 2026, although only three had been completed by the time of the company’s collapse.
On 20 February 2025, just eleven years after its founding, Nikola filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court in Delaware. At that time, the company had around 47 million dollars in cash, an amount insufficient to support long-term operations or a potential relaunch. Despite efforts to keep certain limited functions running, such as support for trucks already in operation, until the end of March 2025, the company acknowledged the need to secure funding to maintain those activities beyond that date. The inability to attract investors ultimately led to the decision to proceed with a full liquidation of assets.
Nikola’s downfall is striking given its once-promising trajectory and the innovations it brought to market. The company had successfully launched the first commercially available Class 8 hydrogen fuel cell electric trucks in North America. It had also developed the Hyla hydrogen refuelling network, linking northern and southern California, with the aim of establishing the necessary infrastructure to support hydrogen-powered vehicles. Nikola’s customers had clocked up approximately 5.3 million kilometres using battery and fuel cell truck fleets, while the Hyla network had dispensed over 330 tonnes of hydrogen. These achievements show that, despite its ultimate failure, Nikola made a meaningful contribution to the development of zero-emission transport solutions, leaving behind a legacy of technological innovation that may be taken forward by other industry players.
However, the auction of Nikola’s assets comes at a challenging time for the hydrogen industry, which is facing numerous obstacles in its attempt to establish itself as a viable energy alternative in the transport sector. In the United States, the industry is encountering new political headwinds, as Republican lawmakers in the House of Representatives seek to roll back hydrogen energy incentives introduced by former President Biden as part of his broader climate agenda.
Despite these hurdles, hydrogen remains a promising technology for certain segments of transport, particularly for long-haul industrial vehicles. It offers advantages in terms of rapid refuelling times and extended driving range compared to battery electric vehicles. Nevertheless, barriers linked to the production, storage and distribution of hydrogen, along with the high cost of the necessary infrastructure, continue to hinder the widespread adoption of this technology.
