Nikola Corporation intended to transform the transportation industry with its groundbreaking hydrogen fuel cell technology. After filing for bankruptcy in early 2025, the company is now liquidating its assets at auction. The auction includes as lots 103 completed hydrogen fuel cell-powered trucks, spare parts, batteries, tires and raw materials. Their collective estimated value of all items for sale together is over $114 million.
The auction is one of Nikola’s last attempts to post its losses, as it continues its bankruptcy process. Gordon Brothers, a leading advisory and investment firm, has been at the forefront of overseeing the auction process. They’ve created an informative detailed listing and brochure describing the offers on the table. You can check them out on their website here, as well as on DocumentCloud here.
In addition to the hydrogen trucks, the auction has sub-assemblies. These parts are key to the operation and maintenance of Nikola’s vehicles. Nikola recently announced a strategic transaction with Lucid Motors. As part of the agreement, almost 300 workers have moved from Nikola to Lucid. The entire transaction is valued at approximately $30 million, consisting of cash and non-cash considerations. This latest decision underscores the significant obstacles still before Nikola as it seeks to emerge from its self-described “financial restructuring.”
Sean O’Kane, a seasoned reporter known for his coverage of the transportation sector—including major players like Tesla—has noted the significance of this auction in the context of Nikola’s ongoing struggles. The company is in the process of aggressively simplifying its operations and reducing its liabilities. With the first sale of its hydrogen-powered trucks, Generac has just written an important new chapter in its corporate history.
Surely, the auction will attract strong interest from all sectors. Logistics companies and innovators in clean energy are particularly eager to get involved. Nikola’s decision to sell these assets is an effort to maximize returns for its creditors. This decision follows the company’s attempts to navigate the rocky waters of its recent bankruptcy.