What you need to know:
- Hyroad Energy won the bankruptcy auction for Nikola Corporation, acquiring 113 hydrogen fuel cell (FCEV) Tre semi-trucks, spare parts, software platforms, operational infrastructure, and intellectual property assets for $3.85 million.
- Hyroad aims to accelerate deployment of FCEV semis and provide turnkey hydrogen trucking solutions to reduce complexity and risks in adopting zero-emission technology.
- The purchase price and long-term plans for the trucks were not disclosed, but Hyroad plans to establish maintenance and parts facilities and initially deploy the trucks mostly in California.
- Nikola founder, Trevor Milton, also placed a bid that was higher than Hyroad’s but was rejected by the courts.
Hyroad Energy has announced that it won the bankruptcy auction for Nikola Corporation, acquiring 113 hydrogen fuel cell (FCEV) Tre semi-trucks, along with spare parts, software platforms, operational infrastructure, and intellectual property assets.
The purchase price was reportedly $3.85 million though Nikola's assets were valued at over $114 million, according to documents from the U.S. Bankruptcy Court for the District of Delaware.
[Related: Bankrupt Nikola hires firm to sell intellectual property assets]
The Austin, Texas-based company says the assets purchase is aimed at accelerating plans to deploy FCEV semis.
[Related: Over $114M worth of Nikola hydrogen trucks, raw materials up for auction]
"This acquisition significantly advances Hyroad's mission to provide turnkey hydrogen trucking solutions that reduce the complexity and risk typically associated with adopting zero-emission technologies," said Dmitry Serov, CEO and founder of Hyroad Energy. "These trucks and the corresponding equipment and systems represent immediate capacity to put proven hydrogen fuel cell technology on the road to meet demand for zero-emission trucks."
Hyroad Energy's newly acquired Nikola Tre semis.Hyroad Energy
Hyroad hasn't disclosed what it paid for the acquisition, nor additional specific long-term plans, though it stated it "will establish maintenance and parts facilities to support operations."
The trucks will, for now, be deployed mostly to California. The company says it intends to continuing developing and building out the necessary hydrogen fueling infrastructure to support customers, including those who have already bought Nikola trucks.
[Related: Nikola's collapse brings headaches, financial problems for fleets]
Clean Trucking reached out to Hyroad for additional details but a spokesperson confirmed more details with the media will be shared at a later date.
Hyroad, as it turns out, was not the only bidder.
Nikola founder, Trevor Milton, was who was convicted of fraud and sentenced to four years in federal prison but later pardoned by President Trump, took to social media to say he also placed a bid—$400,000 higher, in fact—than Hyroad. The offer, however, was rejected by the courts.
Last April, luxury electric vehicle manufacturer Lucid Motors acquired Nikola’s factory in Coolidge, Arizona, and offered jobs to 300 former Nikola employees. Lucid’s existing vehicle production in the Grand Canyon State further underscores its interest in Nikola’s assets.
