Gordon Brothers, Nations Capital auction Nikola hydrogen assets

Gordon Brothers and its affiliate, Nations Capital, are offering for private sale all machinery and inventory related to Nikola’s hydrogen business, following the company’s Chapter 11 bankruptcy filing in February.

The sale includes industrial assets from Nikola’s facilities in Coolidge and Phoenix, Ariz.; Fontana, Calif.; and Ontario, Canada, according to the May 21 Gordon Brothers release. Among the key items are more than $114 million in hydrogen truck materials and components, over $14 million in HYLA mobile assets, $14 million in unused HYLA stationary hydrogen refueling equipment and $7 million in testing equipment at the HyFASST facility installed in 2023.

The highlights of the auction are 103 fully operational Nikola Tre Class 8 hydrogen fuel-cell electric vehicles, according to the release. The Tre, introduced in 2018 and delivered to customers beginning in 2022, features a 164-kWh battery, a hydrogen fuel-cell system with a range up to 500 miles, and delivers 536 continuous horsepower with a peak of 773 hp.

Nikola asset concerns

The trucks represent a substantial share of Nikola’s total production, offering buyers a rare chance to acquire next-generation zero-emission commercial vehicles, according to the release. Nikola reported sales of only 88 Class 8 hydrogen fuel cell electric vehicles, after beginning production in Q4 2023 following a major recall of its Tre battery electric trucks, according to the company’s third-quarter 2024 earnings release.

Founded in 2014, Nikola aimed to revolutionize trucking with hydrogen and electric power but faced production delays, a major recall and controversy surrounding founder Trevor Milton, who was later pardoned by President Donald Trump after being convicted of defrauding investors.

All of the issues led to Nikola’s Chapter 11 bankruptcy filing in February, which led to EV maker Lucid Group acquiring select assets and facilities from bankrupt electric truck maker Nikola for approximately $30 million, including its Coolidge, Ariz., manufacturing plant, headquarters leases and various equipment and inventory.