Hyroad Energy to Buy Nikola’s Hydrogen Fuel Cell Trucks, IP
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will buy much of bankrupt truck manufacturer Nikola’s remaining physical assets and all its intellectual property for $3.85 million, according to court documents.
Judge Thomas Horan, of the U.S. Bankruptcy Court for the District of Delaware, approved the proposed sale of the assets Aug. 6.
Hydrogen trucking-as-a-service provider Hyroad agreed to the deal with the administrators of Nikola’s estate July 31 and paid a deposit of $385,000, court filings show.
First and foremost, Hyroad will take possession of all Nikola’s remaining semis and the parts needed to keep them on the road, comprising:
- 103 new hydrogen fuel cell electric tractors and 10 loaner and demonstration FCEVs valued at a combined $51.74 million
- A raw material and subassembly inventory that runs to 141 pages and has been valued at more than $55.9 million
- A Hyla hydrogen test apparatus trailer
Hyroad will take possession of all Nikola’s remaining semis and the parts needed to keep them on the road. (Hyroad)
What happens to Hyla assets including six mobile refuelers and six hydrogen-hauling trailers, plus any battery-electric trucks still in the estate’s possession, is currently unclear.
All the company’s physical assets were put up for sale in May, and tours for potential buyers began in June.
At that point, Nations Capital and its Gordon Brothers parent company said the assets for sale included hydrogen truck raw material, subassembly and finished goods valued in excess of $114 million.
Hyla Mobile Assets
The Hyla mobile assets were valued at more than $14 million, while what were termed “brand-new and never-installed Hyla stationary hydrogen refueling equipment” was valued at a similar price. The stationary refueling equipment, which was never deployed, also was not among the list of items Hyroad purchased.
Nikola’s IP up for sale comprised patents, proprietary truck management software, trade secrets, designs, research and development data, trademarks, customer data, and license agreements.
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Hilco Streambank was hired to market the “intangible assets.”
Nikola’s administrators later decided to market the physical assets and intellectual property together, court documents show.
Gordon Brothers and Hilco contacted potential buyers, many of whom already were party to confidentiality agreements signed during earlier attempts to sell Nikola and its assets before and after the bankruptcy filing. The two marketers held the most in-depth negotiations with four potential buyers, including Hyroad and Isso.
The deal with Hyroad was the only “actionable offer,” the estate said, adding that trying to extend the sale process would only result in a loss of value.
Enter Trevor Milton
Nikola founder Trevor Milton, who has intervened repeatedly in the bankruptcy proceedings, saw things differently, supporting a competing offer from Isso, although Milton also admitted controlling “an interest” in Isso.
The majority of the physical assets are stored at Nikola’s former headquarters in Phoenix and manufacturing plant in Coolidge, Ariz. The HQ and plant were sold to electric passenger car manufacturer Lucid in April. Lucid is allowing the assets to be stored at the facilities through Sept. 15 as part of the deal.
Any buyer would need several weeks to remove the trucks and other assets from the sites.
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Lucid paid $30 million for the 691,000-square-foot retooled manufacturing plant and offices after Nikola filed for court protection Feb. 19.
Hyroad is expected to use the rolling stock it purchased to fill out its TaaS fleet.
The product offering comprises the trucks, a fueling infrastructure network and maintenance support. Hyroad promises “a simple pay-per-mile pricing model” and no upfront capital investment.
Austin, Texas-based Hyroad declined to comment Aug. 7.
Hyroad in April announced plans in partnership with Bosch Rexroth and GenH2 to build a “zero-loss” liquid hydrogen refueling station in Dallas. The facility will be located at Hyroad’s existing flagship refueling station and is expected to be on line by 2026.
