Nicola’s hydrogen truck has officially risen for auction, one of the company’s last big steps, to unload all assets after filing for bankruptcy in February.
Auction House Gordon Brothers reached an agreement with Nicola at the Delaware Bankruptcy Court later last week to purchase hydrogen trucking assets. Over the weekend, the Gordon Brothers released their list and pamphlet.
The auction house says it has about $114 million worth of hydrogen trucks, raw materials and subassemblies. This includes 103 completed hydrogen fuel cell-powered trucks, along with spare batteries, tires and other components. Gordon Brothers also auctions Nicola’s hydrogen storage, refueling and test equipment, but some of them are still entirely new.
A month after EV Startup Lucid Motors emerged as a surprising buyer at Nicola’s Arizona manufacturing facility and headquarters, hydrogen assets are colliding with the market. Lucid also agreed to carry around 300 Nicola employees as part of the transaction in exchange for about $30 million in cash and non-cash considerations.
Gordon Brothers aims to auction these assets when hydrogen as a fuel source struggles to become a viable option. The technology also faces fresh headwinds. House Republicans are working to roll back the financial support of hydrogen power, signed into law by former President Biden, as part of a larger attempt to dismantle his entire climate agenda.
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