Nikola’s Phoenix headquarters were bought by EV maker Lucid in April. (Nikola Corp.)
Bankrupt Class 8 hydrogen fuel cell tractor manufacturer Nikola’s administrators are finalizing plans for the sale of what are expected to be the last assets to go under the hammer: the intellectual property.
Judge Thomas Horan on June 17 approved plans to employ Hilco Streambank to help sell the erstwhile Phoenix-based truck maker’s “intangible assets.”
Horan had initially been due to rule on the administrators’ request to hire Hilco on June 26.
At that Bankruptcy Court for the District of Delaware hearing, however, Horan will be asked to approve the bidding procedures for the sale of Nikola’s environmental credits through STX Commodities.
Horan
Hilco Streambank’s team to market the IP will be led by David Peress, according to court documents, who also led similar sales for Filene’s Basement, The Sports Authority, Ritz Camera and RadioShack.
Hilco will receive a commission of at least $200,000 for acting as consultant on the sale of the IP, the documents show.
Among the Nikola IP up for sale are patents, proprietary truck management software, trade secrets, designs, research and development data, trademarks, customer data and license agreements.
According to earlier court filings, an “international vehicle manufacturing company” walked away from buying the company in December, hoping for a better deal through the bankruptcy sale.
But Nikola’s onetime peers could now get their hands on the IP plus unsold trucks to aid their R&D plans.
Interested parties have already had a chance to pick over and bid on the physical assets.
Visits to Nikola’s Phoenix and Coolidge, Ariz., plus Fontana, Calif., sites began earlier in June, Vince Lorenz, Nations Capital director of fleet and valuations, told Transport Topics in an exclusive interview.
Nations Capital and its Gordon Brothers parent company are running the sale and arranging private treaty deals on behalf of the Nikola estate.
Trucks, manufacturing inventory and the Hyla hydrogen refueling rolling stock are among the assets that interested parties will be able to view in Coolidge, Phoenix and Fontana, Lorenz told TT.
The majority of assets are stored at the Coolidge manufacturing plant, including 103 new Class 8 hydrogen fuel cell Tre trucks.
The Hyla assets include six mobile refuelers and six hydrogen hauling trailers, one of which is for liquid hydrogen, and the other five are for gaseous hydrogen. Stationary refueling equipment that was never deployed also is available.
Carriers that bought Nikola hydrogen fuel cell tractors may also be among the interested buyers.
California fleets — which comprised the majority of Nikola’s customers — must keep their hydrogen fuel cell tractors operational to remain compliant with the state’s Hybrid and Zero-Emission Truck and Bus voucher program.
Nikola’s Hyla assets, including six mobile refuelers and six hydrogen hauling trailers, are still up for grabs. (Hyla)
Meanwhile, the court is expected to finally approve the sale process for the environmental credits on June 26 after multiple delays.
Paccar Inc. — the parent company of Class 8 truck makers Kenworth and Peterbilt — is the designated stalking horse bidder for the credits.
A stalking horse bid is an initial offer for assets, meaning it sets a bar other bidders cannot undercut.
Low-emissions automotive companies generate environmental credits, and rivals that fail to meet targets set for them then buy.
Trucking industry sources had expected a stalking horse bidder for the entire company to emerge after Nikola sought court protection, but one never emerged.
Nikola’s production and assembly facility in Coolidge and its Phoenix headquarters were then sold to electric passenger car maker Lucid in April.
Court documents show Lucid agreed to pay $30 million for the 691,000-square-foot retooled manufacturing plant and offices after multiple auction rounds.
The Coolidge facility initially assembled Nikola’s Class 8 battery-electric Tre semi before a retooling in May 2023 to begin production of the company’s hydrogen fuel cell electric Tre tractors in July 2023.
Justin Olsen, maintenance director at TCW, breaks down the hidden impact of poor trailer management on operations, compliance and safety. Tune in above or by going to RoadSigns.ttnews.com.
Lucid already has a factory in Casa Grande, Ariz.
“Acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing and development facilities while supporting our local Arizona community,” Lucid interim CEO Marc Winterhoff said at the time.
Nikola also sold its 20% equity stake in Wabash Valley Resources Holdings to Midwest Infrastructure Partners for $1 million.
The company received 2 cents on the dollar on its original $50 million investment in 2021 in what was originally a project focused on making clean hydrogen from solid waste byproducts and biomass in West Terre Haute, Ind. It later became a low-carbon ammonia fertilizer plant.
The auction also saw two bids for Nikola’s rights under a convertible promissory note issued by Wabash Valley Resources Holdings. Philipp Brothers Fertilizer bought the rights for $125,000.
Nikola filed for court protection with the Delaware bankruptcy court on Feb. 19.
Company CEO Steve Girsky, Chief Financial Officer Tom Okray and their predecessors hunted for additional funding and partners for many months before the request for court protection, even as the truck maker shed as many costs as possible — with layoffs known to have taken place in November 2022, June 2023, and October and December 2024.
