- Nikola filed for Chapter 11 in February 2025 with about $47 million in cash and liabilities far exceeding assets, prompting a court-run asset sale.
- Hyroad Energy bought key Nikola assets in August 2025 for about $3.85 million, including 113 Tre hydrogen fuel-cell trucks, parts, IP, and software platforms.
- By late 2025 Nikola was effectively liquidated with only the trustee remaining and more than $556 million in bankruptcy-period losses.
- Hyroad aims to restart fleet operations by restoring connectivity via paid subscriptions and expanding service support and hydrogen fueling infrastructure, though fuel economics remain a major risk.
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Following its Chapter 11 bankruptcy filing in February 2025, Nikola Corporation entered into court-supervised sale proceedings, signaling the end of its operations as an independent entity. With just $47 million in liquidity against billions in liabilities and the threat of running out of cash, the company sought to auction off core assets to maximize value for creditors.
Hyroad Energy emerged as the winning bidder in August 2025 for critical Nikola assets—including a fleet of 113 hydrogen fuel cell Tre trucks, spare parts, intellectual property, operational infrastructure, and software platforms—for approximately $3.85 million. This asset transfer positioned Hyroad as the new steward for Nikola’s fleet, taking responsibility for restoring support, deploying the trucks, and reviving operations.
Nikola has been effectively dismantled. By late 2025 its workforce had dwindled from over 870 full-time employees to just one (the Liquidating Trustee), and its standalone operational capacity has ceased. Factoring in sale proceeds, incurred losses, and administrative costs, Nikola’s bankruptcy has resulted in over $556 million in losses during the Chapter 11 period.
Hyroad’s strategy encompasses not merely asset ownership but ecosystem rebuild: in December 2025 it plans to restore truck-to-cloud connectivity (mobile and web apps, diagnostics, OTA updates), via a subscription model; it is also expanding maintenance, software support, parts supply, and refueling infrastructure, especially in California and Texas freight corridors. However, obstacles remain: hydrogen fuel cost is a major concern among fleet owners; many trucks have been offline or under-supported since Nikola’s collapse; full commercial viability depends on operational economies of scale, reliable refueling networks, and acceptance of the new service model.
Strategically, the transition of Nikola’s assets to Hyroad represents a pivotal moment for the hydrogen fuel cell heavy-truck sector. It tests whether a more focused, better-capitalized operator can stabilize operations where Nikola faltered. But the sector overall still grapples with infrastructure scarcity, high capital and operating costs, regulatory fluidity, and skepticism among fleet operators over total cost of ownership.
Open questions include: Which entities will reclaim value for Nikola’s unsecured creditors? Can Hyroad build enough scale and secure low-cost hydrogen supply to offer competitive fuel economics? How will regulatory incentives (state and federal) evolve to support operators like Hyroad? And what happens to the residual value and support liabilities of erstwhile Nikola customers who remain apart from the asset transfer?
Supporting Notes
- Nikola filed for Chapter 11 in February 2025; it had ~$47 million in cash, assets between $500 million–$1 billion, liabilities between $1 billion–$10 billion. Limited operations including HYLA fueling to continue through end of March subject to court approval.
- Hyroad Energy acquired 113 FCEV Nikola Tre trucks, spare parts, software platforms, operational infrastructure, IP assets from the bankruptcy auction; purchase price ~$3.85 million.
- At bankruptcy, Nikola had 874 full-time employees; by December 2025 that number was reduced to one (the liquidating trustee) and reported over $556 million in losses during Chapter 11.
- Hyroad plans to restore digital connectivity (Fleet web app, Drive mobile app, diagnostics, odometer, H₂ efficiency, etc.) in December 2025, and charges $299/month per truck (with discount for annual subscription) for these services.
- Hyroad is also expanding its service offering to include maintenance, parts, software support, and building out H₂ refueling networks in California and Texas to support current and newly acquired trucks.