Hyroad Energy acquires bankrupt hydrogen truck manufacturer Nikola

Hyroad Energy specialises in delivering hydrogen fuel cell trucks and offers a truck-as-a-service pay-per-mile model, to eliminate the complexity and upfront costs traditionally associated with deploying zero-emission trucks. 

The company said the acquisition will significantly grow Hyroad’s fleet and accelerate its ability to deploy zero-emission, hydrogen-fueled trucks.

Dmitry Serov, Hyroad Energy founder and chief executive, said: “This acquisition significantly advances Hyroad’s mission to provide turnkey hydrogen trucking solutions that reduce the complexity and risk typically associated with adopting zero-emission technologies.

“These trucks and the corresponding equipment and systems represent immediate capacity to put proven hydrogen fuel cell technology on the road to meet demand for zero-emission trucks.”

The acquisition includes the vehicles, supporting software systems, and operational infrastructure necessary to deploy and maintain the fleet.

Hyroad will establish maintenance and parts facilities to support operations.

The trucks will be deployed primarily in California, where Hyroad is developing its hydrogen refueling infrastructure to support its customers.

In addition to deploying the purchased trucks, Hyroad said it intends to offer support for the Nikola trucks that are already in customers’ hands to enable the continuity and growth of the hydrogen-fueled truck market in the United States.

Hyroad Energy specialises in delivering hydrogen fuel cell trucks and offers a truck-as-a-service pay-per-mile model, to eliminate the complexity and upfront costs traditionally associated with deploying zero-emission trucks. 

In 2019 Iveco Group and Nikola formed a joint venture with the aim of deploying zero-emission trucks in North America and Europe.

However, by May 2023, the joint venture split with Iveco Group announcing it would be concentrating on Europe for further development and commercialisation of its own battery electric and fuel cell electric vehicles (FCEVs) whilst Nikola would focus its operations in North America.

The buyout cost Iveco $35m. 

Under the deal Iveco Group took full ownership of the joint venture in Ulm, Germany and was licensed to freely access and continue developing vehicle control software for the jointly developed BEV and FCEV.

Nikola was granted the IVECO S-Way technology license for North America and related component supply from Iveco Group, and was given joint ownership of the intellectual property of Generation 1 eAxles, technology developed together with Iveco Group’s powertrain brand, FPT Industrial.

In February 2025 Nikola filed for bankruptcy, following a turbulent period which saw the company struggle to raise funds and the conviction of its founder for misleading investors.

Lucid Group acquired some of Nikola’s assets, including its Arizona manufacturing facility, but excluded the hydrogen truck business.