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Hyliion Inc., announced it has completed its business combination with Tortoise Acquisition Corp. That cleared the way for the combined company to be renamed Hyliion Holdings Corp. and its common stock to be listed as HYLN on the New York Stock Exchange on Oct. 2 — where it began trading in the $40 range.
Hyliion provides electrified powertrain solutions for Class 8 commercial vehicles.
“The completion of our merger greatly accelerates Hyliion’s growth plans and unlocks the potential value of our business,” Hyliion founder and CEO Thomas Healy said in a release. “The future of commercial trucking demands reduced carbon emissions and more sustainable transportation options.”
— Hyliion (@hyliion) October 1, 2020
Hyliion’s products include a hybrid electric axle and a longhaul, fully electric powertrain, the Hypertruck Electric Range Extender (ERX).
Fleet demonstration vehicles with the ERX will ship in 2021, with volume production scheduled in 2022, the Austin, Texas-based company reported in June. The ERX is designed for a range of 1,000 miles in between refueling with natural gas at a network of about 700 existing public stations.
Demand for its earlier hybrid electric axle is building, Healy told Transport Topics earlier this year, and its partnership with Dana Inc., a Tier 1 supplier, is expanding.
Through the business combination, Hyliion, founded in 2015, will receive approximately $560 million in proceeds to drive development and the commercialization of its axle and the ERX.
Hyliion’s announcement comes as a recent study by Coyote Logistics found 81% of companies are more focused on sustainability now compared with three years ago, and to be successful their supply chains must play an integral role in owning sustainable initiatives across their networks.