Hyliion & Tortoise Announce Merger

Hyliion to merge with Tortoise Acquisition and will be named Hyliion Holdings and remain on the NYSE under the new ticker symbol “HYLN.”  Pro forma implied market capitalization of the combined company over $1.5B.

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 The merger will drive Hyliion’s corporate expansion and further the development and commercialization of its powertrain solutions, with the support of the company’s robust network of industry partners.The transaction is expected to close in 3Q2020.

 Thomas Healy will continue as CEO of the combined company and will be joined by Tortoise Acquisition Corp.’s Vince Cubbage and Stephen Pang in a newly formed board of directors.

The company will receive $560M of proceeds from an upsized $325M PIPE, along with cash held in trust assuming no public shareholders of Tortoise Acquisition Corp. exercise their redemption rights at closing and it will be used to accelerate product commercialization, product production, operational growth and for general corporate purposes.

Hyliion Class 8 Commercial Trucks

While Nikola and Tesla have charged up investors' enthusiasm for electric vehicles (EV) recently, they'll soon have to share the stage. Committed to developing electrified powertrain solutions for Class 8 commercial vehicles, Hyliion announced today that it's preparing to hit the public market toward the end of the third quarter of 2020.

 Similar to what Nikola did with VectoIQ earlier this month, Hyliion plans to IPO by merging with a special purpose acquisition company, Tortoise Acquisition Corp. Once the transaction closes, the new entity will be named Hyliion Holdings Corp. and trade on the New York Stock Exchange under the ticker symbol "HYLN." Thomas Healy, CEO and founder of Hyliion, will continue in the same position as CEO of the new holding company.

 According to Hyliion, the pro forma implied market capitalization of the combined company is over $1.5 billion, and "proceeds will be used to fully fund the commercialization and mass production of the company's electrified powertrain solutions. 

 Unlike Nikola's Class 8 trucks, which will be powered by batteries or hydrogen fuel cells, and Tesla's Semi, which is solely powered by batteries, Hyliion offers powertrains which are OEM-agnostic and can be retrofitted to existing diesel and CNG Class 8 trucks to create a hybrid electric system.
Hyliion Hyper Truck Electric Range Extender

Hyliion Inc., a leader in electrified powertrain solutions for Class 8 commercial vehicles, announced today the launch of its Hypertruck Electric Range Extender (ERX), a long-haul, fully electric powertrain delivering superior performance, emissions reductions and cost-savings to the global trucking industry.

 The launch of the Hypertruck ERX is anchored by Agility, one of the world’s leading logistics companies with $5.2 billion in revenue and offices in 100 countries. Agility has confirmed a pre-order of up to 1,000 trucks and has agreed to invest in a private offering of securities to be issued by Tortoise Acquisition Corp. in connection with Hyliion’s recently announced business combination.

“Hyliion is leading the way in electrified trucking. Our practical solution addresses the most important needs of today’s fleets: cost savings, lower emissions and a fueling infrastructure that can support long-haul transportation,” said Hyliion’s CEO and founder, Thomas Healy. “We’re already seeing robust interest in the Hypertruck ERX from fleets like Agility who are looking for electric solutions that can be seamlessly integrated.”

Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range. The powertrain also produces electricity locally at roughly 30 percent less than the average grid cost, which yields a seven-year cost-of-ownership unmatched by any diesel, battery-electric (BEV) or hydrogen fuel-cell (FCEV) Class 8 truck under development.

 More information in the video below: