AUSTIN, Texas – Hyliion has completed its merger with the special-purpose acquisition company Tortoise Acquisition Corp, the hybrid truck powertrain maker announced late Thursday.
The merger, approved by Tortoise stockholders this week, will result in the combined company being renamed Hyliion Holdings Corp., and its stock being listed on the New York Stock Exchange under the symbol “HYLN”, the company said.
“The completion of our merger greatly accelerates Hyliion’s growth plans and unlocks the potential value of our business,” said Thomas Healy, CEO and founder of Hyliion.
“Our powertrain solutions are designed to significantly reduce greenhouse gas (GHG) emissions and total cost of ownership, enabling our customers to meet both their sustainability and financial objectives.”
He called the merger a crucial milestone in the company’s business plan as it gears up for full commercialization.
Through the merger, Hyliion will receive $560 million in proceeds to drive its continued development and the commercialization of its powertrain solutions.
“We are proud to have combined with Hyliion and look forward to working collaboratively with Thomas and the new board to make this transaction a long-term success,” said Vince Cubbage, chairman and CEO of Tortoise.
“Hyliion’s compelling value proposition includes offering the lowest-cost, longest-range and highest-payload option among existing and announced Class 8 commercial electric vehicles while also delivering important net-negative carbon emission profiles.”
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