Hyliion Inc. has announced it intends to merge with Tortoise Acquisition Corp., an acquisition company that focuses on the energy sector and decarbonizing commercial transportation. The combined entity, Hyliion Holdings Corp. will be listed on the New York Stock Exchange as “HYLN.”
According to the company, the merger will drive Hyliion’s corporate expansion and further the development and commercialization of its powertrain solutions.
“Hyliion’s solutions were specifically developed to utilize existing infrastructure in an effort to support rapid technology deployment,” said Thomas Healy, CEO and founder of Hyliion. “Our mission is to enable our fleet customers to quickly realize lower carbon emissions and significantly lower cost of ownership benefits provided by our technology.”
Founded in 2015, Hyliion developed a hybrid and fully electric powertrain solution to help fleets achieve a reduced carbon footprint.
Healy will continue as CEO of the combined company, overseeing the implementation of Hyliion’s corporate strategy, and he will be joined Hyliion’s executive team: Patrick Sexton, CTO; Greg Van de Vere, CFO; and Michael Camp, COO.
The funds from this merger will be used to accelerate product commercialization, product production, operational growth, and for general corporate purposes, according to the company.