Hyliion Truck Facebook Image

Hyliion to join Tortoise Acquisition, form Hyliion Holdings Corp

June 23, 2020
Merger intended to drive corporate expansion, further development of Hyliion’s electrified powertrain solutions

Hyliion, which specializes in electrified powertrain solutions for commercial vehicles, says it plans to merge with Tortoise Acquisition, which is focused on decarbonizing commercial transportation in North America.

Upon closing of the transaction, the combined entity will be named Hyliion Holdings Corp, the companies said. The merger is intended to drive Hyliion’s expansion and further the development and commercialization of its powertrain solutions, with the support of the company’s robust network of industry partners.

“We are building solutions that are available today and address the immediate needs of today’s trucking fleets,” said Thomas Healy, CEO and founder of Hyliion. “Hyliion’s solutions were specifically developed to utilize existing infrastructure in an effort to support rapid technology deployment. 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 has established itself as an industry leader in Class 8 truck electrification with its hybrid and fully electric powertrain solutions capable of achieving a net carbon negative footprint.

Healy will continue as CEO of the combined company, overseeing implementation of Hyliion’s corporate strategy. He is joined by Hyliion’s executive team: CTO Patrick Sexton, CFO Greg Van de Vere and COO Michael Camp.

“Over the past 15 months since our IPO, we have evaluated more than 200 companies looking for the ideal opportunity where our expertise and capital could be the catalyst needed to unlock the full potential of a high-growth business,” said Vince Cubbage, CEO and chairman of Tortoise Acquisition. “We found that exceptional company with Hyliion—with a market-disruptive business plan, transformational product, and remarkable founder and CEO.

“We are honored that they made us a part of their team and are looking forward to helping them deploy their sustainable, electrified trucking solutions to significantly reduce emissions and contribute to a cleaner energy future.”