Hyliion Inc., a leader in electrified powertrain solutions for Class 8 commercial vehicles, announced today it has completed its business combination with Tortoise Acquisition Corp. (TortoiseCorp). The business combination, which was approved by TortoiseCorp stockholders on Sept. 28, 2020, will result in the combined company being renamed “Hyliion Holdings Corp.”, with its common stock being listed on the New York Stock Exchange (NYSE) under the ticker symbol “HYLN” and its warrants listed under the ticker symbol “HYLN WS”.
“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. “The future of commercial trucking demands reduced carbon emissions and more sustainable transportation options. Our Hybrid and Hypertruck ERX electric 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. This transaction is a crucial milestone in our business plan as we gear up for full commercialization and the mass production of our solutions, enabling Hyliion to maintain its technology leadership and first-mover advantage.”
Through the business combination, Hyliion will receive approximately $560 million in proceeds to drive Hyliion’s continued development and the commercialization of its Hybrid and Hypertruck ERX electrified 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 TortoiseCorp. “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.”
Marathon Capital acted as the exclusive advisor to Hyliion and Barclays Capital Inc. acted as the exclusive advisor to TortoiseCorp. Cooley LLP and Wick Phillips LLP served as legal advisors to Hyliion and Vinson & Elkins L.L.P. served as legal advisor to TortoiseCorp. Barclays and Goldman Sachs & Co. LLC served as joint-placement agents to TortoiseCorp.
Hyliion’s mission is to be the leading provider of electrified powertrain solutions for the commercial vehicle industry. Hyliion’s goal is to reduce the carbon intensity and GHG emissions of the transportation sector by providing electrified powertrain solutions for Class 8 commercial vehicles at the lowest total cost of ownership (TCO). Hyliion’s solutions utilize its proprietary battery systems, control software and data analytics combined with fully integrated electric motors and power electronics, to produce electrified powertrain systems that either augment—in the case of Hyliion’s Hybrid systems—or fully replace—in the case of the fully electric Hypertruck ERX system—traditional diesel or natural gas fueled powertrains and improve their performance. By reducing both GHG emissions and TCO, Hyliion’s environmentally conscious solutions support its customers’ pursuit of their sustainability and financial objectives. For more information, please visit www.hyliion.com.
About Tortoise Acquisition Corp.
Tortoise Acquisition Corp. was formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. For more information, please visit www.tortoisespac.com.
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expected uses of proceeds from the business combination; potential future revenue; the company’s expectations for its products; market acceptance of alternative fuel solutions; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; failure to realize the anticipated benefits of the business combination; the conversion of pre-orders into binding orders; risks related to the rollout of the company’s business and the timing of expected business milestones; the effects of competition on the company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the definitive proxy statement filed by Tortoise Acquisition Corp. on September 8, 2020 and other documents that the company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the company specifically disclaims any obligation to update these forward-looking statements.