Electric vehicles have the potential to minimize the damage to the ecology. Moreover, investors are willing to provide money for such projects. Interestingly, special purpose acquisition company Tortoise Acquisition Corp and electric truck company Hyliion will vote on their merger on September 28.
As a result, there will likely soon be another electric vehicle player on the market. Importantly, Tortoise Acquisition Corp and Hyliion announced their intention to merge several months ago in June. People should keep in mind that, once the deal closes, the name of the combined company will be Hyliion Holdings Corp. The company will trade on the New York Stock Exchange under the HYLN.
Hyliion will receive $560 million thanks to the deal with Tortoise Acquisition Corp. The company will use the funds to accelerate product commercialization.
A brief history of Hyliion
The history of the electric truck company dates back to 2015. This company makes hybrid and fully electric powertrain solutions for Class 8 Commercial vehicles. Notably, thanks to a hybrid solution, it is possible to increase the range and efficiency of the trucks equipped with diesel engines.
Moreover, the company will make Hypertruck ERX. This model has a fully electric drivetrain and a natural gas-powered onboard generator. The purpose of the generator is to charge the battery.
In June, the company announced a preorder of 1,000 trucks from logistics company Agility. Notably, the logistics company is also taking an equity stake in the company.
The electric truck company is forecasting total revenue of $344 million in 2022. This number is expected to reach $1.019 billion in 2023. Also, Hyliion expects revenue to reach more than $2 billion in 2024. Moreover, earnings before taxes, interest, depreciation, and amortization will increase from $8 million in 2022 to $602 million by 2024.
Interestingly, since the deal’s announcement shares of Tortoise Acquisition increased by 401% as of September 9.
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