Tortoise Acquisition Corp. Hyliion and Electric-Truck Stock

Hyliion is an electric truck company founded in 2015. Interestingly, this company makes hybrid and fully electric powertrain solutions for Class 8 Commercial vehicles. For example, thanks to a hybrid solution, it is possible to increase the range as well as the efficiency of the trucks that have diesel engines. This is not the end of the stormy, as Hyliion will make Hypertruck ERX.

Hypertruck ERX has a fully electric drivetrain and a natural gas-powered onboard generator and the purpose of the generator is to charge the battery.

Several months ago, the company announced a preorder of 1,000 trucks from logistics company Agility. It is worth mentioning that, Agility is also taking an equity stake in the company.

The company is forecasting total revenue of $344 million in 2022. Furthermore, this number is expected to reach $1.019 billion in 2023.

Also, Hyliion expects revenue to reach more than $2 billion in 2024. Importantly, earnings before taxes, interest, depreciation as well as amortization will increase from $8 million in 2022 to $602 million by 2024.

Hyliion and new opportunities

It is worth noting that, special purpose acquisition company Tortoise Acquisition Corp. and electric truck company Hyliion will vote on their merger on September 28. Consequently, there will likely soon be another electric vehicle player on the market.

Companies announced their intention to merge in June. Notably, once the deal closes, the name of the combined company will be Hyliion  Holdings Corp. Moreover, the company will trade on the New York Stock Exchange under the HYLN.

Since the deal’s announcement shares of Tortoise Acquisition grew 401% as of September 9.

Moreover, Hyliion will receive $560 million thanks to the deal with Tortoise Acquisition Corp. The company will use the funds to accelerate product commercialization.