Hyliion Announces Robert M. Knight Jr. to Join Board of Directors
September 17 2020 - 9:00AM
Business Wire
Former Union Pacific CFO brings public company
and transportation experience
Hyliion Inc. (Hyliion), a leader in electrified powertrain
solutions for Class 8 commercial vehicles that has entered into a
business combination agreement to merge with Tortoise Acquisition
Corp. (TortoiseCorp) (NYSE: SHLL), today announced that Robert M.
Knight Jr. will join the board of directors of the combined company
upon the closing of the merger. Knight’s appointment is subject to
TortoiseCorp shareholder approval.
Knight served as the chief financial officer of Union Pacific
Corporation (NYSE: UNP), a transportation company that primarily
operates one of the largest railroads in North America, from 2004
until his retirement in 2019. During that period, he was ranked as
the Best CFO in the buy-side category of combined airfreight and
surface transportation by Institutional Investor for the sixth
consecutive year in its 2019 All-American Executive Team list.
“Rob Knight is well known and highly regarded as a top CFO in
the transportation sector and we feel privileged that he has agreed
to join our board,” said Thomas Healy, CEO and founder of Hyliion.
“He brings decades of public company experience, and his knowledge
of strategy development and finance in the transportation industry
will be of immense benefit to Hyliion.”
Knight will serve as the chair of the audit committee. His
appointment will bring the combined entity’s board to a total of
seven members.
“Having spent my career in transportation, I share Hyliion’s
vision for developing renewable natural gas-powered solutions and
believe in the commercial potential of electrified powertrains,”
Knight said. “I am delighted to be part of the company’s
future.”
Upon the closing of Hyliion’s business combination with
TortoiseCorp, Knight will join the other proposed members: Thomas
Healy, CEO of Hyliion; Vince Cubbage, managing director at Tortoise
Capital Advisors and CEO and chairman of TortoiseCorp; Stephen
Pang, managing director and portfolio manager at Tortoise Capital
Advisors and director of TortoiseCorp; Ed Olkkola, managing
director at Teakwood Capital; Howard Jenkins, former chairman and
CEO of Publix Super Markets; and Andrew H. Card Jr., former White
House chief of staff and U.S. secretary of transportation.
Knight also serves as a director of Schneider National, Inc.
(NYSE: SNDR), a transportation and logistics company, and Carrix,
Inc., a privately held marine terminal and rail operator company.
He joined Union Pacific in 1980 and held numerous leadership
positions in the company prior to being named its CFO. He holds a
bachelor’s degree in business administration from Kansas State
University and a master’s degree in business administration from
Southern Illinois University.
For more information on Hyliion, visit www.hyliion.com.
About Hyliion
Headquartered in Austin, Texas, Hyliion’s mission is to reduce
the carbon intensity and greenhouse gas (GHG) emissions of
commercial transportation Class 8 vehicles by being the leading
provider of electrified powertrain solutions. Leveraging advanced
software algorithms and data analytics capabilities, Hyliion offers
fleets an easy, efficient system to decrease fuel and operating
expenses while seamlessly integrating with their existing fleet
operations. It designs, develops and sells electrified powertrain
solutions that are designed to be installed on most major Class 8
commercial vehicles, with the goal of transforming the commercial
transportation industry’s environmental impact at scale. For more
information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of present or historical fact included in this
press release, regarding TortoiseCorp’s proposed acquisition of
Hyliion, TortoiseCorp’s ability to consummate the transaction and
the combined company’s strategy, plans and objectives of management
are forward-looking statements. When used in this press release,
the words “could,” “should,” “will,” “may,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project,” the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
TortoiseCorp and Hyliion disclaim any duty to update any forward
looking statements, all of which are expressly qualified by the
statements in this section, to reflect events or circumstances
after the date of this press release. TortoiseCorp and Hyliion
caution you that these forward-looking statements are subject to
numerous risks and uncertainties, most of which are difficult to
predict and many of which are beyond the control of TortoiseCorp
and Hyliion. In addition, TortoiseCorp cautions you that the
forward-looking statements contained in this press release are
subject to the following factors: (i) the occurrence of any event,
change or other circumstances that could delay the business
combination or give rise to the termination of the agreements
related thereto; (ii) the outcome of any legal proceedings that may
be instituted against TortoiseCorp or Hyliion; (iii) the inability
to complete the business combination due to the failure to obtain
approval of the shareholders of TortoiseCorp, or other conditions
to closing in the transaction agreement; (iv) the risk that the
proposed business combination disrupts TortoiseCorp’s or Hyliion’s
current plans and operations; (v) Hyliion’s ability to realize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of
Hyliion to grow and manage growth profitably following the business
combination; (vi) costs related to the business combination; (vii)
changes in applicable laws or regulations; and (viii) the
possibility that Hyliion may be adversely affected by other
economic, business, and/or competitive factors. Should one or more
of the risks or uncertainties described in this press release, or
should underlying assumptions prove incorrect, actual results and
plans could different materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in TortoiseCorp’s periodic filings
with the Securities and Exchange Commission (the “SEC”), including
its Annual Report on Form 10-K for the fiscal year ended December
31, 2019. TortoiseCorp’s SEC filings are available publicly on the
SEC’s website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20200917005235/en/
For Hyliion: Danielle South
Danielle@redfancommunications.com 512-662-7078
For Tortoise Acquisition Corp: Deborah Kostroun
deborah@zitopartners.com 201-403-8185
FOR INVESTORS Bob Gujavarty bob.gujavarty@hyliion.com
Hyliion (NYSE:HYLN)
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