Hyliion Inc. & Tortoise Acquisition Corp. Announce Closing of Bus. Combination, Hyliion to Trade on the NYSE under “HYLN”
October 01 2020 - 4:40PM
Business Wire
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.
About Hyliion
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.
Forward-Looking Statements
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201001006126/en/
For Hyliion: Emma Chase emma@redfancommunications.com
512-917-4319
For Tortoise Acquisition Corp: Deborah Kostroun
deborah@zitopartners.com 201-403-8185
INVESTOR RELATIONS CONTACT Bob Gujavarty
bob.gujavarty@hyliion.com
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