Hyliion Applauds Extension of Alternative Fuels Tax Credit
December 30 2020 - 1:36PM
Business Wire
Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in
electrified powertrain solutions for Class 8 commercial vehicles,
applauded the extension of the Alternative Fuels Tax Credit (AFTC)
through 2021. Included with the passage of year-end funding and
COVID-19 relief, the credit adds to the growing support of natural
gas as an affordable and cleaner fuel source powering heavy duty
vehicles today. Hyliion’s Hypertruck ERX offers an electrified
truck that can achieve net-carbon negative emissions by leveraging
renewable natural gas (RNG).
“Our customers have experienced the first-hand benefits of RNG
as a cleaner and more effective fuel source,” said Thomas Healy,
founder and CEO of Hyliion. “The extension of this credit will
encourage fleet adoption, contribute to the growing clean
technology sector and support our journey toward a greener
future.”
The AFTC extends the $0.50 per gallon fuel credit/payment for
the use of natural gas as a transportation fuel. The legislation
also includes the Alternative Fuel Vehicle Refueling Property
Credit, which extends the 30 percent/$30,000 investment tax credit
for alternative vehicle refueling property. Its continuation is
important to provide investment certainty for fleets of all sizes
working to reduce their environmental footprint and address clean
air and climate change sustainability goals.
The AFTC extension combined with recently released data from the
California Air Resources Board (CARB) highlighting RNG vehicles
reaching negative emission milestones adds to the growing momentum
around RNG powered vehicle platforms. This achievement demonstrates
RNG’s ability to be cleaner than even zero-emissions solutions such
as wind and solar electricity generation.
Hyliion’s Hypertruck ERX powertrain will provide measurable cost
savings to fleets while reducing emission levels compared to
standard diesel-powered vehicles. Fleets will be able to leverage
the AFTC in conjunction with Hyliion’s powertrains to drive even
greater reductions in fueling costs. The extension of the AFTC
highlights the government’s continued support of clean technology
and natural gas as a solution toward reduced emission levels.
To learn more about Hyliion, its products or leadership team,
please visit www.hyliion.com.
About Hyliion
Hyliion Holdings Corp.’s (NYSE: HYLN) mission is to reduce the
carbon intensity and greenhouse gas (GHG) emissions of commercial
transportation Class 8 vehicles by being a 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.
Headquartered in Austin, Texas, Hyliion 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.
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Hyliion Holdings Corp. Liz Hilton press@hyliion.com (833)
495-4466
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