Hyliion Supports Movement on Inflation Reduction Act of 2022 Toward Fighting Climate Change
August 01 2022 - 8:30AM
Business Wire
- Legislation currently includes 30% tax credit up to $40,000
on purchase of Hyliion Hypertruck ERX units
Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in
electrified powertrain solutions for Class 8 semi-trucks, is
pleased with the movement surrounding the Inflation Reduction Act
of 2022, and its proposed legislation aiming to significantly
reduce carbon emissions by 2030.
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“We are encouraged by the agreement in the Senate and applaud
any congressional efforts that make greener technology more
accessible,” said Hyliion founder and CEO Thomas Healy. “The
inclusion of $385 billion in energy and climate spending and tax
breaks signals that Congress recognizes a reduction in greenhouse
gas emissions, especially when it comes to the transportation
industry, is imperative in addressing climate change.”
As currently written, Hyliion’s Hypertruck ERX will qualify
fleets to receive a 30% tax credit up to $40,000 per vehicle
adopted. This push against fossil fuel reliance further opens the
door for the adoption low emissions technology like the Hypertruck
ERX, which can achieve net-negative carbon emissions for commercial
fleets when fueled with renewable natural gas.
“The carbon reduction investments included in the Inflation
Reduction Act can have a transformative impact on a sustainable
future, and we ask our federal government to keep its foot on the
pedal to further accelerate the adoption of cleaner technologies in
every sector. The tax credit offered in this bill presents a major
opportunity for Hyliion to help the trucking industry and the
country work toward achieving its ambitious but necessary carbon
reduction goals,” added Healy.
About the Hypertruck ERX
The Hypertruck ERX™ is an electric powertrain that is recharged
by an onboard natural gas generator for Class 8 commercial trucks
that aims to provide lower operating costs, emissions reductions,
and superior performance. Utilizing the 700+ commercial natural gas
vehicle filling stations across North America, it enables long
range and quick refueling, and when fueled with renewable natural
gas, can provide net-negative carbon emissions to commercial
fleets.
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and
greenhouse gas (GHG) emissions of Class 8 commercial trucks 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 trucks, 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, 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 Hyliion and its future financial and operational
performance, as well as its strategy, future operations, estimated
financial position, estimated revenues, and losses, projected
costs, prospects, plans and objectives of management are forward
looking statements. When used in this press release, including any
oral statements made in connection therewith, 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, Hyliion expressly disclaims any duty to update
any forward-looking statements, all of which are expressly
qualified by the statements herein, to reflect events or
circumstances after the date of this press release. Hyliion
cautions 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 Hyliion. These
risks include, but are not limited to, Hyliion’s ability to disrupt
the powertrain market, Hyliion’s focus in 2022 and beyond, the
effects of Hyliion’s dynamic and proprietary solutions on its
commercial truck customers, accelerated commercialization of the
Hypertruck ERX™, the ability to meet 2022 and future product
milestones, the impact of COVID-19 on long-term objectives, the
ability to reduce carbon intensity and greenhouse gas emissions and
the other risks and uncertainties set forth in “Risk Factors”
section of Hyliion’s annual report on Form 10-K filed with the
Securities and Exchange Commission (the “SEC”) on February 24, 2022
for the year ended December 31, 2021. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. Should one or more of the risks or
uncertainties described in this press release occur, 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 Hyliion’s operations and
projections can be found in its filings with the SEC. Hyliion’s SEC
Filings are available publicly on the SEC’s website at www.sec.gov,
and readers are urged to carefully review and consider the various
disclosures made in such filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20220801005277/en/
Hyliion Holdings Corp. Ryann Malone
press@hyliion.com (833) 495-4466
Sharon Merrill Associates, Inc. Nicholas Manganaro
hyln@investorrelations.com (617) 542-5300
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