07 Jan Hyliion Applauds Extension of Alternative Fuels Tax Credit
(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.