11 May Hyliion Reports First Quarter 2021 Business Updates
AUSTIN, Texas–(BUSINESS WIRE)– Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today reported its first quarter 2021 business updates.
Key Business Highlights
- Announced the formation of the Hypertruck Innovation Council, a select group of fleet, logistics and transportation industry leaders that will actively support and advance the development of Hyliion’s Hypertruck powertrain solution
- Took delivery of Peterbilt chassis, which will be used for initial Hypertruck ERX demonstration units
- Continued the multi-phase product development program used to reach commercialization of the Hypertruck ERX electric powertrain solution
- Installed ten Hybrid electric powertrains during the first quarter, continuing deployment of the technology to prepare for volume growth
- Expects to recognize revenue on improved Hybrid products delivered in the second half of the year
Executive Commentary
Thomas Healy, Hyliion’s Chief Executive Officer, said, “After a momentous 2020 for Hyliion, 2021 is off to a great start as we continue to advance our commercialization strategy for both our Hybrid and Hypertruck ERX powertrains. I am especially pleased with the talented team we have been assembling to execute on Hyliion’s growth plans.”
“We are building the first units of Hypertruck ERX demo vehicles right now, which is a major milestone on our path to commercialization. Along with the formation of the Hypertruck Innovation Council, our Hypertruck ERX program is gaining operational momentum that we expect will ultimately drive significant demand for this game-changing electric powertrain solution. We continue to make rolling improvements to our current Hybrid system, and we expect to begin recognizing revenue on our improved Hybrid product in the second half of this year,” added Healy.
“Last year was a notable year for renewable natural gas (RNG) as it for the first time supplied the majority of on-road natural gas vehicle fuel. Captured above ground from organic material in agricultural, wastewater, landfill, or food waste, RNG can produce carbon-negative results when fueling on-road vehicles. With RNG solutions for heavy-duty long-haul trucking, Hyliion is uniquely positioned to benefit from this large and growing megatrend,” concluded Healy.