01 Aug Hyliion Supports Movement on Inflation Reduction Act of 2022 Toward Fighting Climate Change
Legislation currently includes 30% tax credit up to $40,000 on purchase of Hyliion Hypertruck ERX units
AUSTIN, Texas–(BUSINESS WIRE)–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.
“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.