A new Tesla (TSLA) and Nikola (NKLA) competitor enters the fray through a merger with Tortoise Acquisition Corp (SHLL).
The universe of buzzy electric-vehicle stocks is about to get a new entrant: Hyliion, a Texas-based battery-powered heavy-duty truck company founded in 2015. It plans to merge with Tortoise Acquisition Corp., a special-purpose acquisition company, by this fall.
Tortoise’s stock (ticker: SHLL) has already climbed nearly 70% since the announcement on June 19. Investors just can’t get enough of EV stocks these days, and SPACs are having a moment of their own.
We are building solutions that are available today and address the immediate needs of today’s trucking fleets. Hyliion’s solutions were developed to utilize existing infrastructure for rapid technology deployment. Our mission is to enable our fleet customers to quickly realize lower carbon emissions and significantly lower cost of ownership benefits provided by our technology.
Thomas Healy, CEO of Hyliion (HYLN)
During a press release by the company it is planning a merger with the Tortoise Acquisition. This merger will drive expansion for the new EV company and will remain on the NYSE with ticker symbol HYLN. The transaction is expected to be completed around the third quarter of 2020.
Here’s what Tortoise Acquisition Corp’s CEO had to say:
Over the past 15 months since our IPO, we have evaluated more than 200 companies looking for the ideal opportunity where our expertise and capital could be the catalyst needed to unlock the full potential of a high-growth business. We found that exceptional company with Hyliion—with a market-disruptive business plan, transformational product, and remarkable founder and CEO. We are honored that they made us a part of their team and are looking forward to helping them deploy their sustainable, electrified trucking solutions to significantly reduce emissions and contribute to a cleaner energy future.
Vince Cubbage, CEO of Tortoise Acquisition Corp (SHLL)
Hyliion (HYLN) vs. Nikola (NKLA) vs. Tesla (TSLA)
Tesla is a household name in the electric vehicle industry and Nikola is the underdog many are cheering for. The difference with Hyliion is that they offer something unique and readily available. Tesla and Nikola are developing new, independent products. Hyliion, on the other hand, offers a hybrid solution that works with existing diesel trucks.
Hyliion plans to introduce the first carbon negative solution. It does this by recycling natural gas. Paired with a lighter design, greater payloads will lead to more profitable truck routes. But the company doesn’t only have an economic advantage over its competition. According to Hyliion’s presentation, it outperforms both Tesla and Nikola.
