Hyliion will be merging with Tortoise Acquisition Corp. (NYSE:SHLL) and the newly combined company will remain on the New York Stock Exchange under the new ticker symbol ("HYLN").
Pro forma implied market capitalization of the combined company over $1.5 billion.
Transaction includes an upsized $325 million fully committed PIPE.
Proceeds will be used to fully fund the commercialization and mass production of the company's electrified powertrain solutions.
The compatibility of Hyliion's products with conventional vehicle architectures and chassis accelerates near term adoption of electrification solutions in the commercial vehicle market.
Founder and CEO Thomas Healy will be joined by Tortoise Acquisition Corp.'s Vince Cubbage and Stephen Pang in a newly formed board of directors.
Hyliion Inc., a leader in electrified powertrain solutions for Class 8 commercial vehicles, announced today it intends to merge with Tortoise Acquisition Corp. (NYSE:SHLL), a publicly traded special purpose acquisition company with a strategic focus on the energy sector and decarbonizing commercial transportation in North America. Upon the closing of the transaction, the combined entity will be named Hyliion Holdings Corp. and remain on the New York Stock Exchange (NYSE) under the new ticker symbol "HYLN."