AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that Detmar Logistics LLC has executed a reservation agreement covering 300 Hypertruck ERX™ systems. The agreement is part of Hyliion’s latest collaboration with the Texas-based frac sand solutions provider, whose reservation marks the next step in their continued effort to fully electrify their fleet over the next five years. Detmar is actively expanding their fleet operations and sees Hyliion’s Hypertruck ERX™ as an enabling technology to accelerate their growth.
The Hypertruck ERX™ is an electric powertrain that is recharged by an onboard natural gas generator for Class 8 commercial trucks that aims to provide lower operating costs, emissions reductions, and superior performance. Utilizing the 700+ commercial natural gas vehicle filling stations across North America, it enables long range and quick refueling, and when fueled with renewable natural gas, can provide net-negative carbon emissions to commercial fleets.
An early adopter of electrification in the oil and gas industry, Detmar placed an initial order of 10 Hyliion Hybrid Electric units earlier this spring. The successful program and deployment—met with positive feedback from Detmar’s operations team, drivers, and customers—generated further interest in the Hypertruck ERX™ solution and a longer-term commercial relationship with Hyliion.
“We are thrilled to add another chapter to a growing relationship with a business that shares our vision for reducing carbon emissions in the commercial transportation industry. Detmar is setting the pace with their commitment to alternative fuels and their readiness to power their entire fleet with low emission solutions,” said Thomas Healy, Founder and CEO of Hyliion.
“The demand for the Hypertruck ERX™ is continuing to expand, especially from companies who are already operating our hybrid systems and are actively growing the size of their fleets. Hyliion’s technology offers practical solutions that empower fleets to make environmentally conscious decisions, while realizing superior performance, lower operating costs and flexibility,” Healy added.
“We are very excited for the opportunity to reserve a large order of Hypertruck ERX™ units and be one of the first trucking companies to define our path to full electrification in a bold way. Hyliion has been an exceptional partner as we’ve converted our trucks to their diesel hybrid system, and the positive feedback we’ve received from our customers is only matched by their interest in achieving net-negative carbon emissions with RNG. It’s certainly opening new doors for our business,” said Matt Detmar, President and CEO of Detmar Logistics.
“Our drivers are also eager to get behind the wheel of this new technology. They’ve had an outstanding experience with the hybrid trucks and their anticipation for the Hypertruck ERX™ is even greater,” Detmar concluded.
Hyliion will begin showcasing the Hypertruck ERX™ demonstration units to the Detmar team in late 2021, with trials running in 2022. The purchase and sale of the 300 Hypertruck ERX™ units is subject to the execution of a final agreement between Hyliion and Detmar. In April, Hyliion announced a first of its kind Hypertruck Innovation Council with leading companies that will test and provide feedback on the Hypertruck ERX™.
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX™, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.