Hyliion reports second quarter 2021 financial results

AUSTIN, Texas (Aug. 10, 2021)—Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today reported its second quarter 2021 financial results.

Key Business Highlights

•Hired Dennis M. Gallagher as Chief Operating Officer, an experienced industry executive, with a proven track record in the heavy-duty commercial vehicle space

•Announced a 300-unit Hypertruck ERX product reservation agreement from Detmar Logistics, an industry-leading oilfield logistics company

•Continued to execute on the Multi-Phase Product Development Program used to reach commercialization of the Hypertruck ERX powertrain

•Announced a longer-range all-electric configuration mode that will meet California’s Advanced Clean Truck Rule and qualify for ZEV sales credits

•Improved Hybrid product on track to launch in the latter part of 2021

•Strong balance sheet with sufficient liquidity available to fund current commercialization plans for Hybrid and Hypertruck ERX

Hypertruck ERX Commercialization Progress and Product Reservations

Hyliion remains on track with its Hypertruck ERX commercialization timeline, which involves showcasing demo trucks to fleets late in 2021, followed by evaluation and testing throughout 2022. The Hypertruck ERX is projected to be commercially available in late 2022 and followed by volume ramp up.

Hyliion recently announced a reservation for 300 Hypertruck ERX units from Detmar Logistics, a leading oilfield logistics company. An early adopter of electrification solutions in the 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, and generated further interest in the Hypertruck ERX solution and a longer-term commercial relationship with Hyliion. The purchase and sale of the 300 Hypertruck ERX units is subject to the execution of a final agreement between Hyliion and Detmar.

Hypertruck ERX Long-Range Configuration Qualifies for CA’s ACT Rule

In late July, Hyliion announced a long-range variant of the Hypertruck ERX that will offer 75 miles of all-electric range. This new configuration will enable the production vehicle to qualify for zero-emission vehicle (ZEV) sales credits by meeting California’s Advanced Clean Truck (ACT) Rule. The ACT Rule, approved by the California Air Resources Board in June 2020, requires Class 8 truck tractor manufacturers to sell ZEVs in California. Truck manufacturers will be able to achieve up to a 75% ZEV sales credit by selling a Class 8 truck with the Hypertruck ERX electric powertrain. Taking a modular approach to the platform to meet OEM demand, address fleet needs and satisfy government mandates, the production Hypertruck ERX will be available in multiple configurations, including a reduced electric range model that will follow the release of the long-range version. Both configurations will offer over 1,000 miles of total range when using the onboard generator to recharge the battery pack.