Currently, its main competitors are Tesla
However, Hyliion is many years away from actually producing these at scale. So, its main product right now is Hybrid Diesel and Hybrid CNG components that can be attached to existing trucks to make their engines more efficient while reducing emissions. It also has a software product that can help trucks run more efficiently while giving real-time feedback to fleet owners on trucks' performance and maintenance needs.
Probably, the most interesting aspect of Hyliion is that it was started by Thomas Healy when he was 23-years old just five years ago. So, his current stake in the company is valued at $1.4 billion which makes him one of the youngest self-made billionaires.
Healy was an amateur race car driver who became fascinated with electric vehicles and wanted to apply the technology to trucks. He's made remarkable progress in just a short time and found backing from many well-known investors.
It's estimated that commercial trucking is an $800 billion industry. Until recently, it didn't seem like EVs would work with trucking due to the lack of power and range. However, advances in electric motors and battery technology are now making this seem like an inevitability. The combination of low emissions and cost-savings is attractive for fleet owners. Additionally, under a Biden administration, it's expected that there will be subsidies and tax credits which make the economics even more attractive.
Stock Price Outlook
Interestingly, the deal was announced a few months ago, so Tortoise Acquisition has been tracking Hyliion since late-June. Its stock nearly quadrupled upon the deal's announcement. However, since the conversion to the ticker - HYLN - the stock has sold off by about 45% from its highs.
This fits the same pattern as many, recent SPAC listings. However, given that EVs are one of the hottest parts of the market, it's likely that Hyliion's stock will do well. Many consider its technology to be promising, and it has a huge market opportunity if it can be successful.