Exclusive: Hyliion CEO Discusses Hypertruck, Next-Gen Battery On 'SPACs Attack'

Hyliion Holdings Corp HYLN focuses on providing practical solutions for reducing emissions, CEO Thomas Healy said Friday on Benzinga's YouTube show "SPACs Attack."

The company provides an alternative to "huge battery packs and massive recharging infrastructure," the CEO said. 

Hyliion's batteries are not reliant on the grid. Instead, the company uses natural gas to recharge the batteries onboard the vehicle, Healy said. 

Hyliion's Hypertruck Council: Hyliion formed a Hypertruck council recently with the intention of putting together a core group of 10 fleets that could be the first adopters of the Hypertruck ERX powertrain and help with development and testing. 

Related Link: What's Going On With Hyliion Holdings (HYLN) Stock Today?

Some of the biggest names in the industry like Anheuser-Busch InBev BUD, Penske Automotive Group Inc PAG and Ryder System Inc R have joined the Hypertruck council, Healy said. 

Although the companies have not committed to preorders, they will be a part of the development and testing process, he said.

Demonstration Hypertrucks will be on the road and Hypertruck council members will get a chance to test the vehicles later in 2021, Healy told Benzinga. 

The market opportunity is substantial, he said, adding that the Hypertruck will be a global powertrain solution.

The company plans to replace natural gas with hydrogen in the future, but there are a lot of obstacles to overcome on the path to hydrogen, Healy said.

Natural gas can be net carbon negative and the company can get natural gas based vehicles on the road in "the very near future," instead of waiting for hydrogen to become a practical solution, he said. 

Healy On Hyliion's Next-Gen Battery: Hyliion's next generation battery can recharge in 8 minutes and has five times the life cycle of a conventional lithium-ion battery pack, Healy said. 

The CEO said the battery will be a "game-changer."

Hyliion went public via the special purpose acquisition company Tortoise Acquisition Corp SHLL on Oct. 2, 2020.

The company reported fourth-quarter earnings Feb. 22 and is set to report first-quarter earnings on May 11. 

HYLN Price Action: Hyliion gained 0.97% Friday, closing at $9.35.