Several members of the Benzinga team took part in a tour of the Hyliion Hypertruck ERX and test drove the vehicle. Here’s what the Benzinga team and Hyliion CEO Thomas Healy had to say.
What Happened: Trucking company Hyliion Holdings Corp HYLN went public in 2020 via SPAC merger. The company offers a hybrid diesel truck solution that offers fuel savings with the power of natural gas. Hyliion is working on launching the Hypertruck ERX, which uses the power of electrification and natural gas.
“Electrification is coming, it’s happening,” Hyliion CEO Healy told Benzinga during a walkaround of the Hypertruck ERX.
Healy said the truck includes a generator, with natural gas stored in tanks and able to provide over 1,000 driving miles for the truck, as opposed to a battery pack that drivers have to plug in to charge.
“We were able to bring forward a solution that can save fleets money.”
The Hypertruck ERX that was shown in the video is a Peterbilt, a unit of Paccar PCAR. Healy said Hyliion can work with other OEMs.
“This is a big part of our business model, we’re not reinventing the entire truck, we’re just doing the powertrain.”
The four natural gas tanks can hold the equivalent of 175 gallons of diesel fuel. Healy said the tanks take around 10 minutes to fill at a natural gas station.
Healy said that locomotives are electrically driven and produce power as they are driven.
“This is not a new concept of bringing the generator with you. This is a smaller version of a locomotive.”
A big issue for electric vehicles is they need bulky battery packs that take up a lot of space and are also expensive, the CEO said. Electric vehicles also need a huge infrastructure buildout of electric vehicle charging stations.
“We’re positioned well for the industry today and also where it’s headed in the future.”
Related Link: Exclusive: Hyliion CEO Discusses Hypertruck, Next-Gen Battery On SPACs Attack
Test Drive: Two members of Benzinga were able to test drive the Hypertruck ERX on private lots and also ride along on real highways to experience the vehicle firsthand.
Benzinga’s Mitch Hoch pointed immediately to how quiet the vehicle is.
“Did you hear that, or not hear that?” Hoch said.
Hoch asked how feedback has been from test drives and from the fleet customers. Healy said feedback has been above expectations and some fleet companies have said the Hypertruck ERX will help companies retain or recruit employees, as most don’t want to drive diesel trucks anymore.
Healy said the Hypertruck ERX costs more upfront than diesel trucks but costs less over time.
“The big thing with fleets is they look at the total cost,” Healy said.
Over five or six years, the truck costs less than diesel trucks. Natural gas sells for around $1 a gallon versus an average of $3 a gallon for diesel.
“It truly has the ability to revolutionize the trucking industry.”
Check out more from the test drive video below and be sure to check out Hoch’s sit-down interview with Healy here.
Photo courtesy of Hyliion.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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