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Austin-area electric auto parts manufacturer Hyliion rings the NYSE bell this week after going public

Austin-area company Hyliion rang the bell at the New York Stock Exchange this week in recognition of going public.
Hyliion, the Cedar Park-based auto parts maker that helps freight trucks become hybrid or electric, merged with Tortoise Acquisition Corp., a special-purpose acquisition company already traded publicly. The new company maintains the Hyliion name—also reflected in the new stock market ticker symbol, HYLN.
"The completion of our merger greatly accelerates Hyliion's growth plans and unlocks the potential value of our business," CEO and founder Thomas Healy said in a statement. "The future of commercial trucking demands reduced carbon emissions and more sustainable transportation options."
The merger was first announced in June and approved in late September. Hyliion received $560 million as part of the deal.
Healy, personally rang the bell to open up NYSE markets, which peaked at $43.10 per share earlier in the week before dropping sharply the rest of the week; Thursday the markets opened with HYLN stock trading at $29.40 per share. Under Tortoise Acquisition Corp. in late September its stock peaked at $53.51 per share following news of the merger with Hyliion.
(Hyliion)
Healy, 28, is on track to become the country's youngest self-made billionaire as part of the merger, according to Forbes. As part of public SEC filings, it was revealed that Healy maintained the biggest control of the company, 22.9%, equating to nearly $1.5 billion in value as of late September when the deal was finalized.
"He may not be as slick as the other billionaire electric truck impresarios Elon Musk or Nikola's disgraced former CEO Trevor Milton, but Healy has one up on both Tesla and Nikola when it comes to getting revolutionary tech onto the road," Forbes author Christopher Helman wrote about the Hyliion executive.
Healy told the Austin American-Statesman that his company primarily serves large company fleets in the long-haul trucking industry using equipment that either offsets or replaces energy normally generated by fuel.
Hyliion currently employs about 70 people, with plans to have at least 220 employees by 2022, according to the Statesman, as part of an economic development package with Cedar Park.
More on electric cars:
- Elon Musk threatens to move Tesla operations to Texas and Nevada ... ›
- Elon Musk says $1.1 billion Tesla factory will be in Austin - austonia ›
- Travis County offers Tesla incentives for Austin Gigafactory - austonia ›
- Tesla considering buying Austin site for new factory - austonia ›
- Tesla truck is getting redesign before work starts in Austin - austonia ›
- Electric vehicles enter the vaccine distribution game - austonia ›
Popular
(Tesla)
Giga Texas, the massive Tesla factory in southeast Travis County is getting even bigger.
The company filed with the city of Austin this week to expand its headquarters with a new 500,000-square-foot building. The permit application notes “GA 2 and 3 expansion,” which indicates the company will make two general assembly lines in the building.
More details about the plans for the building are unclear. The gigafactory has been focused on Model Y production since it opened in April, but the company is also aiming for Cybertruck production to kick off in mid-2023.
While there is room for expansion on the 3.3 square miles of land Tesla has, this move comes after CEO Elon Musk’s recent comments about the state of the economy and its impact on Tesla.
In a May interview with Tesla Owners Silicon Valley, Musk said the gigafactories in Berlin and Austin are “gigantic money furnaces” and said Giga Texas had manufactured only a small number of cars.
And in June, Musk sent a company wide email saying Tesla will be reducing salaried headcount by 10%, then later tweeted salaried headcount should be fairly flat.
- Grand opening of Giga Texas faces push back from the community ... ›
- Giga Texas may start production of Model Y's this week - austonia ›
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- Musk: Recently opened Giga Texas is a gigantic money furnace ... ›
- Elon Musk is spotted driving a Cybertruck through Giga Texas ... ›
- PHOTOS: Peek inside the Tesla Gigafactory producing Model Ys in ... ›
- Cyber Rodeo: what we know about the Giga Texas opening party ... ›
- Excitement over Giga Texas grand opening continues at Tesla Con ›
- Tesla's mileage range on new Model Y lowers - austonia ›
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