Austin-area electric auto parts manufacturer Hyliion rings the NYSE bell this week after 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.
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:
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💰 A shocking report Friday from Sam Khan Jr. at The Athletic (paywall), based on Freedom of Information Act requests filed with the University of Texas at Austin, documented a $280,000 football recruiting weekend for nine players, including NFL quarterback royal family scion Arch Manning. Of the nine prized potential recruits, five, including Manning, have committed to the Longhorns.
The next weekend, The Athletic reports, UT spent another $350,00 on 14 more recruits, for a total of $630,000.
Here's where the money went for weekend one. This is a partial list of expenses, totaling $221,808. The Athletic reported that the entire weekend cost "nearly $280,000."
- $21,000 airfare, car service, other travel expenses.
- $1,814 candy, cookies, and other snacks for recruits and family members.
- $46,696 34 rooms at the Four Season, for recruits, family members, and selected UT coaches and staff.
- $17,320 Friday lunch buffet.
- $3,359 rented audio system for afternoon Instagram photoshoots.
- $29,129 Friday dinner buffet at DKR club area for 100+ people: recruits/families, coaches/spouses, recruiters.
- $11,880 J.W. Marriott pool bar tab for Friday night parent social, while recruits "hit the town."
- $10,226 Saturday breakfast at the UT Club.
- $9,498 Saturday afternoon parent social while recruits were at Top Golf.
- $36,900 Saturday dinner at III Forks steakhouse
- $2,357 sunset cruise on Lady Bird Lake
- $31,629 Saturday night parent social at the W Austin hotel.
- ? Sunday breakfast at the Sarkisians' Rollingwood home.
The result? After what one recruit parent described as a "five-star visit," Texas sits with the nation's #2 recruiting class, according to 247Sports Composite, with Alabama at #1.
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