Austonia daily newsletter—direct to your inbox 6 a.m.
×
becomeMemberIcon

become a member

(NYSE)

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:

What the Tesla factory means for mixed-use development already underway in Southeast Austin

Popular

On an average summer day, Austinites crowd the waters at Sculpture Falls. (Sonia Garcia/Austonia)

The city of Austin is warning residents of toxins that are dangerous to both humans and animals in Barton Creek waters at Sculpture Falls.

Keep Reading Show less

(Tito's Handmade Vodka)

Ingredients:

  • 1 1/2 oz Tito's Handmade Vodka
  • 4 oz sparkling water
Directions: Just add Tito's Handmade Vodka and sparkling water to a glass with ice. Top with a squeeze of lime. Enjoy!

(Austin Summer Carnival)

TinyFest Texas 2021
When: 10 a.m. Saturday – 5 p.m. Sunday
Where: Jourdan-Bachman Pioneer Farms, 10621 Pioneer Farms Drive
What: Tour tiny houses, van converstions, shipping container homes and more at this year's TinyFest. Grab tickets here for a weekend of speakers, workshops and panel discussions plus live music, food and more!

Fierce Whiskers Grand Opening
When: 12 p.m. Saturday
Where: Fierce Whiskers, 5333 Fleming Court
What: Fan of whiskey? Come along to the free grand opening of Fierce Whiskers Distillery's new tasting room. Enjoy bites from a food truck, oysters, musical performances and a raffle.

Austin Summer Carnival
When: 6 p.m. Saturday – 2 a.m. Sunday
Where: The Venue ATX, 516 East 6th St.
What: Don your dancing outfit for this carnival that celebrates the African heritage with Brazilian, Latin and Caribbean rhythms in Austin. Snag your tickets here.

Beginner's Succulent Arrangement and Planting
When: 3 p.m. – 4 p.m. Sunday
Where: Succulent Native, 5501 North Lamar Blvd.
What: Calling all first-time planters: Get your hands dirty and learn about succulent and cactus arrangement and care. No tools required! Grab your tickets here.