AUSTIN, Texas
,
June 30, 2022
(press release)
–
Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, and Cummins Inc. (NYSE: CMI) (“Cummins”), a global power solutions provider, today announced the two companies are joining forces to optimize the Cummins natural gas engine as the generator for the Hypertruck ERX powertrain. Together the companies plan to obtain key environmental certifications for Cummins’ natural gas internal combustion engines to be used in Hyliion’s Hypertruck ERX powertrain. The Hyliion Hypertruck ERX is an electric range extender semi-truck powertrain solution using onboard power generation to recharge the batteries. “We are excited to work with Hyliion to offer this range extender electric and natural gas powertrain in the North America heavy duty truck market,” said J. Michael Taylor, General Manager Global Powertrain Integration, Cummins Inc. “Natural gas solutions are an integral part of our journey towards zero emissions. Integrating our engine with the Hyliion Hypertruck ERX solution is key to offering our customers a portfolio of powertrains across many fuel options to meet their sustainability goals.” The Hyliion Hypertruck ERX offers 75-miles of electric range to qualify for credits under CARB’s upcoming ZEV mandates and can achieve up to 1,000 miles of full range through the generator, greatly reducing range anxiety. Cummins’ ISX12N will be optimized with the Hyliion Hypertruck ERX, so that it can use the existing 700 natural gas stations across North America for low cost refueling. Hyliion and Cummins are two of the companies leading the industry-wide movement to use alternative fuels to move more quickly toward zero-emissions, with improved fuel-efficiency and economic value for customers while also meeting more stringent EPA and CARB certifications. “With the shared goal of making commercial trucking more sustainable, our collaboration with Cummins will undoubtedly benefit the transportation industry. Attaining EPA and CARB certifications is a key step on our production path, and I look forward to working with Cummins to get our Hypertruck ERX on the road and making a positive impact on the environment,” said Thomas Healy, Founder and CEO of Hyliion. Start of production for the Hypertruck ERX with the ISX12N Cummins natural gas power is anticipated to begin in late 2023. About the Hypertruck ERX About Hyliion Forward-looking disclosure statement About Cummins Inc.
The Hypertruck ERX™ is an electric powertrain that is recharged by an onboard natural gas generator for Class 8 commercial trucks that aims to provide lower operating costs, emissions reductions, and superior performance. Utilizing the 700+ commercial natural gas vehicle filling stations across North America, it enables long range and quick refueling, and when fueled with renewable natural gas, can provide net-negative carbon emissions to commercial fleets.
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; any adverse effects of the U.S. government's COVID-19 vaccine mandates; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, bankruptcy or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; challenging markets for talent and ability to attract, develop and retain key personnel; climate change and global warming; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2021 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC.
Cummins Inc., a global power technology leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from internal combustion, electric and hybrid integrated power solutions and components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, microgrid controls, batteries, electrolyzers and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24 billion in 2021.
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