The liquidation of shares of electric vehicle startups was as brutal as its frothy days of just a few months ago.
Hyliion Holdings is one of the hardest hit young companies. But it is moving forward with its plans for a hybrid electric-natural gas truck capable of emitting less than zero liquid carbon. Its stock price fell from almost $ 55, just before going public in October, to $ 10.86 on Wednesday.
On Wednesday, Hyliion said it created a Hypertruck Innovation Council of fleets, logistics and transportation companies to test its Hypertruck ERX Class 8 prototype.
Hyliion does not manufacture trucks. It develops hybrid transmission systems that can be exchanged for tractors from any major manufacturer. Hyliion is using Peterbilt Model 579s for your Hypertruck test models.
The future of hybrids is in question, as most of the truck industry focuses on electric trucks with zero-emission batteries. And interest is growing in hydrogen fuel cells for long-haul trucks. Kenworth Truck Co. recently said that stop work on a Class 8 T680 natural gas electric until the end of the year. He delivered two of the trucks for testing the fleet.
Familiar players on the board
The innovation board includes Agility Logistics, American Natural Gas, Anheuser-Busch (NYSE: BUD), GreenPath Logistics, NFI Industries, Penske Truck Leasing, Ruan Transportation Management Systems, Ryder System Inc., (NYSE: R) Schneider National (NYSE: SNDR), Wegmans Food Markets and Werner Enterprises (NASDAQ: WERN)
Agility ordered 1,000 Hypertruck ERXs last June. American Natural Gas is working with Hyliion on additional natural gas supply stations. It also ordered 250 Hypertruck ERX units. Penske and Wegmans use the first Hyliion product, a hybrid electric power train that increases the efficiency and power of diesel and natural gas trucks.
NFI and Anheuser-Busch are new to Hyliion. But both are involved in demonstrations of zero-emission trucks. NFI is managing eCascadias from the Daimler Trucks North America and Volvo VNR Electric demonstration units in California. Anheuser-Busch will be the first to test heavy fuel cell trucks from Nikola Corp. (NASDAQ: NKLA) at the end of this year.
In total, the council represents more than 100,000 Class 8 commercial trucks.
“Now, more than ever, fleets need efficient and affordable technologies that also meet broader sustainability goals,” said Hyliion founder and CEO Thomas Healy in a press release. “Our collective strengths will help Hyliion to unlock the potential of electrification technology, while advancing the operations of our customers and the industry in general.”
Board members first gain access to Hypertruck ERX.
“With one of the largest dedicated fleets in the U.S., Anheuser-Busch is committed to leading the industry towards zero-emission commercial transport, improving the sustainability of our own logistics operations,” said Angie Slaughter, vice president of sustainability at Anheuser-Busch and acquisition of logistics.
When supplied with renewable natural gas (RNG), Hypertruck ERX can provide negative net carbon emissions to commercial fleets. Unlike natural gas, which is a fossil fuel, RNG comes from agricultural and dairy waste.