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Business Wire 18-Sep-2023 9:07 AM
Hyliion Holdings Corp. (NYSE:HYLN) ("Hyliion"), a leader in electrified solutions for Class 8 semi-trucks, and Cummins Inc. (NYSE:CMI) ("Cummins"), a global power solutions provider, today announced the two companies together have successfully obtained the Dual Executive Order from the California Air Resources Board (CARB) for the Hypertruck ERX powertrain paired with the Cummins ISX12N engine.
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"This certification is pivotal to commercializing our Hypertruck ERX powertrain and enables us to provide our customers with a solution that supports their sustainability goals. More than just an environmental certification, this achievement represents the commitment to innovation, sustainability, and industry leadership we share with Cummins," said Thomas Healy, Founder and CEO of Hyliion.
Marking a significant milestone in Hyliion's commercialization progress, the companies have worked together to meet emissions standards and secure key environmental certifications to sell the powertrain into California. The Hypertruck ERX is an electric range extender powertrain that uses the Cummins' natural gas engine as an onboard generator to recharge the batteries.
Offering up to 75 miles of electric range, the Hypertruck ERX powertrain meets California emissions standards to qualify as a NZEV under CARB's ACT and ACF rulings. When utilizing the generator, the Hypertruck ERX system can achieve up to 1,000 miles of total range, leveraging the existing infrastructure of nearly 700 natural gas fueling stations nationwide.
"Working with Hyliion to achieve this certification is a milestone in providing another solution towards lowering emissions," said J. Michael Taylor, General Manager, Propulsion Systems Strategy at Cummins Inc. "We are excited to combine technologies and offer the value that comes from the natural gas ISX12N in the Hypertruck ERX electric powertrain for customers needing solutions to achieve sustainability goals."
Initial deliveries of the Hypertruck ERX powertrain with the ISX12N Cummins natural gas engine will occur before the year's end, and Hyliion is currently accepting orders for the system.
Hyliion's mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of commercial vehicles by being a leading provider of electrified solutions. Hyliion offers fleets efficient and practical systems 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 can be installed on most major Class 8 semi-trucks, and leverages advanced software algorithms and data analytics to improve overall efficiencies. Hyliion's technology platforms also include the KARNO system, a truly fuel agnostic, additive manufacturing-enabled generator that offers increased efficiency and reduced emissions for both stationary power generation and heavy-duty transportation applications. Through scalable innovation, Hyliion aims to transform the environmental impact of the commercial transportation industry—and beyond. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion's ability to disrupt the powertrain market, Hyliion's focus in 2023 and beyond, the effects of Hyliion's dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX™, the ability to meet 2023 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions, the expected performance and integration of the KARNO generator and system, and the other risks and uncertainties set forth in "Risk Factors" section of Hyliion's annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 28, 2023 for the year ended December 31, 2022. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.