Hyliion Partners with Texas-Based Oil & Gas Industry Leader for Fleet Electrification
Hyliion Holdings Corp (NYSE: HYLN) has partnered with Detmar Logistics LLC to begin the electrification of their fleet over the next five years. This collaboration marks Hyliion's entry into the oil and gas industry. Detmar, which operates 127 trucks and transports over 200 loads per day, has ordered 10 Hyliion Hybrid Electric units. The partnership aims to support sustainability in operations while utilizing advanced electrification solutions. This move addresses environmental concerns related to flaring in oil and gas extraction, emphasizing low-carbon alternatives for commercial transportation.
- Partnership with Detmar Logistics enhances market reach into the oil and gas sector.
- Detmar has ordered 10 Hybrid Electric units, indicating initial commitment to fleet electrification.
- Focus on reducing GHG emissions aligns with growing demand for sustainable transportation.
- Dependence on Detmar's successful electrification progress may pose risks.
- Partnership with oil and gas industry could draw criticism due to environmental concerns.
Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that it has partnered with leading frac sand solutions provider Detmar Logistics LLC. Their first collaboration with a company serving the oil and gas industry, Hyliion will work closely with Detmar as they initiate the electrification of their fleet over the next five years.
“We’re thrilled to be building a lasting relationship with a business that shares our vision of a net-carbon-negative commercial transportation industry,” said Hyliion’s Founder and CEO Thomas Healy. “Detmar is paving the way with their commitment to adopting alternative fuels, and we look forward to continuing to offer the practical solutions they need to help realize their goal of becoming a fully electrified fleet.”
An early adopter of electrification in the oil and gas industry, Detmar owns and operates 127 trucks and hauls over 200 loads of fracking sand per day. The logistics company has placed their initial order of 10 Hyliion Hybrid Electric units, marking the first step on its path to powering
“Oil and gas will continue to be an important part of the world’s energy future, and it’s imperative that we align with climate efforts to make our operations sustainable for generations to come. Hyliion’s approach to electrification by making improvements to our existing semi-trucks makes the most sense for us. We also see natural gas playing a significant role as an energy source for powering electric vehicles in the years ahead,” said Detmar Logistics President and CEO Matthew Detmar.
Flaring at oil and gas extraction sites is one of the largest greenhouse gas emitting practices in the industry. However, with an increasing focus on environmental, social, and corporate governance (ESG), the infrastructure to convert flare gas into usable CNG continues to grow, allowing what was once a waste product to be turned into usable fuel to power electrified trucks, like Hyliion’s CNG Hybrid and Hypertruck ERX.
“We want to work with our customers to keep American energy moving forward and oil and gas production sustainable. We believe in doing our part in pushing toward reliable, low carbon alternatives and we look forward to achieving that through Hyliion’s Hybrid solution and the Hypertruck ERX in the future,” Detmar added.
These initial Hybrid units are being installed on Detmar’s Volvo trucks at Hyliion’s headquarters in Austin, TX. Hyliion’s Diesel and CNG Hybrid solutions can be installed on most major Class 8 commercial trucks and are designed to improve performance, reduce emissions, lower fuel costs, and enhance the driver experience.
About Hyliion
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.
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 2021 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 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. 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 different 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.
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