Hyliion Applauds Extension of Alternative Fuels Tax Credit
AUSTIN, Texas, December 30, 2020 –(BUSINESS WIRE)–Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial vehicles, applauded the extension of the Alternative Fuels Tax Credit (AFTC) through 2021. Included with the passage of year-end funding and COVID-19 relief, the credit adds to the growing support of natural gas as an affordable and cleaner fuel source powering heavy duty vehicles today. Hyliion’s Hypertruck ERX offers an electrified truck that can achieve net-carbon negative emissions by leveraging renewable natural gas (RNG).
“Our customers have experienced the first-hand benefits of RNG as a cleaner and more effective fuel source,” said Thomas Healy, founder and CEO of Hyliion. “The extension of this credit will encourage fleet adoption, contribute to the growing clean technology sector and support our journey toward a greener future.”
The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. The legislation also includes the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Its continuation is important to provide investment certainty for fleets of all sizes working to reduce their environmental footprint and address clean air and climate change sustainability goals.
The AFTC extension combined with recently released data from the California Air Resources Board (CARB) highlighting RNG vehicles reaching negative emission milestones adds to the growing momentum around RNG powered vehicle platforms. This achievement demonstrates RNG’s ability to be cleaner than even zero-emissions solutions such as wind and solar electricity generation.
Hyliion’s Hypertruck ERX powertrain will provide measurable cost savings to fleets while reducing emission levels compared to standard diesel-powered vehicles. Fleets will be able to leverage the AFTC in conjunction with Hyliion’s powertrains to drive even greater reductions in fueling costs. The extension of the AFTC highlights the government’s continued support of clean technology and natural gas as a solution toward reduced emission levels.
To learn more about Hyliion, its products or leadership team, please visit www.hyliion.com.
Hyliion Holdings Corp.’s (NYSE: HYLN) mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of commercial transportation Class 8 vehicles 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 vehicles, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.