Thomas Healy, founder and CEO of Hyliion, joined Benzinga’s PreMarket Prep on Wednesday to discuss the company going public, how Hyliion’s business is different from Tesla Inc (NASDAQ: TSLA) and Nikola Corporation (NASDAQ: NKLA) and why Hyliion focuses on natural gas as its preferred energy source.
Hyliion produces electric trucks and electric powertrain add-ons to modify existing trucks. The company generates its electricity via natural gas.
Differentiated Business Model: Healy said Hyliion is taking a more cost-efficient, environmentally friendly approach compared to Tesla and other competitors.
“The difference is how do we generate the electricity to actually drive the vehicles? So with Tesla, they’re using the grid to recharge their truck. With Nikola, they’re using a hydrogen fuel cell solution. With our truck, what we’re doing is we’re actually leveraging natural gas and using that to produce electricity locally on the truck to actually charge the batteries up,” Healy said.
Hyliion chose the natural gas route after considering …
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