www.varchev.com

The 28-year-old billionaire won the SPAC lottery with his company Hyliion Inc.

After the Nikola Corp. scandal, people would think that the market is oversaturated or at least has learned a lesson from startups that promise to revolutionize the transportation industry. However, there is another electric car business that makes great profits and whose owner is even younger than Nikola’s. Texas-based Hyliion Inc., an electric truck company, etc., is expected this week. special-purpose acquisition vehicle (SPAC) to become public.

The company’s 28-year-old CEO, Thomas Healy, will become a billionaire as long as Tortoise Acquisition Corp shareholders vote Monday in favor of the merger with Hyliion Inc. As you can see in the first chart, their price jumped after they announced their merger.

This image has an empty alt attribute; its file name is d9903a3fb9ae0f605675b60865176e03-1.jpg

Unlike Nikola, Hyliion does not try to produce trucks, but aims to be a supplier of hybrid and electric propulsion systems that can be built into existing models of heavy trucks. This will reduce emissions and cost of ownership.

Some argue that the truck component supplier, which will not generate significant revenue by at least 2022, should be valued at $ 7 billion after the deal. Following the merger, Tortoise is expected to acquire shares in Hyliion for nearly $ 450 million, and the total value of the deal is about $ 560 million. It is expected that after the company’s listing we will hear more opinions of investors and what are their initial attitudes towards the new company.

This image has an empty alt attribute; its file name is 02dbd79e6836b4beaedb8998a21cf2b0.jpg

 Junior Trader Kameliya Ivanova


Read more:
RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance