Cedar Park, Texas-based Hyliion, a developer and manufacturer of electrified powertrain solutions for commercial vehicles, has announced that the company will "wind down powertrain operations, and preserve its technology for future use or sale.
According to an SEC filing, "the Company previously announced that its Board of Directors had engaged expert advisors to explore a range of strategic alternatives for its powertrain business. The reasons for undertaking this strategic review included lower-than-expected
industry adoption of electrified commercial vehicle solutions, increases in component costs, evolving regulatory requirements, and uncertainty about the ability to raise additional needed capital for ongoing investment in the business."
The reduction will impact 175 employees, with 150 employees located at the company's Cedar Park headquarters.
According to Hyliion’s Founder and CEO, Thomas Healy, "The decision around our powertrain business was very difficult, but we believe it is a necessary step to safeguard our financial stability, especially given the current economic climate."
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