Hyliion Surges On New Battery Technology With 8-Minute Recharging Capabilities

^{A former SPAC surged Thursday after unveiling its new battery technology.}

^{What Happened: Next-generation battery technology was unveiled by Hyliion Holdings Corp (NYSE:HYLN).}

^{The company’s new design features advanced colling technology, longer battery life, higher charging rates and improved safety. The module features battery cells from Toshiba.}

^{The new battery can be recharged in under eight minutes, which is “an unprecedented charge time compared to other EV battery solutions” according to the company.}

^{The battery lasts up to five times longer than a conventional electric vehicle battery.}

^{Hyliion will install the batteries as part of its next evolution of the Hyliion Hybrid system. The Hybrid system is one of two systems from Hyllion offering systems for Class 8 vehicles.}

^{What's Next: The company is also working on the Hypertuck ERX Class 8 vehicle.}

^{Hyliion is scheduled to report fourth-quarter earnings on February 23.}

^{Shares of Hyliion closed up 32% to $20.84.}

^{Disclosure: The author is long HYLN.}