A former SPAC surged Thursday after unveiling its new battery technology.
What Happened: Next-generation battery technology was unveiled by Hyliion Holdings Corp 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.
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