Hyliion Holdings Corp HYLN stock spiked 1.75% in the after-hours trading on Wednesday after it announced the formation of an “Innovation Council” made up of industry leaders.
What Happened: The Council, made up of fleet, logistics, and transportation industry leaders, will “actively support” the development of Hyliion’s Hypertruck powertrain solution, according to a statement.
Hyliion’s shares closed unchanged at $10.86 on Wednesday but ended the regular session 16.67% lower than the intraday high of $12.67.
The Council will represent over 100,000 Class 8 commercial trucks globally and will cooperate with the company to provide “key user insights” in the development of the Hypertruck, Hyliion’s electric powertrain.
“The Council will also help us ensure that the unique and diverse needs of today’s fleets continue to be reflected in our products as Hyliion develops the next generation of industry-leading, environmentally conscious technology and powertrain solutions,” said Hyliion CEO Thomas Healy.
Why It Matters: Anheuser-Busch InBev SA BUD will be participating in the Council, according to Angie Slaughter, Vice President of Sustainability and Logistics Procurement at the brewer.
Hyliion stock attracted plenty of social media buzz on Wednesday and was the no. 2 ticker on Stocktwit’s list of top 10 trending streams. According to the WallStreetBets trending tickers list compiled by SwaggyStocks.com, Hyliion was the fourth most discussed stock.
In February, the company announced the introduction of its next-generation battery module which integrates Toshiba Corporation’s TOSYY TOSBF LTO cells with Hyliion’s technological advancements.
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