Shares of Hyliion Holdings HYLN jumped Wednesday after the electric-vehicle-parts maker said it would collaborate with a number of major companies to gain insights as it develops its Hypertruck.
Shares of the Austin company at last check were up 5.7% at $11.48. Through Tuesday's close, the stock had dropped 81% from its 52-week high of $58.66, touched Sept. 2.
What Hyliion calls its Hypertruck Innovation Council to Advance Electrification Solutions for the Transport Industry includes companies such as Anheuser-Busch (BUD) - Get Report, Penske Truck Leasing (PAG) - Get Report, Ryder System (R) - Get Report, and the closely held Rochester, N.Y., supermarket chain Wegmans.
The council's members operate more than 100,000 Class 8 commercial trucks globally.
"Our customers are at the core of our business. Their feedback and collaboration are crucial to the success of our hybrid solution, which has already logged millions of real-world miles," Hyliion Chief Executive Thomas Healy said in a statement.
The council will be the first to test and review demonstration units of the Hypertruck ERX and provide feedback for its powertrain for Class 8 commercial trucks.
Members of the council will also be first to put real-world miles on the Hypertruck ERX demonstration units while also providing fleet and driver feedback.
Hyliion says the Hypertruck ERX is an electric powertrain charged by natural gas. Making use of the more than 700 natural-gas filling stations in North America, the ERX will cut operating costs and emissions in commercial trucking, Hyliion says.
It “enables long range and quick refueling and, when fueled with renewable natural gas, can provide net-negative carbon emissions to commercial fleets,” the company says.